Benchmark AMC Founding Team Returns with Lakshya Asset Management Receives SEBI Approval to Launch Mutual Fund Business
Lakshya Asset Management Company (Lakshya AMC) today announced that it has received approval from the Securities and Exchange Board of India (SEBI) to commence its mutual fund business, marking a significant milestone in its vision to build an innovation-led asset management platform in India.
The new AMC is sponsored by Wealth First Portfolio Managers Ltd., a publicly listed wealth management company on the NSE and BSE with a strong and growing presence across India.
In a strategic move, Lakshya AMC has onboarded key members of the founding team of Benchmark Asset Management Company — Mr. Sanjiv Shah, Mr. Rajan Mehta, and Mr. Sanjay Gaitonde — widely regarded as pioneers of Exchange Traded Funds (ETFs) in India. Benchmark AMC introduced several industry-first products, including India’s first ETF, Nifty BeES; India’s first Gold ETF, Gold BeES (World’s First Gold ETF to be filed with regulators); and the world’s first money market ETF, Liquid BeES.
Marking the return of the team that introduced exchange-traded funds to Indian investors more than two decades ago.
Founded in 2001, Benchmark also was the first Mutual fund in India which focused exclusively on passive and quantitative investment which is one of the fastest growing Segment today. The Benchmark AMC product suite was subsequently acquired by Nippon Life India Asset Management from Goldman Sachs Asset Management.
In a notable structural choice Lakshya AMC will also be the first asset management companies to be headquartered in Ahmedabad, reflecting a broader shift towards building financial institutions beyond traditional metro hubs.
Commenting on the development, Mr. Ashish Shah, Managing Director, Wealth First Portfolio Managers Ltd., said: “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.”
Mr. Sanjiv Shah, former Co-founder of Benchmark Asset Management and Director at Lakshya AMC, added: “Just like Benchmark, our approach at Lakshya will be rooted in innovation. We aim to design investment solutions that solve real-world investment challenges and simplify investing for a wide range of investors.”
Lakshya AMC plans to leverage its strong sponsorship, experienced leadership team, and innovation-driven philosophy to introduce a suite of differentiated investment products tailored to evolving investor needs in India.
India’s mutual fund industry has expanded dramatically from about ?1 lakh crore in assets under management in 2001 — when Benchmark was founded — to over ?82 lakh crore in early 2026, according to the latest data from Association of Mutual Funds in India.
Despite this growth, passive investing still represents only 19–20% of total mutual fund AUM in India, compared with over 50% in the United States, indicating substantial headroom for further expansion
Further details on product launches and timelines will be announced in due course.
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