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"We are planning for an AMC and we have already cleared the first stage of the regulatory approvals. The final nod could come anywhere between six to eight months," Director, India Infoline R Ventakaraman told PTI. The AMC company would be floated with a paid up capital of Rs 10 crore, he added. Ventakaraman said the company was also close to begin offshore fund management services based out of Singapore. The financial services company said the brokering revenues account for about 60 per cent for the group and that segment had by around 40 per cent. In order to stay afloat, it would focus at other services like wealth management, insurance brokering and investment banking. It has tied up with LIC, Reliance General Insurance, ICICI Prudential, Max New York Life and Letlife for insurane product distribution. Ventakaraman said the Q4 revenues would be under pressure for entire industry as well for the company. For the December quarter the company had recorded a revenue of Rs 230.40 crore and a made profit of Rs 29.80 crore. India Infoline which has 976 business locations in 365 cities said it would now concentrate of consolidation. Meanwhile, India Infoline has also started investors education meet from Kolkata and would organise such meets across the country. Ventakaraman advises investors to stay invested to reap the benefit of next bull run after the crisis tides over. Asked about sectors that would have least impact, he said the safe bets are companies like in FMCG and telecom. For full details for IIFOF click here.
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