India’s asset and wealth management (AMC/ WM) space recently crossed USD 730 billion of AUM, which is more than 80% annual increase over 5 years given increasing retail participation, and seen new entrants, Indian and global. SEBI’s Chairperson remarked that one out of three investment advisers are unregistered and record penalties being imposed by SEBI against unlicensed and deviant players. Regulators such as SEBI, RBI, Tax, IRDAI who have historically operated in their own fields, are increasingly collaborating, e.g. recent data sharing between the RBI and SEBI, as noted in RBI’s Press Release of March 5, 2024. Stock-exchanges act as ‘first regulators’ and are increasingly involved with market surveillance, with SEBI on July 16, 2024 proposing summary proceedings by stock-exchanges for minor/ technical violations. Given current trends and market shifts, in the coming decade we are likely to see more activism by fund managers. Globally, AMC/ WM players have been vocal ‘voters’, often questioning company decisions on governance, board composition, valuation, M&A and capital allocation.