Wealth First Portfolio Managers Secures Sebi Approval to Launch Mutual Fund Business Wealth First Portfolio Managers has received regulatory clearance from the Securities and Exchange Board of India (Sebi) to commence mutual fund operations. The company will establish Lakshya Asset Management Company (Lakshya AMC) as its new asset management entity, which will be headquartered in Ahmedabad. This marks a significant milestone in the firm’s strategy to develop an innovation-driven asset management platform in India. The new AMC will be sponsored by Wealth First Portfolio Managers, a publicly listed wealth management firm traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Lakshya AMC will be the first asset management company to be based in Ahmedabad, signaling a shift in the financial sector’s focus beyond traditional metropolitan hubs. The company plans to introduce a range of differentiated investment products tailored to meet the evolving needs of Indian investors. Key members of the founding team from Benchmark Asset Management, pioneers of Exchange Traded Funds (ETFs) in India, have joined Lakshya AMC. These include Sanjiv Shah, Rajan Mehta, and Sanjay Gaitonde, who are recognized for their contributions to the ETF market. “We aim to identify gaps in the investment landscape and create products that effectively address those needs,” said Ashish Shah, Managing Director of Wealth First Portfolio Managers. “Our goal is to deliver meaningful value to investors through innovative offerings.” The press release noted that further details about product launches and timelines will be shared in due course.#ahmedabad #securities_and_exchange_board_of_india #lakshya_amc #wealth_first_portfolio_managers #benchmark_asset_management
Lakshya Asset Management Company (Lakshya AMC) has secured approval from the Securities and Exchange Board of India (SEBI) to launch its mutual fund business, marking a key step in its goal to establish an innovation-driven asset management platform in India. The new AMC is backed by Wealth First Portfolio Managers Ltd., a publicly listed wealth management firm on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), which has a strong presence across the country. Lakshya AMC has also brought on board key members of the founding team from Benchmark Asset Management Company — Mr. Sanjiv Shah, Mr. Rajan Mehta, and Mr. Sanjay Gaitonde — who are recognized as pioneers in the development of Exchange Traded Funds (ETFs) in India. These individuals were instrumental in introducing several groundbreaking products, including India’s first ETF, Nifty BeES; the country’s first Gold ETF, Gold BeES (which was also the world’s first Gold ETF to be filed with regulators); and the world’s first money market ETF, Liquid BeES. Their return to the industry signifies a strategic move to leverage their expertise in creating innovative investment solutions. Benchmark AMC, founded in 2001, was the first mutual fund in India to focus exclusively on passive and quantitative investment strategies, which have since become one of the fastest-growing segments in the financial industry. Its product lineup was later acquired by Nippon Life India Asset Management from Goldman Sachs Asset Management. Lakshya AMC’s leadership team brings a wealth of experience in shaping the Indian mutual fund landscape.#ahmedabad #securities_and_exchange_board_of_india #lakshya_amc #wealth_first_portfolio_managers_ltd #benchmark_asset_management_company
