Nuvama gets final SEBI nod to enter mutual fund business, plans SIF launch first

Nuvama Wealth Management Ltd. has received final approval from the Securities and Exchange Board of India (SEBI) to commence mutual fund operations, marking a significant milestone in the company's efforts to build a larger asset management franchise.

The mutual fund business will be housed under Nuvama Asset Management Ltd., which will act as the asset management company (AMC) for Nuvama Mutual Fund, the company said in a statement on Tuesday.

The approval strengthens Nuvama's presence as an integrated wealth and asset management platform and expands its ability to offer investment solutions across different categories of investors.

As a next step, Nuvama Asset Management plans to seek regulatory approvals to launch products under SEBI's recently introduced Specialized Investment Fund (SIF) framework. The company said it intends to gradually expand its product suite and introduce a broader range of mutual fund offerings over time.

Commenting on the development, Ashish Kehair, Managing Director and CEO of Nuvama Group, said the approval represents another important building block in the group's long-term strategy.

"SEBI's approval to establish our mutual fund business is another important building block in Nuvama's integrated wealth and asset management platform. Our investment expertise, distribution reach and strong client base positions us well to scale a distinctive asset management business," Kehair said.

He added that the company plans to begin with Specialized Investment Funds, where Nuvama already has experience in managing differentiated public market strategies.

"We plan to begin with Specialized Investment Funds (SIFs), where our experience in managing differentiated public market strategies gives us a unique edge and enables us to extend these capabilities to a broader set of investors. Over time, we intend to expand into a wider suite of investment solutions," he said.

The entry into the mutual fund industry comes at a time when India's asset management sector is witnessing rapid growth, supported by rising retail participation and increasing awareness about financial products.

According to the company, the Indian mutual fund industry's assets under management have crossed ₹80 lakh crore, driven by favourable demographics, growing financial literacy and the rising popularity of systematic investment plans (SIPs). Industry experts expect the sector to maintain its strong growth trajectory over the coming decade.

Nuvama has built a sizeable wealth management franchise since its inception. As of March 2026, the company managed total client assets exceeding ₹4.5 trillion and served more than 1.3 million affluent, high-net-worth and ultra-high-net-worth clients. Its client base also includes more than 4,750 of India's wealthiest families.

The group has also established an alternative asset management platform, with client assets of more than ₹12,500 crore as of March 31, 2026.

With the SEBI approval in hand and an initial focus on the emerging SIF category, Nuvama is positioning itself to tap into the fast-growing domestic mutual fund industry and broaden its investment offerings for retail and wealthy investors alike.