Nuvama Wealth to set up Nuvama Mutual Fund Trustee Services after SEBI nod
This story was originally published at 21:15 IST on 1 October 2025
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MUMBAI – The board of Nuvama Wealth Management Ltd. has approved the incorporation of a wholly-owned subsidiary, Nuvama Mutual Fund Trustee Services Ltd., to carry out mutual fund trustee services and other activities, the company informed the exchanges Wednesday.
The subsidiary will be incorporated with a prepaid share capital of INR 5.00 million with 500,000 equity shares. The Securities and Exchange Board of India Wednesday granted approval to Nuvama Wealth Management to act as the sponsor and set up Nuvama Mutual Fund.
The board also appointed Dinesh Soni as group head for compliance and senior management personnel of Nuvama Wealth Management. Soni has nearly three decades of experience in governance, regulatory operations, and exchange compliances. His most recent role was as managing director and chief executive officer of NSE Administration & Supervision Ltd., which is a regulatory subsidiary of the National Stock Exchange of India Ltd. and works closely with SEBI. Soni has also worked with the Pension Fund Regulatory and Development Authority, Forward Markets Commission, and National Bank for Agriculture and Rural Development.
Wednesday, shares of Nuvama Wealth Management closed nearly 3% higher at INR 6,489 on the National Stock Exchange. End
Reported by Srijita Bose
Edited by Rajeev Pai
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