Flipkart-backed PhonePe approaches SEBI for mutual fund license

SEBI has received several applications for mutual fund licences in last one-and-a-half years

Fintech major PhonePe, which is backed by e-commerce giant Flipkart, has become latest entity to apply for mutual fund (MF) license from market regulator Securities and Exchange Board of India (SEBI).

Navi MF, which is backed by Sachin Bansal’s fintech group, has already got the MF license and has filed for several new fund launches. Bansal, interestingly had co-founded Flipkart.

In last year-and-a-half, several entities have applied for MF license and shown interest in entering the Rs  37 lakh crore MF industry.

White Oak Capital group recently got the approval from SEBI to complete its acquisition of YES MF, which was renamed as White Oak Capital Asset Management.