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
