Choice International shares in focus on receiving SEBI approval for setting mutual fund
Choice International shares may be in focus on Friday after the company announced that it has received in-principle approval from the market regulator, the Securities and Exchange Board of India (SEBI) for setting up a mutual fund.
“With reference to the above subject, we wish to inform you that the Company has received an In-Principle approval from the Securities and Exchange Board of India (SEBI) vide their letter dated December 26, 2024, for sponsoring/setting up of Mutual Fund,” said Choice International in its filing to the exchanges.
Accordingly, Choice International would now be setting up an Asset Management Company (AMC) and a Trustee Company as per the applicable laws.
In-principle approval for setting up a mutual fund refers to a preliminary authorization granted by the regulatory authority to an applicant seeking to establish a mutual fund in the country.
This approval indicates that the regulator has reviewed the application and found it broadly compliant with the eligibility criteria, subject to certain conditions. It allows the applicant to proceed with the necessary formalities for operationalizing the mutual fund, such as setting up infrastructure, hiring personnel, drafting fund documents, and registering schemes.
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