The brokerage enterprise, Zerodha has received in-principle approval from the Securities and Exchange Board of India (SEBI) to launch its asset management company(Mutual Fund) license.
The Founder and Chief Executive Officer of the venture,, Nithin Kamath took to Twitter on Wednesday and wrote, "So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part."
The brokerage venture had applied for an AMC (Mutual fund) license in last year February.
Zerodha CEO had wrote last year on Twitter that to grow the capital market participation from the current 1.5 crores and address those who currently don't invest (Millenials), he added, "we think mutual fund as a product needs to be reimagined. "
He added to the same tweet, "So yeah, we have just applied for an AMC (Mutual fund) license."