Capitalmind secures SEBI approval for mutual fund launch  

Capitalmind Financial Services, based in Bengaluru and led by Deepak Shenoy, has received in-principle approval from the Securities and Exchange Board of India (SEBI) to launch a mutual fund. The company, which applied for the license on January 5, 2024, is expanding its investment offerings after establishing a strong presence in portfolio management, according to a report by Press Trust of India.

Further, currently, Capitalmind manages over Rs 2,200 crore in assets through its Portfolio Management Services (PMS), catering to more than 1,150 clients. The firm is ranked as the 25th largest portfolio management services provider in India by assets under management in discretionary equity strategies.

Deepak Shenoy, CEO of Capitalmind, expressed excitement about the new venture, stating, "We are excited to introduce innovative investing approaches tailored to the evolving needs of Indian mutual fund investors. Our goal is to serve the rapidly 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." Shenoy also highlighted the company's mission to contribute to India's financialization through the mutual fund industry, which is valued at Rs 64 lakh crore.

Capitalmind's journey began as a blog where Shenoy shared his insights on investing and personal finance. Over time, the company expanded its offerings to include equity research, model portfolios, and a thriving investing community. It launched its portfolio management service in 2017 and introduced an Alternative Investment Fund (AIF) in 2024.
Today, the company serves over 20,000 retail investors and 1,350 PMS clients, including high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs). The company, hence, has witnessed exceptional growth over the years.

The Indian mutual fund industry is known for its competitiveness, with 43 players managing assets worth Rs 65 trillion. Capitalmind now joins other Bengaluru-based asset management companies like Zerodha Fund House, Groww Mutual Fund, and Navi Mutual Fund. The mutual fund sector is witnessing strong growth, driven by increased investor participation, active inflows, and a booming economy. With SEBI's approval, Capitalmind is set to further strengthen its position in India's rapidly expanding mutual fund market.