Nuvama Wealth Gets Final SEBI Nod To Launch Mutual Fund Business

Nuvama Wealth Management Ltd. has received the final approval from the Securities and Exchange Board of India (SEBI) to commence mutual fund operations, the company informed exchanges on Wednesday.

SEBI, via a letter dated June 9, granted the certificate of registration for Nuvama Mutual Fund, according to the exchange filing. Nuvama Asset Management Ltd., a wholly owned subsidiary, will act as the asset management company, while Nuvama Mutual Fund Trusteeship Services Ltd., also a wholly owned subsidiary, will serve as the trustee company.

The approval follows the in-principle nod granted in October 2025 for the company to act as the sponsor of Nuvama Mutual Fund.

As a first step, the AMC will seek approvals to launch products under SEBI's Specialized Investment Fund framework, before expanding into a broader range of mutual fund offerings over time, the company said.

"SEBI's approval to establish our mutual fund business is another important building block in Nuvama's integrated wealth and asset management platform. We plan to begin with Specialized Investment Funds, where our experience in managing differentiated public market strategies gives us a unique edge," said Ashish Kehair, MD & CEO, Nuvama Group.

Nuvama manages total client assets of over Rs. 4.5 lakh crore as of March 2026, serving more than 13 lakh affluent and HNI clients and over 4,750 of India's wealthiest families. Its alternative asset management franchise had client assets of over Rs. 12,500 crore as of March 31, 2026.

Nuvama's entry comes as industry-wide mutual fund AUM has crossed Rs. 80 lakh crore, with SIP culture and rising domestic participation driving sustained growth.

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