The Mutual Fund being promoted by Qatar-based Doha Bank and Tata Asset Management, targeting NRIs, especially Keralites, will be launched early next year.
KOCHI: The Mutual Fund being promoted by Qatar-based Doha Bank and Tata Asset Management, targeting Non Resident Indians, especially Keralites, will be launched early next year, bank Chief Executive Officer R Sethuraman, said.
"The approval from regulatory bodies in the two countries is being awaited," Sethuraman said here on Friday night.
"At least 30 per cent of the fund, said to be the first of its kind, would be used to fund infrastructure projects in Kerala. Telecom and real estate are also areas where they would like to invest," he said.
The strategic tie-up between Doha Bank and the Kochi-based Investnet is entering an active phase, he said. The bank and its associates have taken a 80-per cent equity stake in Select Securities Ltd, the holding company for Select Group of companies, which owns the brokerage network under the brand name Investnet.
This is the bank's first investment in India. "We see India as an emerging economic super power. Financial services are the 'hottest' growth zone," he said.
The name of the holding company Select Securities Ltd has been changed to 'Doha Brokerage & Financial Services'. The AGM held last night approved the appointment of Sethuraman as a Director on the board of the company. He will act as Chairman and Prince George will be the Managing Director.
The AGM also passed resolutions to increase the authorised capital.
The group with the strategic partner is looking for an ambitious expansion within and outside the country and is venturing into various new segments like NBFC activities, Asset Management and other related services, Sethuraman said.
Offices have been established in Dubai, UAE and Qatar. The company will be establishing and consolidating a series of networks along with Doha bank in the Middle East for the benefit of NRIs.
DBFS will soon enter complimentary business services to provide one stop solutions for all investment and financial needs. Subsidiary companies in the group will launch dedicated funds and schemes designed to suit the needs of NRIs. The group also plans to start a subsidiary to focus on real estate related activities and telecom.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}