First Woman Founded Mutual Fund Business receives SEBI Approval

By: WE staff | Monday, 21 July 2025

• The Wealth Company has received approval from the Securities and Exchange Board of India (SEBI) to begin its mutual fund operations
• It is backed by the Pantomath Group, which is renowned for financial services
• It becomes the first woman-established mutual fund house in India to clear SEBI

The Wealth Company, which is supported by Pantomath Group, declared on Friday that SEBI has approved the launch of its mutual fund business. With this development, it becomes the first women-led mutual fund house in India to get approved by SEBI.

The company is headed by Madhu Lunawat, a chartered accountant and co-founder of Pantomath Group, a well-known mid-market investment banking outfit. Of almost 50 mutual fund houses in India, one—Edelweiss Mutual Fund—is headed by a woman, Radhika Gupta, who is its MD & CEO.

As per a statement from the company, Madhu is the first Indian female to set up a non-institutional mutual fund house independently and get cleared by SEBI. Her work experience includes stints at Infosys, ASREC, and the Edelweiss Group, before co-founding Pantomath.

This moment isn't about me — it's about every woman who wishes to lead and redefine the financial industry," Madhu said in an interview to The Times of India. She will be the Managing Director and CEO of the new mutual fund firm. Our objective is to create something smart, long-term, and closely attuned to the true needs of Indian investors," she said.

The fund house intends to use technology to widen its presence in rural India and adopt a client-centric approach in its business.