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India Business News: India's mutual funds industry is experiencing a blockbuster year, marked by a record surge in assets under management and the addition of more than 20
These are some of the milestones that mark what’s set to be a blockbuster year for India’s mutual funds industry. Powered by an insatiable thirst for financial gains, millions of young Indians armed with smartphones have taken to equity investments in the world’s most-populous nation.
Money managed by Indian funds makes up about 16% of the size of the South Asian economy, with the proportion having doubled in the last 10 years, Amarjeet Singh, a whole-time member of the Securities and Exchange Board of India — the markets regulator — said at a conference in Mumbai last month.
The stockbroker has the highest number of active users in India and is profitable. But it wants to do much more
Photo: Pradeep Gaur/Mint May 11, 2021 Nextbillion Technology Pvt. Ltd, the parent which operates wealth management platform, Groww, on Tuesday said it has entered into a definitive agreement with Indiabulls Housing Finance Ltd (IBHFL) to acquire the mutual fund business of its subsidiaries Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited, for ₹175 crore ($24 million). The deal includes a cash equivalent of ₹100 crore ($13.6 million), to be invested by Groww, and is subject to regulatory approvals by the Securities and Exchange Board of India (Seb...