BWI: IIFL Receives Final SEBI Approval to Start Mutual Fund Operations

Press release from Business Wire India
Source: IIFL (India Infoline Ltd)
Wednesday, March 23, 2011 04:42 PM IST (11:12 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
--------------------------------------------------
IIFL Receives Final SEBI Approval to Start Mutual Fund Operations


Mumbai, Maharashtra, India, Wednesday, March 23, 2011 -- (Business Wire India) -- IIFL Mutual Fund, the India Infoline Ltd sponsored mutual fund, has received final regulatory approval from the Securities & Exchange Board of India (SEBI) to start operations. India Infoline Asset Management Company Ltd is the Investment Manager of IIFL Mutual Fund.

Mr Nirmal Jain, Chairman, IIFL Group commented on IIFL's foray into mutual funds, "I think mutual funds offer an easy and convenient way for the small retail investor to participate in India's growth story. IIFL, with its distribution reach spanning over 500 cities, is well placed to take the mutual fund penetration wider and deeper. Today, top 10 cities account for about 80% of mutual fund mobilization and there is a huge opportunity in tier-II and tier-III cities. We aim to leverage upon our in-depth understanding of technology and reach to offer retail investors a variety of products with minimal expense ratio and encourage them to invest for the long term."

Mr R Venkataraman, Executive Director, IIFL Group said, "Our strategy will not be to chase market share. We propose to build a long term business, on the robust foundation of highest standards of ethics and governance, which delivers a steady and sustainable growth. We are working on launch of new products in the next two months. Initially, we may look to start with Index and exchange traded funds kind of products. In our distribution, we shall continue with open architecture platform."

The IIFL Group is one of the leading players in the Indian financial services space. IIFL offers advice and execution platform for the entire range of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, GoI bonds and other small savings instruments. It owns and manages the website, www.indiainfoline.com, which is one of India's leading online destinations for personal finance, stock markets, economy and business.

About India Infoline Ltd (Bloomberg: IIFL)

The India Infoline(IIFL) group, comprising the holding company, India Infoline Ltd (NSE: INDIAINFO, BSE: 532636) and its subsidiaries, is one of the leading players in the Indian financial services space. IIFL offers advice and execution platform for the entire range of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, GoI bonds and other small savings instruments. It owns and manages the website, www.indiainfoline.com , which is one of India's leading online destinations for personal finance, stock markets, economy and business.

IIFL has been awarded the 'Best Broker, India' by FinanceAsia and the 'Most improved brokerage, India' in the AsiaMoney polls. IIFL was also adjudged as ''Fastest Growing Equity Broking House - Large firms' by Dun & Bradstreet. A forerunner in the field of equity research, IIFL's research is acknowledged by none other than Forbes as 'Best of the Web' and '.a must read for investors in Asia'. IIFL's research is available not just over the Internet but also on international wire services like Bloomberg, Thomson First Call and Internet Securities where it is amongst one of the most read Indian brokers.

A network of over 3,000 business locations spread over more than 500 cities and towns across India facilitates the smooth acquisition and servicing of a large customer base. All our offices are connected with the corporate office in Mumbai with cutting edge networking technology. The group caters to a customer base of about a million customers, over a variety of mediums viz. online, over the phone and at our branches.

IIFL refers to India Infoline Ltd and its group companies.



CONTACT DETAILS
Ms. Nikita Amlekar, Corporate Communications, IIFL (India Infoline Ltd) , +91 9004663042, nikita.amlekar@indiainfoline.com
Mr. Pranav Thakkar, Sampark PR, +91 (22) 40425565 / +91 9833924775, pranav.thakkar@sampark.com

KEYWORDS
CONSUMER, ECONOMY, PEOPLE, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com