Chennai, Jan 4 (IANS): Complying with market regulator's diktat, the Parag Parikh Financial Advisory Services (PPFAS) Pvt Ltd-sponsored Mutual Fund on Wednesday said it has increased its net worth to over Rs 50 crore.

In a statement, the fund said the net worth has been increased before the May 2017 deadline stipulated by Securities and Exchange Board of India (Sebi).

"The audited net worth of PPFAS Asset Management Company Private Limited (PPFAS AMC) is at Rs 51.53 crore as on November 30, 2016. It has infused capital of Rs 4,66,40,000 (Rs 4.66 crore) by undertaking a Rights Issue," the statement added.

"PPFAS Mutual Fund is committed to build the business to the next level. We were confident of achieving the requirement of Rs 50 crore of net worth and I am happy to inform you that we have reached that mark before the time set by the regulator," Neil Parag Parikh, Chairman and CEO, PPFAS Mutual Fund was quoted as saying in the statement.