Hi Radleigh,
Most interesting item, but certainly does not seem like an axe or mace. As noted, the nagan theme in blade center is key and accented by the serrated edges, also often associated with that theme. The ribs that run parallel to the naga center seem to correspond to some early Vijayanagara katar blades, which is worthy of note though not suggesting this item is necessarily from that region.
It is interesting that the blade or head on this hafted item corresponds visually to the European 'partizan' polearms often carried by guards of dignitaries (Stone p.483) especially a French example c.1690 which has the symmetrical serrated edges on a somewhat leaf shaped profile. While obviously free association and not suggesting direct influence, the comparison again is worthy of note.
I would suggest this is probably as you note, a parade or processional weapon from India, the age best determined by examining the patination since no direct style comparison is available. These hafted weapons seem to have been most prevalent in northern regions such as Gujerat with the bhuj and the hafted maces etc often used by Rajputs.
When I first saw this, I could not resist thinking this unusual serrated leaf shape made me think of something I had seen somewhere and kept thinking of Sinhalese polearms, but the shorter haft brought to mind the bhuj and maces I have mentioned.
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