Zerodha gets SEBI's in-principle nod to set up AMC
India's largest broking firm Zerodha has received in-principle approval from market regulator SEBI (Securities and Exchange Board of India) to create a mutual fund asset management company (AMC). Zerodha had applied for an AMC licence in February 2020.
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India's largest broking firm Zerodha has received in-principle approval from market regulator SEBI (Securities and Exchange Board of India) to create a mutual fund asset management company (AMC). Zerodha had applied for an AMC licence in February 2020.
Nithin Kamath, Founder and CEO of Zerodha, confirmed this via a tweet: "So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part."
Kamath in this February 2020 tweet had said that to grow the capital market participation from the current 1.5 crores and address those who currently don't invest (millenials), mutual fund as a product needs to be reimagined.
With the SEBI approval, the discount brokerage joins companies like Samco Securities and Bajaj Finserv, which recently received the SEBI nod to set up mutual fund businesses.
