Helios Capital Asset Management (India) Private Ltd is making its foray into the mutual fund space with the filing of a scheme information document (SID) with markets regulator Sebi for an overnight fund.

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The company will launch the new scheme after getting approval from the Securities and Exchange Board of India (Sebi).

Going by the documents filed with the regulator on Thursday, Helios Overnight Fund will be an open-ended debt scheme investing in overnight securities.

This came after the company's main founder Samir Arora earlier this month wrote at X platform, formerly known as Twitter, that Helios Capital received Sebi's final approval to launch a mutual fund business.

Helios Capital, which is the business of portfolio management services, applied for a mutual fund license with Sebi in February 2021.

Also Read: How to generate Rs 5 crore in 10 years from your mutual fund investments?

After quitting Alliance Capital 20 years ago, Arora is re-entering the 43-player mutual fund industry. He was the Chief Investment Officer of Alliance Capital's Indian mutual fund business.

In addition to Helios Capital, broking firm Zerodha received final approval from Sebi to set up an asset management company. Zerodha and Smallcase would set up a joint venture to launch the Zerodha AMC business.

Earlier this year, diversified financial services group Bajaj Finserv entered the highly competitive mutual funds business.