Bajaj Finserv, the Indian financial services firm, has expressed plans to enter the wealth management industry before the current fiscal year ends, local reports show.

With the number of high net worth individuals rising in the country, the company saw the need to step up and present its own offerings, the news service said. At present, Bajaj Finserv is conducting a pilot run to determine the right mix of clients and services for the product. 

The firm said the launch is planned for March 2013 without giving further details. According to recent research by CRISIL and Kotak Wealth, India is currently home to some 81,000 ultra high net worth households. These are households with at least $30 million in investable assets.