Bajaj Finserv Mutual Fund: New Entrant In Mutual Fund Business To Launch 7 New Schemes

Bajaj Finserv has forayed into mutual fund business and will be launching 7 mutual fund schemes. Bajaj Finserv Mutual Fund, which received Sebi's clearance to begin the mutual fund operations last month, has filed draft offer documents with the markets regulator for launching of seven schemes in equity, debt and hybrid spaces as per the PTI report.

The newest player has filed draft papers to launch three debt mutual fund schemes: liquid fund, money market fund, and overnight fund; two hybrid mutual fund schemes: arbitrage fund, and balanced advantage fund; and two equity mutual fund schemes: large and mid-cap, and flexi cap fund, as per the update with the Securities and Exchange Board of India (Sebi) showed on Monday.

The company would be able to launch these mutual funds schemes after receiving the regulator's approval. Bajaj Finserv Ltd, a non banking financial services firm received the final registration from the Sebi in March this year to begin its mutual fund operations under Bajaj Finserv Mutual Fund banner.

When the got its license for mutual fund business the company announced that Bajaj Finserv Mutual Fund would soon offer a range of mutual fund products including equity, debt, and hybrid funds, both in the active and passive segments, to investors. Bajaj Finserv, through its businesses, provides financial solutions, including savings, financing, protection, and wealth creation, to over 100 million customers.

Overall, a total of 179 open-end funds and 49 closed-end funds were launched in the calendar year 2022, and cumulatively, these funds garnered Rs 62,187 crore as compared to 140 NFOs floated in 2021 and cumulatively, these funds were able to mobilise Rs 99,704 crore and 81 new schemes were launched in 2020 raking in Rs 53,703 crore.