Ashika Global Securities has incorporated two wholly-owned subsidiaries to launch its mutual fund business. The entities, Ashika Global Asset Management Private Limited and Ashika Global Trustee Company Private Limited, were registered on September 17, 2026.

The move marks a strategic expansion into financial services beyond its existing credit operations. The company disclosed the incorporation in a filing with BSE Ltd on September 18, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Subsidiary Details

Ashika Global Asset Management Private Limited (AGAMPL) is designated to act as the Asset Management Company (AMC). It will manage and administer various mutual fund schemes in accordance with applicable laws. The entity has an authorized capital of ₹60 crore, divided into 6 crore equity shares of face value ₹10 each. The entire share capital has been issued, subscribed, and paid up.

Ashika Global Trustee Company Private Limited (AGTCPL) will serve as the trustee for mutual funds, pooled vehicles, and investment funds, including offshore funds and alternative investment funds. Its authorized capital stands at ₹10 lakh, divided into 1 lakh equity shares of face value ₹10 each, fully subscribed by the parent company.

Regulatory Approvals

The sponsor has received necessary approval from the Securities and Exchange Board of India (SEBI) for the incorporation of both companies. However, the commencement of actual business activities remains subject to requisite further approvals from SEBI. As newly incorporated entities, both subsidiaries report nil turnover.

What the Numbers Show

The capital structure reveals a significant disparity between the two entities, reflecting their distinct operational roles. The AMC holds a paid-up capital of ₹60 crore, while the trustee company operates with a nominal ₹10 lakh capital base. This aligns with standard industry practices where asset management firms require substantial capital for regulatory compliance and operational scaling, whereas trustee functions are primarily administrative and fiduciary, requiring minimal capital reserves. The parent company’s full subscription of equity in both entities confirms direct control without external promoter interest in these specific transactions.

Ashika Global Securities appointed Ajay Pratapray Shanghavi as an independent director and Vatsal Jain as an executive director in its unlisted material subsidiary, Ashika Stock Services Limited. The appointments were approved by the board on September 3, 2026, and are subject to shareholder approval at the ensuing general meeting.

The company disclosed the moves under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Both directors have been appointed for a term of three consecutive years effective from September 3, 2026.

Board Appointments

Mr. Shanghavi, who holds a DIN of 00084653, joins as a non-executive independent director. He is not liable to retire by rotation. Mr. Jain, holding DIN 11853346, is appointed as an executive director (whole-time director) and is liable to retire by rotation.

Director Profiles

Mr. Shanghavi brings over 39 years of experience across engineering, manufacturing, IT, financial services, and media sectors. He has served on the boards of more than 30 companies and possesses expertise in corporate strategy, business growth, and HR strategy.

Mr. Jain serves as the Chief Innovation Officer of Ashika Stock Services Limited and is part of the promoter group. He leads innovation, digital transformation, and strategic growth initiatives for the group, including retail and institutional businesses. He also oversees the development of alternative investment and global capital market businesses.

Key Details

Related Party Disclosure

The filing notes that Mr. Vatsal Jain is the son of Mr. Daulat Jain, who serves as the managing director of both Ashika Global Securities Limited and Ashika Stock Services Limited. No such relationship was disclosed for Mr. Shanghavi.