Hi Sandesh,
There really should be something like this. Perhaps there is by now, and I am just not aware of it.
Someone might have a simpler method, but all I can advise is what I have done with clients. We keep a list of all students in a CRM (or mailing list) and run the emails from there. We trigger the emails, and register the users to the CRM, via Moodle events.
We link the Moodle events to the CRM using the trigger plugin. I have mentioned this recently on these threads, so please see those threads.
https://moodle.org/mod/forum/discuss.php?d=369708
https://moodle.org/mod/forum/discuss.php?d=369331#p1489092
This document explains the Trigger plugin.
https://docs.google.com/document/d/1OsllBDikbF0yPfmrhPmVaQqgovKY0v59Zvp4KLDRUnM/edit?usp=sharing