Fortune Financial rises 9% on SEBI approval to set up AMC

Moneycontrol BureauShare price of Fortune Financial Services touched 52-week high of Rs 289.80, gains 9.3 percent intraday Monday as it has received in-principle Securities and Exchange Board of India (SEBI) nod to set up asset management company.The company has received in-principle approval from SEBI Investment Management Department for to sponsor a mutual fund and to set up of asset management company and trustee company.The approval is subject to fulfilment of requirements as prescribed in SEBI (Mutual Fund) Regulations, 1996.The company's board meeting is scheduled to be held on Monday the August 08, 2016, to consider and approve the un-audited (consolidated and standalone) financial results for the quarter ended on June 30, 2016.At 09:45 hrs Fortune Financial Services was quoting at Rs 277.90, up Rs 12.90, or 4.87 percent on the BSE.Posted by Rakesh Patil