Union Bank of India and Indiabulls Financial Services has received Certificate of Registration from Securities & Exchange Board of India (SEBI) to launch their mutual fund business. SEBI has issued Certificate of Registration to the Subsidiary of Union Bank of India, "Union KBC Mutual Fund", to set up mutual fund business. SEBI has also granted approval to the subsidiary of the Bank "Union KBC Asset ManagementCompany Private Limited" to act as the Asset Management Company to "Union KBC Mutual Fund". The business is expected to be launched within the next two months. Meanwhile, Indiabulls Financial Services, too, said it got the regulatory nod for launching its mutual fund company. Indiabulls Mutual Fund will be sponsored by Indiabulls Financial Services. The company plans to hit the market with its maiden offering in both equity and fixed income segment in a couple of months.