ASK Asset gets approval from SEBI for Mutual Fund Business

ASK Asset and Wealth Management Group, a financial company, received an In-Principle Approval (IPA) from the Securities and Exchange Board of India (SEBI) to start its mutual fund business on Friday, March 28, 2025.

This change has marked a significant step in ASK’s expansion plans and development.

The mutual fund offering will add to ASK’s current range of investment services, which include managing stock portfolios and wealth management, giving investors more options across different areas.

Sunil Rohokale, Co-Founder, CEO and Managing Director of ASK Asset and Wealth Management Group, said in a statement, “They have received initial approval to start the mutual fund business. India’s investment market is changing quickly, and they have seen a great chance to share our research-based, customer-focused investment approach with more people.”

He further said that they are confident that with ASK’s strong expertise and focus on building long-term wealth, along with their trusted track record, they will be able to offer unique products that meet the different needs of investors. They are eager to set up AMC and meet SEBI’s final approval requirements.

The company has said that it will now work towards completing SEBI’s requirements to get final approval and implement its mutual fund offering in the appropriate time.

A significant development has been seen in assets under management (AUM) of the Mutual Fund industry. As of January 2025, the growth is three times from Rs.24 lakh crore in March 2019 to Rs.67 lakh crore.

In addition to this, unique investors have also seen a rise from 1.9 crore to 5.3 crore during the same time period. Although mutual fund participation in India is much lower compared to other countries, it presents a big opportunity.