Non-banking finance company SREI Infrastructure has informed that it has received in-principle approval from the Securities & Exchange Board of India (SEBI) with the aim to introduce its mutual fund business in the country.

The sources informed that the conglomerate would be establishing two wholly-owned subsidiaries for executing the asset management business.

Besides, the board has sanctioned the resignation of Somabrata Mandal as the Director of the Company with effect from September 12.

Earlier this month, Axis Asset Management Company (Axis AMC), a wholly owned arm of Axis Bank Ltd, had got the final regulatory approval from the SEBI to launch its mutual fund business in the country.