New Delhi, June 16 -- Mumbai-based AlphaGrep Securities, known for its data-driven approach to trading and investing, has received an in-principle approval from the Securities and Exchange Board of India (Sebi) to set up a mutual fund, said the company in a statement.

While not yet the final regulatory clearance, this approval is widely seen as a significant milestone toward launching its asset management business for the broader retail and institutional investor base.

The final registration and operational launch are subject to the fulfilment of Sebi's prescribed requirements.

Also read: Mint Quick Edit | Are mutual fund houses over-regulated?

The mutual fund operations will be managed under AlphaGrep Investment Management (AGIM), wh...