Bajaj Finserv shares jump over 1% before mutual fund debut 2023

On Tuesday, Bajaj Finserv shares increased by more than 1 percent in anticipation of the launch of its mutual fund (MF) business. The stock rose 1.38 percent on the BSE to Rs 1478.95 per share. On the National Stock Exchange (NSE), the share price increased 1.37 percent to Rs 1,478.90.

The financial services holding company Bajaj Finserv will announce its mutual fund enterprises at a press conference. The non-banking financial services company received sanction from SEBI in March for its mutual fund operation, which will be conducted under the Bajaj Finserv Mutual Fund brand.

This is the 43rd asset management company (AMC) in India.

Bajaj Finserv Mutual Fund also submitted a proposal for five new fund offerings (NFOs) in April. The most recent entrant to the mutual fund industry is embarking on its voyage with plans in all major categories, including variable cap funds, balance advantage funds, and liquid funds, among others.

The company had previously stated that the fund house will offer a variety of active and passive mutual fund products, including equity, debt, and hybrid funds. In order to establish a future-ready asset management company, the fund house stated that it will develop a tech-driven, multi-channel strategy to serve investors across multiple contact points and geographies.

Nimesh Chandan serves as Chief Investment Officer (CIO) for Bajaj Finserv MF. Prior to joining BFAML, he was Head – Investments, Equities at Canara Robeco AMC. Sanjiv Bajaj is the Chairman and Managing Director, while Ganesh Mohan is the Chief Executive Officer of the newly established mutual fund firm.

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