Master Trust applies to SEBI for mutual fund license

Master Trust has applied to the Securities and Exchange Board of India (SEBI) for a license to enter the mutual fund business. The application was submitted through its wholly owned subsidiary, Master Capital Services Limited, which will act as the sponsor of the proposed asset management company. The firm intends to launch a range of equity mutual fund schemes across market capitalizations, as well as a multi-asset scheme. Master Trust currently serves over 420,000 investors. The move comes as India's mutual fund industry sees rapid growth, with assets under management (AUM) exceeding INR 70 lakh crore. Master Trust believes this is an opportune time to enter the space.