There could not have been a better timing for edelweiss to get a MF nod from SEBI when the market conditions are just ripe to get people back in to the market. The company today made a press release that it had been granted a license for the same. Registration has been granted to Edelweiss Mutual Fund and approval has been granted for Edelweiss Asset Management Ltd to act as investment manager to Edelweiss Mutual Fund. Edelweiss Asset Management plans to launch eight to nine products over the next 12 months. The product portfolio will include broad based equity funds, structured products, arbitrage funds, ETFs, and other innovative fixed income and equity funds.
This is likely to have a very positive impact on the share price of edelweiss which has taken a sharp beating from nearly Rs 1725 to around Rs 850 now.
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