Peerless General Finance & Investment Co Ltd, the Kolkata-based residuary non-banking finance company (RNBFC), expects to launch its own mutual funds within six months, with the Sebi having cleared the foray.
Kolkata-based Peerless is now looking for a partner, said Kalyan Debnath, executive vice president of the company.
Debnath said that, having started distributing financial products a year ago under Peerless Smart Money, the company is ?evaluating possibilities of opening a life-insurance company ourselves.? He was talking to reporters on the sidelines of a corporate summit organised by Globsyn Business School. Apart from distributing life-insurance products of Max New York Life and general insurance products of IIFCO-Tokyo, Peerless is now ready to distribute mutual funds of companies like HDFC, Merrill Lynch and UTI, among others, in a month. Peerless has collected a first premium income of Rs 80 crore for Max NY Life in the period since March 2007, and expects to end the year with Rs 100 crore.
In its main business as an RNBFC, Peerless caters to around 40 million customers through 150 branches across India.