Bharti AXA gets SEBI nod for MF foray

Bharti AXA Investment Managers has received regulatory approval from SEBI to start its mutual fund business in India. The company is a joint venture between Bharti Ventures, AXA Investment Managers (AXA IM) and AXA Asia Pacific Holdings.

AXA IM is one of the largest Europe-based asset managers with $830 billion in assets under management as of end December 2007. Bharti Ventures is part of Bharti Group, with interests in telecom, agri-business, insurance and retail.

Now one will see a flurry of schemes opening up from this company and there will be a flood of NFOs coming up.