Zerodha gets SEBI nod to foray into mutual fund business

Brokerage firm Zerodha has received in-principle approval from the SEBI to launch its asset management company.

Zerodha Founder and CEO, Nithin Kamath said in a tweet on Wednesday: "So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part.

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The company had applied for an AMC (Mutual fund) license in February last year.

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"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," he had said in a tweet last year.