Lakshya Asset Management Receives SEBI Approval to Launch Mutual Fund Business
Mumbai/Ahmedabad, March 26, 2026 – Lakshya Asset Management Company (Lakshya AMC) announced it has received approval from the Securities and Exchange Board of India (SEBI) to commence its mutual fund business. The new company is sponsored by Wealth First Portfolio Managers Ltd., a publicly listed wealth management company on the NSE and BSE.Lakshya AMC has onboarded key members of the founding team of Benchmark Asset Management Company: Mr. Sanjiv Shah, Mr. Rajan Mehta, and Mr. Sanjay Gaitonde, who are recognized pioneers of Exchange Traded Funds (ETFs) in India. The team previously introduced Nifty BeES, Gold BeES (the world’s first gold ETF), and Liquid BeES.
Founded in 2001, Benchmark Asset Management was the first Indian mutual fund to focus exclusively on passive and quantitative investment. The Benchmark AMC product suite was subsequently acquired by Nippon Life India Asset Management from Goldman Sachs Asset Management.
Lakshya AMC will be headquartered in Ahmedabad, reflecting a broader shift towards building financial institutions beyond traditional metro hubs.
“This approval represents a major step forward in expanding our financial services portfolio and strengthens our long-term commitment to providing comprehensive and accessible investment solutions,” said Mr. Ashish Shah, Managing Director of Wealth First Portfolio Managers Ltd. “Our focus in this AMC will be to identify gaps in the investment landscape and build products that effectively address those needs.”
Mr. Sanjiv Shah, former Co-founder of Benchmark Asset Management and Director at Lakshya AMC, added that the company aims to design investment solutions that solve real-world investment challenges.
India's mutual fund industry has grown from approximately ₹ 1 lakh crore in assets under management in 2001 to over ₹ 82 lakh crore in early 2026, according to the Association of Mutual Funds in India. Passive investing currently represents 19-20% of total mutual fund AUM in India, suggesting significant potential for further expansion.
About Lakshya Asset Management Company
Lakshya Asset Management Company is a newly approved mutual fund house in India, focused on building innovative and investor-centric products.About Wealth First Portfolio Managers Ltd.
Wealth First Portfolio Managers Ltd. is a publicly listed wealth management company on NSE and BSE, offering portfolio management and financial advisory services.Source:
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