Capitalmind gets SEBI’s nod to Start Mutual Fund Business
SEBI, the capital market regulator, has approved in principle an investment management company, Capitalmind Financial Services, to start its mutual fund business.
Currently, Capitalmind manages over Rs.2,200 crores of assets for more than 1,150 clients. Its client retention rate stands exceptionally high and stretches up to 98% every year.
Headquartered in Bengaluru, the company has grown rapidly and its assets under management have doubled every financial year. Strong portfolio performance coupled with steady investments have led to wealth creation of more than Rs.1,000 crore for clients in less than seven years.
The CEO expressed that the approval to act as a sponsor for the mutual fund by SEBI is an act of great privilege and opportunity with great responsibility. He expressed his gratefulness for the approval and repeated his commitment toward long-term wealth creation for the clients, assuring that the highest levels of regulatory compliance shall be maintained. The fact that they are focusing remains on setting up the Capitalmind Asset Management Company to fulfil the conditions of the final approval specified by SEBI.
India has 74.6 million people holding PAN cards as of March 31, 2024, and only 4.5 million are unique mutual fund investors. Those are good numbers, a large latent opportunity that companies like Capitalmind would want to make use of in the mutual fund space.
