Motilal Oswal receives final approval from SEBI to set up Mutual Fund Business

Mumbai - January 6, 2010: Motilal Oswal Financial Services (through its subsidiary Motilal Oswal Securities Ltd.) received the final certificate of registration approval from Securities and Exchange Board of India (SEBI) to set up a mutual fund business in the country.

Commenting on this development, Dr. PJ Nayak, Chairman, Motilal Oswal Asset Management Company Ltd said, "We are delighted to get the final approval for our mutual fund business. It will be our endeavor to create a differentiated Mutual Fund business in the country".

"We plan to launch our first set of products in early 2010, after obtaining necessary approvals. We are putting in place a robust Management team with a focus on launching products that help expand the Mutual Fund market", stated Mr. Nitin Rakesh, MD & CEO, Motilal Oswal Asset Management Company Ltd.

Source : Equity Bulls

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