Mumbai, India: In a significant development, online stockbroking firm Groww has secured the green light from the Securities and Exchange Board of India (SEBI) to introduce its maiden index fund. The approval marks a pivotal moment for the company, as it gears up to launch the “Groww Nifty Total Market Index Fund.”
Lalit Keshre, the co-founder and Chief Executive Officer of Groww, took to X (formerly known as Twitter) to announce this milestone. This achievement comes on the heels of Zerodha’s recent submission of draft offer documents to SEBI, outlining its plans to unveil two passive schemes: the Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and the Zerodha Nifty Large Midcap 250 Index Fund (ZN250).
Notably, in September 2021, the Competition Commission of India (CCI) granted approval for Nextbillion Technology Pvt Ltd, the parent company of Groww, to acquire Indiabulls Asset Management Company (AMC) and Indiabulls Trustee Company. Nextbillion Technology, also known as the Groww Group, stands as a prominent investment tech platform in India.
Established in 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww has emerged as a dynamic player in the financial landscape. The company offers diverse investment avenues, including stockbroking, equity-linked savings, SIPs, IPOs, ETFs, and direct mutual funds.
In related news, Old Bridge Capital Management (OBCM), a renowned portfolio management firm, has received the final go-ahead from SEBI to initiate its mutual fund operations under Old Bridge Mutual Fund. Kenneth Andrade, Founder of OBCM, expressed delight at obtaining the license and affirmed the company’s commitment to delivering long-term investment solutions through its mutual funds platform.
Meanwhile, Samir Arora’s Helios Capital Asset Management (India) Private Ltd is poised to enter the mutual fund arena. The company has submitted a scheme information document (SID) to SEBI, signaling its intention to launch an overnight fund and expand its presence in the financial markets.
These developments underscore the ever-evolving landscape of India’s financial sector, as both established players and newcomers seek to diversify their offerings and cater to the evolving needs of investors.
