ASK Investment Managers and Monarch Networth Apply For Mutual Fund Licenses

Blackstone-backed ASK Investment Managers and Monarch Networth Capital have both applied to the Securities and Exchange Board of India (SEBI) for mutual fund licenses, signalling their intent to expand into the mutual fund market.

Monarch Networth Capital filed its application with Sebi on December 31, 2024, while ASK Investment Managers had submitted theirs earlier, in October 2024, according to SEBI records.

ASK Investment Managers is one of India’s leading asset management firms, primarily serving high-net-worth individuals (HNIs) and ultra HNIs. The firm currently provides Portfolio Management Services (PMS) and Alternative Investment Funds (AIFs), specializing in personalized investment solutions for its affluent clientele.

Monarch Networth’s Plans

Monarch Networth Capital, a firm involved in stock broking, mutual fund distribution, and various other financial services, plans to offer active mutual fund schemes once it secures approval from Sebi. The firm aims to leverage its broad customer base and expertise in fund management to expand into this new area.

With around 300,000 retail clients, Monarch Networth plans to capitalize on its strong retail presence to grow its mutual fund business. CEO Gaurav Bhandari emphasized the company’s experience managing three AIF schemes, positioning them to enter the mutual fund space with confidence. Future plans may include exploring additional investment classes as the firm’s expertise evolves.

Growing Competition in India’s Mutual Fund Industry

The recent wave of mutual fund applications highlights the increasing competition within India’s asset management industry, which currently oversees over Rs 68 trillion in assets under management. This growth reflects the growing appetite for investment products across different market segments.

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