Mumbai: The Wealth Company (TWC) Asset Management Holdings, a part of the Pantomath Group, has received final approval from Securities and Exchange Board of India to commence its mutual fund operations.
Sebi granted the certificate of registration to the company on July 18 enabling it to commence operations as a registered Asset Management Company (AMC).
“With this development, the firm officially enters India’s Rs 74.41 trillion mutual fund industry under the new identity — The Wealth Company Mutual Fund,” a release said.
The Wealth Company Mutual Fund will be 49th domestic AMC registered with Sebi. Recently Jio Blackrock Mutual Fund started operations as 48th AMC.
The Wealth Company is already in the alternate investments space around Rs 10,000 crore of client assets under the group’s purview, across four themed alternate investment funds (AIFs), catering to high net-worth investors (HNIs) across the country and global markets.
“Over the years, mutual funds have been the most trusted and optimum investment platform for retail investors. As the country progresses towards its Viksit Bharat agenda, increasing number of retail investors have an opportunity to play a strong role in national building and the ensuing wealth creation that would follow,” said Madhu Lunawat, Founder, MD and CEO, The Wealth Company Asset Management Holdings.