Cosmea Financial Holdings (CFH), promoted by Sam Ghosh, has received approval from the Securities and Exchange Board of India (Sebi) to sponsor a mutual fund. Cosmea filed its application with Sebi in May and has six months to complete the registration formalities under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

The approval marks a significant milestone in Cosmea’s journey to expand its presence in India’s rapidly growing financial markets, according to a press release.

The group is set to invest Rs 200 crore in its asset management company, with a focus on Quant and Smart Beta strategies to cater to the evolving needs of Indian investors. It has also entered into a distribution agreement with WisdomTree, a global ETF and ETP sponsor managing assets exceeding USD 100 billion.

Cosmea currently manages and advises assets worth Rs 1,000 crore across its capital market businesses, including broking & distribution, wealth management, and advisory. The group recently expanded its footprint by acquiring a CAT III Alternate Investment Fund (AIF) license and a fund management entity license in GIFT City, the release said.