Bajaj Finserv gets permission to launch mutual fund business

Bajaj Finserv has announced in a regulatory filing that it will be introducing a range of mutual fund products with Bajaj Finserv Asset Management as the investment manager.

These mutual fund products will cover equity, debt, and hybrid funds, both in active and passive segments, the report said.

"A resurgent India, rising investor confidence and digital access to financial services is leading to high adoption of mutual funds," said Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, according to the Reuters report.

According to the Association of Mutual Funds in India, inflows into Indian equity mutual funds reached 125.47 billion rupees ($1.52 billion) in January, which is the highest in four months.

This surge in inflows, up by almost 72%, helped to counterbalance the substantial selling by foreign investors during the same period.

The mutual fund is headed by Nimesh Chandan, who serves as its chief investment officer. Bajaj Finserv, which is listed on the prestigious Nifty 50 index, is a holding company that oversees various financial services businesses, such as Bajaj Finance, a non-bank lender.