Blackstone-Backed ASK Asset Management Receives In-Principle Approval For Mutual Fund Business
The company said it will now work towards fulfilling SEBI's requirements to obtain the final approval and launch its mutual fund offerings in due course.
Blackstone-backed ASK Asset & Wealth Management Group on Friday said it has received an in-principle approval from the markets regulator Securities And Exchange Board Of India to start its mutual fund business.
This development marks a significant step in ASK's expansion plans.
The mutual fund offering will complement ASK's existing suite of investment solutions, which cover listed equity portfolio management, and wealth management, providing a broader range of opportunities for investors across segments.
"We have received in-principle approval for entering the mutual fund business. India's investment landscape is evolving rapidly, and we see a tremendous opportunity to bring our research-driven, client-centric investment approach to a wider audience.
We are confident that with ASK's deep-rooted expertise and commitment to long-term wealth creation, and with our legacy of trust and performance, we will be able to offer differentiated products that cater to the diverse needs of investors. We look forward to establishing our AMC to meet Sebi's final approval requirements," Sunil Rohokale, co-founder, chief executive officer and managing director, ASK Asset & Wealth Management Group, said in a statement.
The company said it will now work towards fulfilling SEBI's requirements to obtain the final approval and launch its mutual fund offerings in due course.
The Mutual Fund Industry has seen a significant growth with assets under management growing three times from Rs 24 lakh crore in March 2019 to Rs 67 lakh crore as of January 2025.
Further, unique investors have also seen a rise from Rs 1.9 crore to Rs 5.3 crore during the same period. Although India's current mutual fund penetration is significantly lower than global levels presenting a substantial opportunity.
