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Angel One rallies on receiving SEBI nod for mutual fund biz

26-Nov-24 15:43 Hrs IST

Angel One said that this approval marks its entry into the asset management space, focusing exclusively on passive investment solutions.

Angel One Mutual Fund's passive investment products (i.e., index funds and ETFs) will be designed to offer clients a low-cost, transparent, and accessible pathway to wealth creation.

The brokerage firm said, 'As passive investing continues to gain traction, Angel One Mutual Fund's commitment to this approach addresses the rising demand from clients seeking simplicity and cost-efficiency in their portfolios.'

Dinesh Thakkar, chairman and managing director, Angel One, said, We are thrilled to receive SEBI's approval for commencing our mutual fund business, signifying a pivotal moment in our journey. This license enables us to augment our offerings and better serve our clients. With a robust technological infrastructure and a deep understanding of client needs, we are poised to transform the passive investing space in India.

Our focus on passive investing through ETF & Index Fund products reflects our commitment to making financial products more accessible, affordable, and transparent for all. We believe this will empower a new generation of investors and enable them to participate in India's growth story. We are excited about the opportunities ahead and look forward to helping our clients achieve their financial goals.'

Hemen Bhatia, executive director and CEO, Angel One AMC, commented, 'The mutual fund license signifies an exciting new chapter for the Group. As the asset management industry in India experiences rapid growth in passive investing, ETFs & index funds are increasingly being embraced by both retail and institutional investors. With deep domain expertise in passive products, Angel One AMC is poised to make long-term investing more accessible to every Indian.

Through our ETFs and index funds, we aim to offer user-friendly, easy to understand wealth creating products to a growing base of retail investors across the country. I am confident that Angel One AMC will play a pivotal role in achieving the Group's north star'empowering a billion lives.

Angel One is the largest listed retail stock broking house in India, in terms of active clients on NSE. The company provides broking and advisory services, margin funding, loans against shares and distribution of third-party financial products to its clients. The broking and allied services are offered through online and digital platforms and network of authorized persons.

The brokerage firm reported a 39.05% increase in consolidated net profit to Rs 423.38 crore on a 44.55% jump in revenue from operations to Rs 1,514.70 crore in Q2 FY25 over Q2 FY24.