Nuvama Wealth Management has received final approval from the Securities and Exchange Board of India to commence mutual fund operations through its asset management arm Nuvama Asset Management.

As the next step, the AMC will seek necessary approvals to launch investment products under the Specialized Investment Fund framework, followed by a broader range of mutual fund offerings over time, said the company on Wednesday.

Currently, there are 52 mutual fund houses with average assets under management of ₹82 lakh crore.

Nuvama’s wealth management platforms currently manage assets of over ₹4.5 lakh crore (as of March 2026) and have over 1.3 million affluent, HNI, and UHNI clients, as well as 4,750 of India’s wealthiest families.

The Nuvama Group has also developed a focused alternative asset management franchise with client assets of over ₹12,500 crore as of March, 2026.

Ashish Kehair, MD & CEO of Nuvama Group, said the fund house’s investment expertise, distribution reach and strong client base positions it well to scale a distinctive asset management business.

“We plan to begin with Specialized Investment Funds, where our experience in managing differentiated public market strategies gives us a unique edge and enables us to extend these capabilities to a broader set of investors,” he said.

It intends to expand into a wider suite of investment solutions.

With domestic investor participation rising steadily, driven by increasing financial awareness, favourable demographics, and a growing systematic investment plan culture, the mutual fund industry is widely expected to continue its robust growth trajectory over the coming decade, said Nuvama.

Nuvama oversees ₹4,52,548 crore of client assets and caters to a diverse set of clients including 13 lakh affluent and HNIs and over 4,750 of India’s most prosperous families, as of Q4 FY26. Nuvama offers wealth management solutions covering investment advisory, estate planning, investment management, lending and broking services for individuals, institutions, CXOs, professional investors, and family offices. It also offers a wide bouquet of alternative asset management products and is a leading player in asset services and capital markets.

Published on June 10, 2026