Mahindra Asset Management Company has received markets regulator Sebi's approval for setting up of mutual fund business.
Mahindra AMC, a wholly-owned subsidiary of Mahindra and Mahindra Financial Services (MMFS), got the regulator's nod on February 4.
In a BSE filing on Friday, MMFS said, "Mahindra Asset Management Company Private Limited, a wholly-owned subsidiary of the company has on February 4, received the approval from the Securities and Exchange Board of India (Sebi) to act as the Asset Management Company to the Mahindra Mutual Fund."
However, the company did not disclose by when it will start offering mutual fund products.
At present, there are over 40 mutual fund houses operating in the country.
HDFC Mutual Fund, ICICI Prudential and Reliance Mutual Fund are among the top mutual fund companies in India.
MMFS is a part of the Anand Mahindra-led Mahindra Group. The financial services arm has more than 1,000 branches across the country with over 16,000 employees.