“Receiving in-principle approval from SEBI for a mutual fund is an honour and a privilege. We are grateful for this opportunity and remain committed to long-term wealth creation by maintaining the highest standards of regulatory compliance. Our team has established a strong reputation for excellence in performance, service, communication and research. We plan to leverage technology, partnerships and distribution channels to capitalize on India’s strong growth story. We look forward to establishing Capitally “The Asset Management Company will comply with the requirements for final approval of SEBI,” Shenoy said on receiving in-principle approval from Sebi.
Deepak Shenoy also outlined Capitalmind’s vision by stating, “We are excited to introduce innovative investment approaches tailored to the evolving needs of Indian mutual fund investors. Our aim is to serve the fast-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 financialisation of India by adding value to the rapidly growing 64 crore mutual fund industry.”
As of March 31, 2024, India had 74.6 million PAN cardholders, while sole investors in mutual funds numbered just 4.5 million, indicating significant untapped potential. The industry has shown rapid growth, with assets under management increasing at a compound annual growth rate of 24% over the past five years.
“The trilogy of increased investor participation, active investor inflows and a booming economy provide strong tailwinds for the growth of the mutual fund industry,” Shenoy added.
Capitalmind currently manages over Rs 2,200 crore as assets under management (AUM) for over 1,150 clients as portfolio managerSince inception, the firm has doubled its AUM every financial year, driven by strong portfolio performance and consistent capital inflows. This growth has resulted in wealth creation exceeding Rs 1,000 crore for clients in less than seven years, the press release said. “Our commitment to technological and operational improvements has been instrumental in establishing Capitalmind as an industry benchmark for transparency and customer-centricity. By developing our systems in-house, we have 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 enabled us to stay ahead of the curve, ensuring that our clients receive the best possible outcomes,” said Vashistha Iyer, COO, Capitalmind, emphasising on the firm’s customer-centric approach.
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