Wealth First Subsidiary Receives SEBI License for Mutual Fund Operations
Filing Summary
Wealth First Portfolio Managers Ltd announced that its subsidiary, Lakshya Asset Management Private Limited, has received a final license from the Securities and Exchange Board of India (SEBI) to operate as an Asset Management Company (AMC) for mutual funds. The approval allows Lakshya AMC to launch and manage mutual fund products. The company is sponsored by Wealth First, a publicly listed wealth management firm. Key members from Benchmark Asset Management, known for pioneering ETFs in India, will lead Lakshya AMC. Further details on product launches will be disclosed later.
Wealth First Portfolio Managers Ltd has announced that its subsidiary, Lakshya Asset Management Private Limited, has been granted a final license by the Securities and Exchange Board of India (SEBI) to function as an Asset Management Company (AMC) for mutual funds. This development enables Lakshya AMC to initiate and manage mutual fund operations. The announcement was made on March 27, 2026, and the company has requested the stock exchanges to display this information on their notice boards.
The financial terms related to the establishment of Lakshya AMC have not been disclosed in the filing. However, the company is sponsored by Wealth First Portfolio Managers Ltd, which is a publicly listed entity on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Wealth First has a significant presence in the wealth management sector across India.
Operationally, Lakshya AMC will focus on launching and managing mutual fund products. The company has strategically onboarded key members from the founding team of Benchmark Asset Management Company, including Mr. Sanjiv Shah, Mr. Rajan Mehta, and Mr. Sanjay Gaitonde. These individuals are recognized for their pioneering work in Exchange Traded Funds (ETFs) in India, having introduced products like Nifty BeES and Gold BeES. Lakshya AMC aims to leverage this expertise to develop innovative investment solutions.
The market context indicates significant growth potential in India’s mutual fund industry. As of early 2026, the industry has expanded to over ₹82 lakh crore in assets under management, up from about ₹1 lakh crore in 2001. Despite this growth, passive investing accounts for only 19-20% of total mutual fund assets under management in India, compared to over 50% in the United States. This suggests substantial opportunities for Lakshya AMC to expand its offerings in the passive investment segment.
The timeline for the launch of specific mutual fund products by Lakshya AMC has not been detailed in the filing. The company has stated that further information regarding product launches and timelines will be announced in due course. Lakshya AMC is headquartered in Ahmedabad, marking a shift towards establishing financial institutions beyond traditional metro hubs.
About Wealth First Portfolio Managers Ltd: Wealth First Portfolio Managers Ltd is a publicly listed wealth management company offering portfolio management and financial advisory services. The company is focused on expanding its financial services portfolio and providing comprehensive investment solutions.