“Receiving SEBI’s in-principle approval for a mutual fund is both an honour 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. Our team has established a solid reputation for excellence in performance, service, communication, and research. We plan to leverage technology, partnerships, and distribution channels to capitalize on India’s robust growth story. We look forward to establishing Capitalmind Asset Management Company to meet SEBI’s final approval requirements,” said Shenoy on receiving Sebi’s in-principle approval.
Deepak Shenoy also outlined Capitalmind’s vision stating, “We are excited to introduce innovative investing approaches tailored to the evolving needs of Indian mutual fund investors. Our goal is to serve the rapidly growing cohort of 4.5 crore mutual fund investors with exceptional products and services while contributing to the growth of the overall Mutual Fund Industry. We look forward to playing a key role in the financialization of India by adding value to the rapidly growing Rs 64 lakh crore mutual fund industry.”
As of March 31, 2024, India has 74.6 crore PAN cardholders, while unique mutual fund investors number just 4.5 crore, indicating significant untapped potential. The industry has shown rapid growth, with AUM increasing at a 24% CAGR over the last five years.
“The trifecta of increased investor participation, inflows from active investors, and a booming economy provide strong growth tailwinds to the mutual fund industry,” adds Shenoy.
Capitalmind currently manages over Rs 2,200 crore as assets under management (AUM) for more than 1,150 clients as a portfolio manager. Since its inception, the company has doubled its AUM every financial year, driven by robust portfolio performance and steady inflows. This growth has resulted in wealth creation exceeding Rs 1,000 crore for clients in less than seven years, said the press release. “Our commitment to technological and operational improvements has been instrumental in establishing Capitalmind as an industry benchmark for transparency and client-centricity. By building our systems in-house, we’ve ensured that our processes are not only agile but also highly aligned with the evolving needs of our clients. This approach has enabled us to deliver unparalleled service, set new standards in transparency, and maintain the highest levels of regulatory compliance. Our focus on technology has allowed us to stay ahead of the curve, ensuring that our clients receive the best possible outcomes,” said Vashistha Iyer, COO of Capitalmind, emphasizing on the company’s client-centric approach.