The number of registered asset management companies (AMCs) in India has reached 50, with the addition of PPFAS Mutual Fund on 10th October, the SEBI data indicated.
According to the latest list of SEBI-registered AMCs in India as on October 31, there are 50 AMCs after PPFAS Mutual Fund was granted registration in October.
PPFAS Mutual Fund is the only AMC to get SEBI registration so far in 2012. IIFL Mutual Fund, Indiabulls Mutual Fund, Union KBC Mutual Fund received SEBI registration in 2011. Of the 50 AMCs registered with capital market regulator, CRB Mutual Fund stood suspended as on October 31, SEBI data mentioned.
The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the government and the Reserve Bank of India.