Blackstone-backed ASK Group gets SEBI nod to launch mutual fund business

Blackstone-backed ASK Asset & Wealth Management Group has received in-principle approval from the Securities and Exchange Board of India (SEBI) to start its mutual fund business.

ASK plans to offer research-driven mutual fund solutions to Indian investors as part of its expansion into the mutual fund space. The new offering will complement ASK’s existing portfolio, which includes listed equity portfolio management, alternates, and wealth management.

Sunil Rohokale, Co-Founder, CEO & Managing Director of ASK Group, said, “We have received in-principle approval to enter the mutual fund business. India’s investment landscape is evolving rapidly, and we see an opportunity to bring our research-driven, client-centric approach to a wider audience.”

The group aims to leverage its investment expertise to offer differentiated mutual fund products tailored to diverse investor needs. With the mutual fund industry seeing significant growth in assets under management (AUM) from approximately Rs 24 lakh crore in March 2019 to around Rs 67 lakh crore in January 2025, ASK sees potential for further expansion as financialization increases.

ASK will now work towards meeting SEBI’s requirements to secure final approval and commence its mutual fund operations.

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