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Zerodha, the discount online broking firm, has received market regulator SEBI nod to enter mutual fund business. The broking firm had applied for mutual fund licence last February.
Nithin Kamath, founder and CEO, Zerodha, in a tweet on Wednesday said that it has received in-principle approval for asset management company license. “Now, comes the hard part,” he added. “To grow the capital market participation from the current 1.5 crore and address those who currently do not 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,” he had said at time of applying for licence.
Making a beeline
Late last month, Bajaj Finserv received SEBI nod for launching MFs. In May, Samco Securities got SEBI licence for mutual fund business. In the last one year, many companies including Trust Group, NJ AMC and Sachin Bansal-backed Navi Technologies entered MF business. Payment and financial service providers Paytm and PhonePe are also looking to enter AMC business.
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