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According to media reports, SEBI has approved Samco Securities’ proposal to set up its mutual fund business. Earlier, SEBI had given in-principle approval to Muthoot Finance and Trust Investment. Samco Securities approached SEBI in June 2018. The Mumbai based company has also online mutual fund distribution arm called Rank MF. Meanwhile, SEBI data shows that Frontline Capital, Karvy Stock Broking and NJ India are awaiting approval from SEBI to launch mutual fund business in India.