Edelweiss receives SEBI Approval to start Mutual Fund operations
Edelweiss Capital Ltd., one of India's largest Integrated Investment Banks announced that it has received final regulatory approval from the Securities & Exchange Board of India (SEBI) to start its mutual fund business


    /Banking and Financial News Articles/ - MUMBAI, INDIA, May 07, 2008 - Edelweiss Capital Ltd., one of India's largest Integrated Investment Banks announced that it has received final regulatory approval from the Securities & Exchange Board of India (SEBI) to start its mutual fund business. Registration has been granted to Edelweiss Mutual Fund and approval has been granted for Edelweiss Asset Management Ltd. to act as investment manager to Edelweiss Mutual Fund.

Jimmy A. Patel, Chief Executive Officer, Edelweiss Asset Management Limited (EAML) said, "The Indian mutual fund industry has been growing at a rapid pace of 47% year-on-year over the last five years. However, current penetration levels are just 3-4%, clearly indicating the vast untapped potential. With an increasing percentage of population moving towards a higher savings and investment mindset, opportunities exist to take advantage of this shift. We believe that the time is right for us to enter the market by offering innovative customer-specific solutions across the range of debt, arbitrage and equity products. Going ahead, we feel that the key drivers of the business will be customer reach and servicing, performance of funds and pedigree of the sponsor."

Rashesh Shah, Chairman, Edelweiss Group said, "The plan to launch a mutual fund is in keeping with our long term strategy of building a diversified financial services company offering products and services across asset classes. Our vision is to become an innovative and universally renowned asset manager providing excellent investment solutions, exemplary services and setting the highest ethical standards."

Edelweiss Asset Management Ltd. plans to launch 8-9 products over the next 12 months. The product portfolio will include broad based equity funds, structured products, arbitrage funds, ETFs, and other innovative fixed income and equity funds in line with requirements of the market.


About Edelweiss
Edelweiss Capital Limited (www.edelcap.com) is one of India's fastest growing diversified financial services companies. The single minded focus on thought leadership and relentless pursuit of the 'new' and 'different' be it in products, services or people has enabled the group to grow at a CAGR of over 100%+ for the last five years. The Group's services include investment banking, institutional equities, private client broking, asset management, wealth management, insurance broking, wholesale financing and mutual funds. The Group has built strong corporate, institutional and investor relationships backed by a research-driven approach and a proven ability to capitalize on emerging market trends. The Edelweiss Group employs over 1600 employees including 90 research professionals, leveraging a strong partnership culture and unique model of employee ownership. It now operates from 46 offices in 19 Indian cities. Edelweiss Capital shares are listed under the scrip code "EDELWEISS" on the NSE and 532922 on the BSE.

For further details contact:
Mr. Balaji Vaidyanathan
AVP - Marketing & Communication
Edelweiss Asset Management Limited
Handheld: +91 9987776981
Email: balaji.vaidyanathan@edelcap.com

Ms Pooja Agarwal
PR Manager
Edelweiss Capital Limited
Handheld: +91 9833170273
Email: pooja.agrawal@edelcap.com

Statutory Details: Constitution: Edelweiss Mutual Fund is set up as a Trust under the Indian Trust Act, 1882. Sponsor: Edelweiss Capital Limited (ECL) [liability restricted to seed corpus of Rs. 1 Lac]. Trustee: Edelweiss Trusteeship Company Limited (ETCL) Investment Manager: Edelweiss Asset Management Limited. Mutual Fund investments are subject to market risks. Please read the Offer Document carefully before investing. Currently, Edelweiss Mutual Fund does not have any scheme in India.

For Further details please contact:
Escher Communications
Md Tayyab Imadi/ Ajay Bhandari
+91-22-26730120/121

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