After months of speculation, PhonePe has joined a growing list of fintech enterprises awaiting SEBI's approval to set up their own AMCs.
The Walmart-owned payments platform is not alone in its mutual fund bid: Zerodha is planning to launch its own schemes this year. Niyo and Groww are eyeing the space as well.
Fintech firms foraying into financial services is but a natural and explicable leap.
And these companies' entry into the ?38Lcr ($505.84bn) mutual fund industry as AMC managers as opposed to mere distributors is a big deal. Not only for these new-age tech startups themselves searching for a piece of the pie, but also for the mutual industry at large…
Click link to read more: https://transfin.in/fintech-startups-in-india-await-sebi-approval-to-become-mutual-fund-amcs
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