SEBI approves Religare AEGON AMC to start MF business

Securities & Exchange Board of India (SEBI) approved Religare AEGON Asset Management Company to begin mutual fund business in India.

The AMC will introduce its first schemes by November December and will have around 15 operational branches which will increase to 30 branches in over 25 cities by Mar 2009.

The institution will soon file for both debt and equity products with the regulator. It will concentrate on creating wide reach across India especially in tier II and tier III cities over the next 2-3 years.