Helios Mutual Fund Set To Launch With Overnight Fund; Submits SID To Sebi

Helios Capital Asset Management (India) Pvt. is venturing into the mutual fund domain by submitting a scheme information document (SID) to the Securities and Exchange Board of India (Sebi) for an overnight fund.

The firm will introduce the new scheme following Sebi's approval.

Based on the documents submitted to the regulatory body on Thursday, the Helios Overnight Fund will be an open-ended debt scheme focusing on investments in overnight securities.

This development comes after Samir Arora, the primary founder of Helios Capital, recently announced on the X platform (formerly known as Twitter) that the company has received the final nod from Sebi to initiate its mutual fund operations.

Helios Capital, primarily engaged in portfolio management services, applied for a mutual fund license with Sebi in February 2021.

Samir Arora, who exited Alliance Capital two decades ago, is re-entering the mutual fund industry, which is currently comprised of 43 players. He formerly held the position of Chief Investment Officer at Alliance Capital's Indian mutual fund business.

Besides Helios Capital, brokerage firm Zerodha has also secured the final go-ahead from SEBI to establish an asset management company. Zerodha and Smallcase are set to establish a joint venture for the launch of Zerodha AMC business.

This year, diversified financial services group Bajaj Finserv also entered the fiercely competitive mutual funds arena.