Capitalmind Financial, Jio BlackRock, and Pantomath Capital Advisors to Launch MF Business

The capital market regulator, the Securities and Exchange Board of India (SEBI) has recently given NOD to 3 new players Capitalmind Financial, Jio BlackRock, and Pantomath Capital Advisors to launch their mutual fund businesses in the coming months.

All these mentioned companies have already received in-principal approval. Capitalmind Financial has even received final approval to launch its schemes, while the Jio BlackRock and Pantomath Capital Advisors are still awaiting the same.

Management Comments in News Reports

Deepak Shenoy, Founder of Capitalmind Financial Services, shared that the newly approved fund house plans to start with active equity schemes, followed by debt and hybrid asset classes. He also highlighted that Capitalmind will apply its data-driven, quantitative approach for stock selection, a method already used in their PMS and AIF schemes. The company currently manages over ₹2,000 crores in its PMS and AIF businesses.

Prasanna Pathak, Managing Partner at Pantomath Capital Advisors, mentioned that the AMC plans to launch a flexi-cap fund first once it receives final approval. The firm also intends to introduce a liquid fund and several hybrid funds, including balanced advantage and multi-asset allocation funds. In the long run, Pantomath plans to enter the SIF market, leveraging its background in PMS and AIFs.

Currently, Pantomath Capital manages ₹4,000 crores across three private equity Cat II AIFs and a ₹250 crore PMS scheme. Prasanna aims to bring a private equity-style approach to mutual funds, which he believes could offer a competitive advantage over other AMCs.

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Growing Indian Mutual Fund Industry

The Average Assets Under Management (AAUM) of the Indian Mutual Fund industry for March 2025 stood at ₹66,70,186 crore, while the Assets Under Management (AUM) as of March 31, 2025, reached ₹65,74,287 crore. Over the past decade, the industry has witnessed significant growth, with AUM increasing more than six-fold from ₹10.83 trillion on March 31, 2015, to ₹65.74 trillion by March 31, 2025.

In just 5 years, from March 31, 2020, to March 31, 2025, the AUM more than doubled, rising from ₹22.26 trillion to ₹65.74 trillion. The Indian mutual fund industry’s growth trajectory has been remarkable, crossing key milestones along the way—₹10 trillion in May 2014, ₹20 trillion in August 2017, and ₹30 trillion in November 2020—culminating in the ₹65.74 trillion mark as of March 2025.

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