Sources said that the companies have filed for regulatory approvals, and that they are being processed by Sebi. Some of the Indian companies whose applications are with the market regulator include India Bulls Limited, Future Finance Limited, SREI Infrastructure Finance Limited and ASK Investment Holdings Private Limited.
Besides, brokerage entities like India Infoline, Prime Securities Limited, Karvy Stock Broking Limited and Jaypee Capital Services Limited have also sought licences from Sebi for asset management.
Further, Union Bank of India and IDBI Bank are also planning to venture into the this space and have approached the regulatory authority. While IDBI Bank had filed application for licence in June last year, Union Bank had submitted its papers in February 2009.
Meanwhile, Axis Bank has already got the approval to start asset management business. Union Bank has set up an asset management firm with KBC Group of Belgium.