Essel MF to bear 18% GST for distributors

Dec 27, 2017
 

Essel Mutual Fund announced that it will bear the 18% goods and services tax (GST) on behalf of distributors, thus insulating them against the impact of GST till March 2019.

Essel Mutual Fund is a part of Essel Finance Group. It currently manages assets worth Rs 1,100 crore. EMF was a result of the Essel Finance subsidiary Essel Finance Wealthzone acquiring the entire shareholding of the Peerless General Finance and Investment Company Ltd and others in Peerless Funds Management Co Ltd and Peerless Trust Management Co Ltd. The assets under management of Peerless General Finance stood at Rs 9,554 crore as on March 2017.

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