▁The ▁MM FS L ▁F ixed ▁De pos it ▁has ▁a ▁CR IS IL ▁rating ▁of ▁' FA AA ', ▁indicating ▁a ▁high ▁level ▁of ▁safety . ▁ ▁Sub s idi aries ▁ ▁Mah ind ra ▁Mut ual ▁Fund ▁ ▁Mah ind ra ▁As set ▁Management ▁Company ▁Private ▁Limited ▁is ▁a ▁wh olly ▁owned ▁subs idi ary ▁of ▁Mah ind ra ▁and ▁Mah ind ra ▁Fin an cial ▁Services ▁Limited ▁( MM FS L ). ▁Mah ind ra ▁A MC ▁P vt ▁Ltd , ▁is ▁the ▁In vest ment ▁Manager ▁for ▁Mah ind ra ▁Mut ual ▁Fund . ▁It ▁started ▁its ▁operation ▁in ▁the ▁first ▁week ▁of ▁July ▁ 2 0 1 6 , ▁with ▁an ▁A UM ▁of ▁ 1 2 0 0 ▁Mill ion ▁IN R ▁and ▁its ▁N AV ▁is ▁floating ▁around ▁ 1 0 0 0 ▁IN R ▁ ▁Mah ind ra ▁Mut ual ▁Fund ▁endeav ors ▁to ▁offer ▁a ▁variety ▁of ▁mut ual ▁fund ▁schemes ▁pan ▁India , ▁with ▁special ▁focus ▁in ▁rural ▁and ▁semi - urban ▁areas . ▁ ▁Mah ind ra ▁In sur ance ▁Bro k ers ▁Limited ▁ ▁In ▁F Y ▁ 2 0 1 2 - 1 3 , ▁the ▁ins urance ▁bro king ▁subs idi ary , ▁Mah ind ra ▁In sur ance ▁Bro k ers ▁Limited ▁( M IB L ) ▁crossed ▁the ▁ 8 , 0 0 , 0 0 0 ▁mark ▁in ▁terms ▁of ▁the ▁policies ▁served . ▁The ▁company ' s ▁total ▁policies , ▁at ▁the ▁end ▁of ▁