Shares of Emkay Global Financial Services locked in a 20% upper circuit on the BSE at Rs 80.38 in intraday trade on Thursday on heavy volumes after the company received in-principle approval from the Securities and Exchange Board of India (SEBI) to launch a mutual fund business.

“The company has obtained approval-in-principle from the Investment Management Division, Securities and Exchange Board of India, to launch a mutual fund under SEBI (Mutual Funds) Regulations, 1996,” Emkay Global said in an exchange filing.

About 5.1 lakh shares changed hands as of 10:14 am, with pending buy orders for 2.10 lakh shares on the NSE and BSE. The stock hit a 52-week high of Rs 122.65 in April 2022 and a 52-week low of Rs 61.05 in June 2022.

The company, together with its subsidiaries, affiliates and its subsidiaries affiliates, is a diversified financial services group principally engaged in the provision of equity, commodity and currency brokerage, lending, investment banking, deposit participant services, asset management services, wealth Administration, including distribution of third party financial products, investment advisory services and exempt financial advisors under Singapore laws.