Mahindra Finance, the financial services arm of auto major Mahindra and Mahindra has recently said that the company is expecting to get the regulatory approval for entering into the asset management business during the fiscal. In fact, the MD of the finance arm of the conglomerate, Ramesh Iyer said that the company has already applied for asset Management Company and it is hoping to get SEBI (Securities and Exchange Board of India) approval during the year.

It is to be mentioned here that the company will roll out a slew of mutual fund schemes as soon as it banks the approval from the market regulator. While the company is all set to hire specialised people with domain knowledge, Iyer also mentioned the fact that the company is planning to go on its own for this venture.

Keeping in mind the fact that there are currently 39 mutual fund players in the country with total average assets under management of more than Rs 6.75 lakh crore at the end of June, making a mark in the MF industry will surely not be a cake walk for Mahindra. But considering its past records, one has to believe that Mahindra as a group has done tremendously well over the past few years.