Big Names, Bigger Moves: 7 New Players Eye Mutual Fund Licenses
The ₹74 lakh crore Indian mutual fund industry is witnessing fresh momentum as new entrants gear up to tap the fast-growing investment landscape. Two prominent financial firms — Sunil Singhania’s Abakkus Asset Management and Arun Poddar’s Choice International — have received in-principle approval from SEBI to set up their mutual fund businesses.
This comes amid rising investor interest in mutual funds and a push toward financial inclusion. According to SEBI’s recent update, the two AMCs received preliminary approval in December 2024 and submitted their final response by June 2025. The next step is an on-site inspection by SEBI, typically scheduled within the next 2–3 months. Post-inspection, final approval is expected, followed by product filings within another 1–2 months.
Abakkus & Choice International: Who Are They?
Abakkus Asset Management is well-known in the PMS and AIF space and is headed by celebrated fund manager Sunil Singhania, formerly of Reliance Mutual Fund.
Choice International, led by Arun Poddar, is a growing name in stockbroking and investment services.
Both entities are expected to bring unique offerings and seasoned investment strategies to the mutual fund space.
5 More Firms Join the MF License Race
In addition to Abakkus and Choice, five more financial players have applied for MF licenses:
Alpha Alternatives – Founded by Naresh Kothari, specializes in AIF products.
Ashika Credit Capital – A diversified financial services company chaired by Pawan Jain, with Daulat Jain as MD.
Carnelian Asset Management – An AIF/PMS firm co-founded by Vikas Khemani, Manoj Bahety, and Swati Khemani.
Estee Advisors – A quant-driven PMS platform established by Sandeep Tyagi.
Oaklane Capital – A PMS firm promoted by well-known investor Kuntal Shah.
Most of these applicants are seasoned players in the PMS (Portfolio Management Services) and AIF (Alternative Investment Funds) segments, indicating a trend where successful niche players are now looking to diversify into mainstream mutual fund offerings.
Focus May Shift Towards SIFs (Specialised Investment Funds)
While these new players aim for full-scope mutual fund licenses, industry sources suggest that many of them may focus more on launching Specialised Investment Funds (SIFs) — an emerging category gaining popularity among sophisticated investors.
What This Means for the Industry
The entry of new players is likely to:
- Enhance competition and innovation in fund offerings.
- Expand investor reach beyond metros into Tier-II and Tier-III cities.
- Promote niche and specialised strategies catering to evolving investor preferences.
Final Thoughts
As the mutual fund industry scales new heights in India, the entry of experienced and dynamic players like Abakkus, Choice International, and others could lead to a wave of fresh ideas, digital innovation, and investor-focused solutions.
The coming months will be crucial as SEBI completes its inspection process and these firms move closer to launching their mutual fund products.