Arihant Capital and Master Capital Applied to SEBI for Mutual Fund License

The competition in India’s asset management industry is intensifying as Arihant Capital and Master Capital become the latest firms to approach SEBI for mutual fund licenses. Their entry reflects a broader trend of established financial intermediaries expanding into full-fledged fund management to capture a growing base of retail and institutional investors.

Arihant Capital Expands from Advisory to Fund Management

Indore-based Arihant Capital, led by Ashok Jain, is set to leverage its strong research capabilities and experience in portfolio management to establish its own mutual fund arm. With ₹420 crore in mutual fund assets under distribution as of March 2025, the firm’s move signifies a natural evolution from distribution to direct fund management. 

Arihant is the second mutual fund distributor in India to seek such a licence after Wealth First Portfolio Managers of Ahmedabad, which recently secured in-principle SEBI approval and is preparing to roll out its mutual fund offerings.

Master Capital Eyes Broader Asset Management Play

Gurugram-based Master Capital, promoted by Harjeet S. Arora and Rajinder Kumar Singhania, has also applied for a mutual fund licence. With a robust presence in stockbroking and portfolio management, and an AUM of ₹773 crore in mutual fund distribution, the company aims to strengthen its position as an integrated wealth management player. 

The move aligns with Master Capital’s strategy to diversify its financial services portfolio and expand its footprint in long-term investment management.

Other Players Awaiting Approval

Beyond these 2 applicants, several other investment firms are awaiting SEBI’s green light, including Alpha Alternatives, Ashika Credit Capital, Estee Advisors, and Oaklane Capital. These firms, each with strong roots in PMS and AIF segments, represent the next wave of entrants poised to reshape India’s asset management landscape. 

Many of them are also expected to explore opportunities under SEBI’s Specialised Investment Funds (SIFs) framework, which offers a complementary route for alternative fund structures.

Read More: Helios Mutual Fund Launched Helios India Small Cap Fund: NFO Closing on Nov 20!

Conclusion

With multiple financial firms stepping forward, the mutual fund industry is entering a phase of rapid diversification. The entry of boutique and specialised players such as Arihant Capital and Master Capital underscores the sector’s growing depth and evolving investor appetite in India’s expanding capital markets.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.