What’s new

• SEBI granted final approval on June 9, 2026 for Nuvama to launch its mutual fund business.
• Nuvama Asset Management, a wholly owned subsidiary, will be the AMC; a separate entity will be trustee.
• The first products will be Specialised Investment Funds, with broader mutual fund products to follow.

Why it matters

Nuvama already sits on a massive pool of wealthy clients and assets. Giving it a mutual fund licence lets the company capture asset-management fees it currently sends elsewhere. The first products will be niche, but the real prize is selling plain-vanilla mutual funds to 1.3 million investors it already knows.

What we’re watching

• Timeline for the first Specialised Investment Fund launch and initial AUM.
• How quickly Nuvama can convert existing wealth clients into mutual fund buyers.
• Whether the new AMC's fee structure undercuts or matches incumbent asset managers.

The full read

Nuvama Wealth Management can now sell mutual funds. SEBI gave final approval on June 9, eight months after the initial sponsor nod. The subsidiary Nuvama Asset Management will run the AMC, and the first products will be Specialised Investment Funds before broader offerings follow.

The context matters. Nuvama already manages ₹4.5 trillion in client assets for 1.3 million wealthy investors. That is the distribution network waiting for a product. The mutual-fund licence lets Nuvama capture asset-management fees it currently leaves on the table. The launch strategy, starting with a niche product category, suggests a cautious ramp-up rather than an immediate AUM land-grab.

What changes from here is Nuvama's revenue mix. The company is no longer just a wealth platform; it is becoming an asset manager.

Primary source: BSE · NSE