Key Approval Details
- SEBI granted certificate of registration for "Nuvama Mutual Fund" vide letter dated June 9, 2026
- This follows previous intimation dated October 1, 2025 regarding sponsor approval
- The approval allows commencement of mutual fund operations through Nuvama Asset Management Limited
Corporate Structure
- Nuvama Asset Management Limited (wholly owned subsidiary) will act as Asset Management Company
- Nuvama Mutual Fund Trusteeship Services Limited (wholly owned subsidiary) will act as Trustee Company
Business Context and Scale
- Nuvama currently manages total client assets of over ₹4.5 trillion (as of March 2026)
- Serves more than 1.3 million affluent, HNI, and UHNI clients
- Services 4,750+ of India's wealthiest families
- Alternative asset management franchise with client assets of over ₹12,500 crore as of March 31, 2026
Future Plans
- Will begin with Specialized Investment Funds (SIF) under the SIF framework
- Plans to expand into broader range of mutual fund offerings over time
- Aims to leverage existing investment expertise, distribution reach, and strong client base
Industry Context
- Indian asset management industry AUM has surpassed ₹80 lakh crore
- Industry experiencing strong growth driven by increasing financial awareness, favorable demographics, and growing SIP culture
Management Commentary
Ashish Kehair, MD & CEO of Nuvama Group stated: "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. 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."