Zerodha gets in-principle approval from Sebi to start mutual fund business

India’s largest broking firm Zerodha has received in-principle approval to set up an asset management company (AMC) company. With this, the discount brokerage joins entities like Samco Securities and Bajaj Finserv to get market regulator Sebi’s nod for a mutual fund (MF).

“So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part,” tweeted Nithin Kamath, founder and CEO of Zerodha, on Wednesday evening.

In February 2020, the broking company had applied for the AMC license.

Last week, Bajaj Finserv received in-principle approval from Sebi to set up the shop in the Rs 35-trillion Mutual