Sachin Bansal’s acquisition of Essel Mutual Fund could get a approval from the Securities and Exchange Board of India (SEBI). He could a approval based on newly amended and relaxed regulations for sponsoring a mutual fund.
If SEBI gives the green signal to Sachin Bansal’s purchase it would become the first instance where a company is allowed to become a sponsor as per the new regulations amended. SEBI has new regulations where it is compulsory to have a 5 year profitable business & 50 crore for sponsoring a mutual fund.