Capitalmind Financial Receives Sebi's Nod for Mutual Fund Business

Capitalmind Financial Services has received in-principle approval from SEBI to start a mutual fund business. The firm, managing over Rs 2,200 crore in assets for 1,150 clients, aims to establish Capitalmind Asset Management Company. CEO Deepak Shenoy expressed commitment to wealth creation and regulatory compliance.

Investment management firm Capitalmind Financial Services announced on Monday that it has received in-principle approval from market regulator SEBI to commence a mutual fund business.

Currently, as a portfolio manager, Capitalmind manages over Rs 2,200 crore in assets under management (AUM) for more than 1,150 clients, boasting an impressive annual client retention rate of 98 percent.

Since its inception, the Bengaluru-based company has doubled its AUM every financial year, fueled by robust portfolio performance and steady inflows—culminating in wealth creation exceeding Rs 1,000 crore for clients within seven years.

"Receiving SEBI's in-principle approval for a mutual fund is both an honor 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," said Deepak Shenoy, CEO of Capitalmind.

Shenoy added, "We look forward to establishing Capitalmind Asset Management Company to meet SEBI's final approval requirements."

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 in the market.

(With inputs from agencies.)