Chennai-Based iThought Applies for Mutual Fund Licence; Overall, 4 New Players Applied

A Chennai based registered investment adviser has applied for a mutual fund licence, adding to the list of entities seeking regulatory approval to enter the mutual fund industry. 

Chennai Based Advisor Files Mutual Fund Licence Application 

Shyam Sekhar, a Chennai based registered investment adviser and founder of iThought Financial Consulting LLP, has applied for a mutual fund licence with the Securities and Exchange Board of India.  

The application was reported on February 2, 2026. The firm currently provides financial planning and portfolio management services to investors. 

Entry into Mutual Fund Space 

With this application, iThought Financial Consulting LLP becomes the 3rd market intermediary led entity to seek entry into the mutual fund business.  

Earlier applicants include Wealth First Portfolio Managers, based in Ahmedabad, and Arihant Capital, an Indore based distribution firm. 

Read More: Mirae Asset Mutual Fund and Cybrilla Partner to Streamline Investment via ONDC! 

New Applicants During October to December 2025 

Overall, 4 new entities applied for mutual fund licences during the October to December 2025 period. These include Prabhudas Lilladher Private Limited, InCred Techinvest Private Limited, Neo Investment Value Advisors Private Limited, and iThought Financial Consulting LLP. 

Profile of Other Applicants 

Prabhudas Lilladher Private Limited is a Mumbai based financial services group with operations in equity broking and investment banking.  

InCred Techinvest Private Limited, part of the InCred Group, offers financial services including AIF and PMS. Neo Investment Value Advisors Private Limited is also Mumbai based and focuses on alternative investment solutions. 

SEBI Approval Pipeline Status 

At present, 7 entities are awaiting in principle approval from the market regulator to establish mutual fund businesses. Apart from the recent applicants, the list includes Alpha Alternatives Fund Advisors LLP, Estee Advisors Private Limited, and Oaklane Capital Management LLP. 

Entities Awaiting Final Registration 

Additionally, 4 asset managers have received in principle approval and are awaiting final registration. These include ASK Investment Managers Limited, AlphaGrep Securities Private Limited, Wealth First Portfolio Managers Limited, and Marcellus. 

Conclusion 

The application by the Chennai based advisory firm adds to the growing list of entities seeking entry into the mutual fund segment. The current pipeline reflects continued regulatory engagement with new and existing financial services players. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or 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.