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The Indian investment landscape is set to witness a new player in the mutual fund space as ASK Asset & Wealth Management Group, backed by Blackstone, secures in-principle approval from the Securities and Exchange Board of India (Sebi) to launch its mutual fund business.

About ASK Asset & Wealth Management Group

• A leading investment and wealth management firm in India
• Backed by Blackstone, one of the world’s largest alternative investment firms
• Current offerings include:
  • Listed equity portfolio management
  • Alternative investments
  • Wealth management solutions
• The foray into mutual funds is seen as a natural extension of its existing investment strategies

SEBI’s In-Principle Approval: A Key Milestone

• ASK has received initial regulatory clearance from SEBI to set up an Asset Management Company (AMC)
• The company is actively working to meet final compliance requirements to commence mutual fund operations
• The approval allows ASK to begin preparations for launching its own mutual fund products, subject to SEBI’s final go-ahead

Leadership Statement on the Milestone

• Sunil Rohokale, Co-Founder, CEO & MD, ASK Group, expressed optimism: “We have received an in-principle approval for entering the mutual fund business. India’s investment landscape is evolving rapidly, and we see a tremendous opportunity to bring our research-driven, client-centric approach to a broader investor base.”
• He added: “With our strong track record, expertise, and long-term investment philosophy, we are confident of creating differentiated offerings that align with the diverse needs of Indian investors.”

Investment Strategy and Vision

• ASK aims to build on its client-first philosophy, deep research capabilities, and performance-driven culture to deliver value through:
  • Innovative and differentiated mutual fund products
  • A focus on long-term wealth creation
  • Catering to investors across all segments — from retail to institutional

Target Audience and Market Reach

• The AMC will cater to:
  • Retail investors
  • High Net-worth Individuals (HNIs)
  • Ultra High Net-worth Individuals (UHNIs)
  • Institutional investors
• The goal is to expand ASK’s reach beyond its current clientele and tap into India’s growing pool of mutual fund investors

India’s Mutual Fund Landscape: A Growth Opportunity

• India’s MF industry has seen robust growth in recent years:
  • Assets Under Management (AUM) grew from ₹24 lakh crore in March 2019 to ₹67 lakh crore in January 2025
  • This represents nearly 3x growth in less than six years
• Despite this growth, mutual fund penetration in India remains low compared to global markets
• Sunil Rohokale believes this under-penetration presents a massive opportunity: “With rising income levels, GDP growth, and financial literacy, the mutual fund industry is well-positioned to reach an AUM of approximately ₹100 lakh crore in the next 4–5 years.”

What’s Next for ASK?

• The company is in the process of fulfilling SEBI’s remaining regulatory conditions to secure the final license
• Once approved, ASK plans to launch a diverse suite of mutual fund schemes tailored to evolving investor preferences

Conclusion

ASK Asset & Wealth Management Group’s entry into the mutual fund space aligns with its long-term commitment to empowering investors with high-quality, research-led financial products. Backed by a legacy of trust and performance, and now with SEBI’s in-principle nod, ASK is poised to become a key player in India’s fast-growing asset management industry.