Overview

• Nuvama received a SEBI letter dated Oct. 1 granting approval to act as sponsor and set up the proposed Nuvama Mutual Fund.
• The company’s board approved incorporating wholly owned Nuvama Mutual Fund Trustee Services Ltd., subject to statutory and regulatory clearances.
• SEBI will grant final mutual fund registration only after Nuvama satisfies the requirements specified in the regulator’s letter.
• The approval allows Nuvama to prepare schemes, including the Specialized Investment Fund category, once registrations are complete.
• Shares of Nuvama Wealth Management settled nearly 3% higher at Rs 6,492.95 on the BSE on Wednesday.