Axis Asset Management Company Limited (Axis AMC), a wholly owned subsidiary of Axis Bank Ltd, announced has announced on Sunday that it has received the final regulatory approval from the Securities & Exchange Board of India (SEBI) to launch its mutual fund business in the country.

Axis AMC now aims to launch its first set of products in October 2009, a company statement said here.

Axis AMC will shortly be filing for both equity and debt products. These offerings should be available by October or November of this year.

“We have received SEBI’s approval. The Asset Management industry in India is amongst the fastest growing financial services businesses from across the globe. With a growth rate of over 30 per cent CAGR during the last 6 years, the mutual fund business presents an interesting opportunity, Axis AMC’s MD & CEO, Rajiv Anand said in a statement here.

It is a fairly crowded investment market but we think that there is great merit in delivering solutions rather than just launch products. It is this investor centric approach built on customer oriented communication, long term relationships and enduring wealth creation that will seek to differentiate Axis Mutual Fund. We will aim to be amongst the top 10 fund houses in the country within the next 4-5 years, Anand said.

Retail penetration levels of less than 3 per cent only add to the demographic opportunity that our young country presents. We hope to capture this growth and participate in the development of the capital markets, Axis AMC’s National Sales Head, Karan Datta said.

Axis Bank is the third largest private sector bank in India. It offers a vast spectrum of services encompassing large and mid-corporate banking, SME banking, agri-business banking, retail banking and international banking.

The banks network in India spans more than 900 offices and over 3,800 ATMs. The bank has embarked on creating a footprint in Asia and today has a presence in the major financial cities of Singapore, Hong Kong, Dubai and Shanghai.

In addition, the Bank has also entered into strategic tie-ups and alliances with partner banks in UAE, Doha and Muscat (to be launched) to reach out to NRI’s in these geographies.

More In: Business | Companies