Jain was relieved from his duties with immediate effect i.e., by the close of business hours on 29 December 2023, said the firm.

Nippon Life India Asset Management is involved in managing mutual funds including exchange traded funds (ETFs) managed accounts, including portfolio management services (PMS), alternative investment funds and pension funds and offshore funds and advisory mandates.

Nippon Life India Asset Management (NAM India) is the asset manager of Nippon India Mutual Fund (NIMF). The company is one of the largest asset managers in India, managing (directly & indirectly) assets across mutual funds including Exchange Traded Funds, managed accounts, including portfolio management services, alternative investments funds, and offshore funds and advisory mandates.

Shares of Nippon Life India Asset Management rose 1.23% to Rs 452.45 on the BSE.