Axis Bank to venture into MF business: BS

The country’s third-largest private sector lender Axis Bank is all set to enter the mutual fund business in the next six to eight months. According to media reports, the bank has also received the in-principle approval from the Securities and Exchange Board of India(SEBI) to set up its won asset management company (AMC).

In order to set up a AMC, a company requires a minimum capital of Rs 10 crores as per the SEBI regulations. Axis bank would be the 36th AMC in industry and the bank already got approval from the Reserve Bank of India (RBI) for the setting up its own AMC. The bank plans employ 500 people in order to manage and distribute mutual funds.