Three Financial Institutions Seek SEBI Mutual Fund License, Including Ahmedabad’s Wealth First
In a fresh turn of events in India’s investment sector, three prominent financial firms, Marcellus Investment Managers, Nuvama Wealth Management, and Wealth First Portfolio Managers, have requested the Securities and Exchange Board of India (SEBI) to obtain a license to launch their own mutual funds.
Saurabh Mukherjea’s Marcellus Investment Managers is one of India’s largest portfolio management service (PMS) companies. As of December 2024, it had Rs. 6,700 crore of assets under its PMS business. On January 30, 2025, the company applied for the mutual fund license, showing interest in entering the mutual fund space.
Nuvama Wealth Management is another large financial company. It provides PMS and Alternative Investment Fund (AIF) solutions. Nuvama had Rs. 5,800 crore in PMS assets as of December 2024. It also has a mutual fund distribution business with Rs. 4,510 crore in assets under distribution as of March 2024. Nuvama submitted its application to SEBI on February 10, 2025.
Wealth First Portfolio Managers is a small mutual fund distributor in Ahmedabad, headed by Ashish Shah. The company had Rs. 3,262 crore of mutual fund assets as of March 2024. Wealth First sought a mutual fund license on January 20, 2025, with indications of transitioning from selling mutual funds only to also dealing with them.
These three firms seeking licenses indicate that increasingly, financial institutions wish to expand their business and be a part of the increasing trend of mutual fund investing in India. If SEBI grants their applications, they will become a part of official mutual fund houses, and there will be increased competition and new thinking in the market.
