Samco Securities and Equity Intelligence India has filed applications with SEBI, to launch their own mutual fund businesses in India.

Samco Securities is an online discount brokerage firm like Zerodha, while Equity Intelligence India runs portfolio management services (PMS) and alternative investment funds (AIF).

Samco Securities was founded by Jimeet Modi and it first approached SEBI in June this year with its application, while Equity Intelligence India was founded Porinju Veliyath, has been waiting for the SEBI’s in-principal nod since January.

Further, as per SEBI regulations, the sponsor applying for a mutual fund license is required to have been in the financial services business for five years and needs to have had a positive net worth for five years. The sponsor should also have earned profits in three of the previous five financial years, including the latest year.

Read EquityPandit’s Technical Analysis of Indian Stock Market