Nuvama receives SEBI approval to start mutual fund business

Nuvama Wealth Management has received final approval from the Securities and Exchange Board of India (SEBI) to commence mutual fund operations through its asset management subsidiary, Nuvama Asset Management Limited, marking its formal entry into India’s mutual fund industry.

With the approval in place, the asset management arm will act as the Asset Management Company (AMC) for the proposed Nuvama Mutual Fund. The company said it will first pursue approvals for launching investment products under the Specialized Investment Fund (SIF) framework before gradually expanding into a wider range of mutual fund schemes.

The development represents a strategic expansion of Nuvama’s integrated wealth and asset management platform, enabling it to offer a broader set of investment products across investor categories. The firm currently operates as a wealth management and financial services platform with a presence across advisory, broking, lending, estate planning and investment management.

According to the company, Nuvama manages client assets exceeding ₹4.5 trillion as of March 2026 and serves over 1.3 million affluent, HNI and ultra-HNI clients, along with more than 4,750 of India’s wealthiest families. Its alternative asset management business reported assets of over ₹12,500 crore as of 31 March 2026.

Commenting on the approval, Ashish Kehair, MD & CEO of Nuvama Group, said the SEBI clearance marks a key milestone in building a more integrated wealth and asset management franchise.

The company’s entry comes at a time when India’s mutual fund industry continues to expand steadily, supported by rising retail participation, growing systematic investment plan (SIP) flows, improved financial awareness and favourable demographic trends.

Industry assets under management have crossed ₹80 lakh crore, with long-term growth expectations remaining positive.

Nuvama said the new mutual fund business is expected to complement its existing wealth management operations and strengthen its ability to serve a wider investor base across market segments.