New Delhi, Oct. 19 -- 1 Finance has received in-principle approval from the Securities and Exchange Board of India (SEBI) for an asset management company (AMC) licence under the regulator's Mutual Funds Lite (MF Lite) framework, paving the way for its entry into India's passive mutual fund market.

The personal finance advisory and wealth-tech firm is targeting a launch in the fourth quarter of FY27, subject to completing regulatory and operational requirements and obtaining SEBI's final registration. Its proposed AMC will focus on passive investment products such as index funds and exchange-traded funds (ETFs), according to the company's press release dated 19 October.

The approval comes as SEBI seeks to encourage more asset managers to...