Peerless may launch mutual fund next year

Kolkata, April 28 (Inditop) The city-based residuary non-banking finance firm Peerless General Finance and Investment Co is likely to launch its own mutual fund next year, a senior company official said here Tuesday.

“We have got in-principle approval from SEBI (Securities and Exchange Board of India) and within the next six months we hope to get the final approval. We are going to launch the fund next year,” Peerless director of financial products distribution Jayanta Roy told reporters.

The company has been planning to launch a mutual fund for quite some time.

Meanwhile, Peerless signed a pact with private sector insurer Max New York Life Monday for distribution of Max Vijay insurance cum savings policies.

Max New York has targeted sales of over 500,000 such policies in one year through the Peerless network.

“We have so far sold 20,000 policies,” said Max New York chief executive officer and managing director Rajesh Sud.