MUMBAI: India’s largest brokerage firm Zerodha has today received in-principle approval from the Securities and Exchange Board of India to start its asset management company, said Nithin Kamath, founder and chief executive officer of the brokerage house.
“So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part,” Kamath said in a tweet on the microblogging website Twitter.
Sebi’s approval for Zerodha’s licence closely follows the approval given to
to start its asset management operations.
Zerodha had applied for a licence to start mutual fund operations in India in February 2020, just before the onset of the COVID-19 pandemic in the country.
“To grow the capital market participation from the current 1.5 crores and address those who currently don’t invest (Millenials), we think mutual fund as a product needs to be reimagined. So yeah, we have just applied for an AMC (Mutual fund) license,” Kamath had said in February 2020.
