In a significant development for India’s asset management industry, Lakshya Asset Management Company has received approval from the Securities and Exchange Board of India (SEBI) to launch its mutual fund business.
The company is backed by Wealth First Portfolio Managers, a publicly listed wealth management firm on the NSE and BSE. It has also onboarded members from the founding team of Benchmark Asset Management Company, including Sanjiv Shah, Rajan Mehta, and Sanjay Gaitonde.
The Benchmark team is known for introducing exchange-traded funds (ETFs) in India, with products such as Nifty BeES and Gold BeES. Benchmark AMC, founded in 2001, focused on passive and quantitative investing and was later acquired by Nippon Life India Asset Management from Goldman Sachs Asset Management.
Lakshya AMC will be headquartered in Ahmedabad, which is relatively uncommon for mutual fund companies that are usually based in major financial hubs.
The entry comes at a time when India’s mutual fund industry is witnessing strong growth. Data from the Association of Mutual Funds in India shows that assets under management have expanded from around ₹1 lakh crore in 2001 to over ₹82 lakh crore in early 2026.
Despite this rapid growth, passive investing still accounts for only about one-fifth of the total industry assets, compared to a much higher share in markets like the United States.
Lakshya AMC said further details on its product offerings and launch timelines will be announced at a later stage.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
