The queue for mutual fund (MF) licences has thinned down due to quick clearances by the Securities and Exchange Board of India (Sebi) alongside applications being withdrawn amid regulatory changes.
There were, at the end of September, only two pending MF applications: By AngelOne and Unifi Capital. By comparison, there were 11 applications lying before the market regulator at the start of calendar year 2023.
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The new asset management venture by Vasanth Kamath’s Smallcase and Nithin Kamath-led Zerodha will look to focus on building simple low-cost passive mutual fund products in India.