Nuvama Wealth Forms Mutual Fund Subsidiary, Appoints Dinesh Soni As Head

The board of Nuvama Wealth Management Ltd. approved setting up a wholly-owned subsidiary, Nuvama Mutual Fund Trustee Services Ltd., to handle mutual fund trustee services and other activities, the company told the exchanges on Wednesday.

The subsidiary will have a prepaid share capital of ₹5.0 million, divided into 500,000 equity shares. The Securities and Exchange Board of India also approved Nuvama Wealth Management as the sponsor to establish Nuvama Mutual Fund.

The board appointed Dinesh Soni as group head for compliance and senior management. Soni brings nearly 30 years of experience in governance, regulatory operations, and exchange compliance. He most recently served as managing director and chief executive officer of NSE Administration & Supervision Ltd., a regulatory arm of the National Stock Exchange of India Ltd. that 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.