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Our Bureau

Mumbai , Oct. 12

The UK-based $5-billion financial and real estate group, Dawnay Day, has received in-principle approval from SEBI for its mutual fund business in India.

The group has set-up a joint venture in India with investment banker Mr Alok Vajpeyi, styled Dawnay Day AV Financial Services. Speaking to Business Line, Mr Vajpeyi, Vice-Chairman and MD, of the joint venture, said the fund should kick start operations early next year, once all the regulatory approvals are in place.

"We propose to take a very retail approach, have vanilla funds in equity but at the same time be innovative in product range. However, we would like to use what is available in the market place," he said.

Mr Vajpeyi said they would be open to starting a real estate fund in the future. "Given our background in real estate it would be but natural to enter that segment."

The company already has a presence in retail stock broking, portfolio and wealth management business and in the hotel sector.

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Dawnay Day gets nod for MF biz

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