Ashika Group has received in principle approval from the Securities and Exchange Board of India to launch its mutual fund business, marking a key regulatory milestone for the diversified financial services firm. The approval allows Ashika to act as the sponsor and set up an Asset Management Company, subject to fulfilling SEBI’s final conditions. With this move, the group aims to expand its presence across asset management, leveraging its experience in broking, investment banking, research, and alternative investments.