India’s market regulator, the Securities and Exchange Board of India (SEBI), has initiated discussions about bringing family offices under its regulatory framework as the influence of the nation’s billionaires on financial markets continues to grow. According to sources familiar with the discussions, SEBI is considering requiring family offices to disclose their entities, assets, and investment returns for the first time.
The aim is to gain greater transparency regarding the investments made by family-run conglomerates in publicly traded securities and to assess potential risks associated with these investments. Earlier this year, SEBI held meetings with some of the country’s largest family offices and requested written submissions from others to gather insights on the matter. However, the final regulations and their implementation timeline remain uncertain, as no specific rules currently exist for family offices in India.
This movement reflects the increasing prominence of super-rich families in India, whose substantial investments can significantly impact markets. Family offices, which were limited in number two decades ago, now play crucial roles as financiers for startups, participants in private equity, and investors in initial public offerings (IPOs). Many family offices operate through regulated entities such as alternative investment funds or shadow lenders.
Prominent billionaires in India include Mukesh Ambani, whose net worth is estimated at $96.4 billion according to the Bloomberg Billionaires Index, and Gautam Adani, with a fortune of $89.6 billion derived from diverse business interests ranging from ports to coal trading.
Notable family offices already act as key investors in IPOs, including Premji Invest, associated with Wipro billionaire Azim Premji, Bajaj Holdings and Investment Ltd, related to the Bajaj automotive dynasty, and private investment firms managed by tech moguls Shiv Nadar and Narayana Murthy, as per data from Prime Database.
Family offices are typically focused on managing the wealth and affairs of a single family. In Singapore, these offices are required to meet a minimum asset threshold to qualify for tax incentives, while in Hong Kong, single-family offices are not mandated to obtain a license, though multi-family offices often are.
In India, while these firms manage the wealth of one family, numerous individuals, entities, and companies may contribute capital to a family office. SEBI aims to have a clearer overview of family members’ investments to mitigate conflicts of interest and manage risks associated with insider trading, according to an insider.
“Nearly every founder of a listed company in the Nifty 1000 manages at least one investment entity, often several, relative to the number of family branches they have,” stated Srinath Sridharan, a corporate advisor and author focused on succession planning. He added, “This indicates there could be over 3,000 entities, including real estate firms, distinct from operating businesses, yet very few are managed with formal governance and risk structures.”
The manner in which SEBI defines family offices—whether it adopts a narrow focus on larger entities or a more inclusive approach—will be crucial. In conversations with major family offices, SEBI has also explored the prospect of allowing these firms to function as qualified institutional buyers, which would permit them preferential allocations in IPOs and align them with other significant market participants such as mutual funds and insurance companies. Previously, SEBI had sought to restrict unregulated family investors from gaining such access.
Published on October 3, 2025.
