Wealth First Portfolio Managers Secures SEBI Approval to Launch Mutual Fund Business

Wealth First Portfolio Managers has received final approval from the Securities and Exchange Board of India (SEBI) to begin its mutual fund business.  

As per the exchange filings, the company will operate through its subsidiary, Lakshya Asset Management Company. 

Subsidiary to Handle Operations 

Lakshya AMC will act as the asset management company and will be responsible for launching and managing mutual fund schemes. The company has not yet shared timelines or details of its first set of products. 

Wealth First currently provides portfolio management and advisory services and is now adding a new vertical to its existing operations. 

Ahmedabad Base for AMC 

The new asset management company will be headquartered in Ahmedabad. It is expected to be the first mutual fund house to operate from the city. 

This comes at a time when more financial firms are setting up offices outside Mumbai, which has traditionally been the centre for such businesses. 

Team with ETF Background 

Lakshya AMC has brought in former executives from Benchmark Asset Management Company, including Sanjiv Shah, Rajan Mehta and Sanjay Gaitonde. 

The team had worked on early exchange traded fund offerings in India, including Nifty BeES, Gold BeES and Liquid BeES. Benchmark’s product business was later acquired by Nippon Life India Asset Management. 

Industry Data Points 

India’s mutual fund industry has expanded from around ₹1 lakh crore in 2001 to more than ₹82 lakh crore in early 2026. 

Despite the growth, passive funds account for only about 19–20% of total assets under management, compared with over 50% in the United States. 

Wealth First Financial Performance 

For the December 2025 quarter, Wealth First reported a consolidated net profit of ₹1.12 crore, down 87.92% year-on-year. Total income during the quarter declined 60.63% to ₹6.78 crore. 

Read More: SEBI to Allow Mutual Funds to Continue Retirement and Children’s Schemes with Limits! 

Conclusion 

The approval allows Wealth First to start its mutual fund business through Lakshya AMC. Further details on fund launches are awaited. 

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