The approval allows Lakshya AMC to act as an asset management company and roll out mutual fund offerings, marking a key expansion into the asset management space.
The new venture will be led by former Benchmark AMC executives, known for pioneering ETF products such as Nifty BeES in India.
The move signals Wealth First’s intent to diversify its financial services portfolio and tap into the fast-growing passive investing segment, where penetration remains relatively low compared to global markets.
The development comes at a time when India’s mutual fund industry has expanded sharply to over Rs 82 lakh crore in assets under management, though passive investing still accounts for only about 19-20% of total AUM, indicating significant growth potential.
Ashish Shah, managing director of Wealth First Portfolio Managers, said: "This approval represents a major step forward in expanding our financial services portfolio and strengthens our long-term commitment to providing comprehensive and accessible investment solutions. Our focus in this AMC will be to identify gaps in the investment landscape and build products that effectively address those needs. We believe there is significant opportunity to create differentiated offerings that deliver meaningful value to investors."
Wealth First Portfolio Managers is a wealth management company, offering portfolio management and financial advisory services to a wide range of clients.
On a consolidated basis, Wealth First Portfolio Managers' net profit declined 87.92% to Rs 1.12 crore while total income declined 60.63% to Rs 6.78 crore in Q3 December 2025 over Q3 December 2024.