Intimation of grant of Final License by SEBI to Subsidiary Company to act as Asset Management Company for Mutual Fund
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Wealth First Portfolio Managers announced that its subsidiary, Lakshya Asset Management Company (Lakshya AMC), has received final approval from SEBI to start a mutual fund business in India. Lakshya AMC is led by the original founding team of Benchmark AMC — the creators of India's first ETF (Nifty BeES) — including Sanjiv Shah, Rajan Mehta, and Sanjay Gaitonde. The new AMC will be headquartered in Ahmedabad, making it the first mutual fund house based there. Wealth First is the listed sponsor, and product launch timelines will be announced later. The announcement highlights that India's mutual fund industry has grown from about ₹1 lakh crore in 2001 to over ₹82 lakh crore in early 2026, with passive investing still only 19–20% of total AUM compared to 50%+ in the US, suggesting significant room for growth.
This is a strategic milestone for Wealth First as it expands from portfolio management into the much larger mutual fund industry through its subsidiary. While the new AMC will take time to contribute to revenue, the strong pedigree of the team and a fast-growing industry provide long-term optionality. Near-term, the stock may see positive sentiment as this unlocks a new growth vertical, but actual financial impact will depend on the speed and success of product launches.