India’s ₹74 lakh crore mutual fund sector is preparing to embrace two new players Abakkus Asset Management and Choice International as both received preliminary approval from SEBI to start their mutual fund operations. Established by well-known fund manager Sunil Singhania, Abakkus AMC is presently active in the PMS and AIF sectors. Choice International, headed by Arun Poddar, is a prominent stockbroking company. After their last responses submitted in June 2025, SEBI is anticipated to perform on-site inspections in 2–3 months. Final approvals would occur afterward, with product submissions generally requiring an additional 1–2 months after approval. Furthermore, five additional companies have submitted applications for mutual fund licenses: Alpha Alternatives, Ashika Credit Capital, Carnelian Asset Management, Estee Advisors, and Oaklane Capital. Many of these organizations are currently involved in PMS and AIF sectors and are now pursuing comprehensive MF licenses, probably aiming to introduce Specialised Investment Funds (SIFs). The new participants indicate an increasing interest in India’s mutual fund industry and denote heightened competition, innovation, and variety in investment options. The sector is buzzing in anticipation of events such as the CafeAlt Conference 2025, set to discuss the future of alternatives and investment strategies on August 21 at Taj Santacruz, Mumbai.
