Indiabulls Financial Services has received SEBI’s final approval for Indiabulls Mutual Fund sponsored by the company. This enables commencement of mutual fund business and launching of mutual fund schemes in due course. SEBI has granted its 'Certificate of Registration' on March 24, 2011.
SEBI has also granted its approval to Indiabulls Asset Management Company, a 100% subsidiary of the company to act as Asset Management Company to Indiabulls Mutual Fund.
In January, this year Indiabulls Financial Services has sold its 26% stake, held by it, in Indian Commodity Exchange (ICEX), to Reliance Exchangenext, a holding company of Reliance Spot Exchange (RSX) and a subsidiary of Reliance Capital. The company now holds 14% stake in ICEX.
Indiabulls Financial Services is engaged in the business of offering various services in the area of consumer finance, housing finance, commercial loans, life insurance, asset management and advisory services. It has reported a decline of 204.59% in net profit to Rs 173.98 crore for the quarter ended December 31, 2010 against Rs 57.12 crore for the quarter ended December 31, 2009.
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