June 24, 2024
admin
Sam Ghosh Receives SEBI Approval to Enter MF Sector
Sam Ghosh, a seasoned veteran of India’s financial industry, is set to launch his own mutual fund venture. The Securities and Exchange Board of India (SEBI) granted approval to Cosmea Investments, the holding company for Ghosh’s financial ventures, to initiate its mutual fund operations on Monday.
Cosmea had submitted its mutual fund license application in May 2024. Ghosh mentioned to Sahifund.com that the company plans to commence operations within six months. Initially, the firm intends to invest Rs 200 crore in the fund management business. The proposed mutual fund house will offer products across both active and passive segments of the industry.
Currently, Cosmea holds SEBI approval for its portfolio management services (PMS) and alternate investment fund (AIF) businesses. The PMS division manages approximately Rs 170 crore in assets, while the AIF business, still in its early stages, is gaining traction, according to Ghosh. Additionally, Cosmea has a license to operate a fund management business in the GIFT City.
Cosmea’s capital markets division offers a range of services, including broking, distribution, wealth management, and advisory. Collectively, its capital market businesses manage or advise on assets totaling around Rs 1,000 crore.
Ghosh has a distinguished career in the financial sector. In the early 2000s, he led Bajaj’s insurance ventures in India in partnership with global giant Allianz. In 2008, he moved to Anil Ambani’s Reliance Capital, where he helped shape the company into a prominent player in mutual funds, broking, and commercial finance. Ghosh left the group in 2017 to head Bharti Airtel’s financial services operations, before departing again to establish his own venture.
Being veteran of the sector, the proposed fund house will attract investor fancy from day one.
Quicklinks