Mafatlal Finance Ltd is the sole sponsor for the AMC. ``Draft investment management agreement and the trust deed for approval of Sebi have already been filed with Sebi,'' said the managing director of Mafatlal Asset Management Company Ltd, SM Parande.

The asset management company has created a trust and constituted the board of directors according to the Sebi guidelines for the same.``The Sebi move will give formal approval for the launch of an AMC and mutual fund and this will enable us to carry out formally the associated activities,'' said Parande.

Mafatlal Finance Ltd has already brought in the initial amount needed of Rs 10 crore, to set up a mutual fund, as per the Sebi guidelines, which is the required net-worth.

``Sebi hasalready visited our premises and seen whether the required infrastructure is in place or not. We are hopeful that the approval will come within a month or so,'' said Parande.

The asset management company had hired a market research agency to study the profile of investors and to study the kind of scheme that will be most welcome in such times.

``We have found out that people at present have an appetite only for income schemes and that equity products are out of the picture as an investment avenue for most of the investors. An income scheme is what is a priority with us also,'' said Parande.

The AMC is initially planning to have an emphasis on income scheme and subsequently look at equity options when the time comes. The market research consisted of a sample of 250 individuals across the country in different stratas of income group.

The sample group has revealed that currently individuals want to keep their monies safely in bank deposits as they have burnt their fingers in equity, gold andproperty.

``We are definitely coming to market in a very short time,'' said a company source.