Capitalmind Financial Services receives in-principle approval from Sebi to launch a mutual fund business, aiming to tap into the growing Indian market. The company boasts a strong track record with over Rs 2,200 crore AUM and high client retention.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Aug 26 (PTI) Investment management company Capitalmind Financial Services on Monday said it has received in-principle approval from market regulator Sebi to launch a mutual fund business.
As a portfolio manager, Capitalmind currently manages over Rs 2,200 crore in assets under management (AUM) for more than 1,150 clients, boasting a strong annual client retention rate of 98 per cent.
Since its inception, the Bengaluru-based company has doubled its AUM every financial year, driven by robust portfolio performance and steady inflows. This growth has resulted in wealth creation exceeding Rs 1,000 crore for clients in less than seven years.
"Receiving Sebi's in-principle approval for a mutual fund is both an honour and a privilege. We are grateful for this opportunity and remain committed to building long-term wealth while maintaining the highest standards of regulatory compliance," Deepak Shenoy, CEO of Capitalmind, said.
"We look forward to establishing Capitalmind Asset Management Company to meet Sebi's final approval requirements," he added.
As of March 31, 2024, India has 74.6 crore PAN card holders, while unique mutual fund investors number just 4.5 crore, indicating significant untapped potential.
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