Brokerage firm Zerodha on Wednesday received market regulator, Securities and Exchange Board of India’s (Sebi’s) in-principle approval to start its mutual fund business.
“We just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part,” said Nithin Kamath, founder and chief executive officer of the company. Earlier this month, financial services company Bajaj Finserv had announced that Sebi had given its in-principle nod to the company for sponsoring a Mutual Fund. The company would also be setting an asset management company.
Flipkart co-founder Sachin Bansal’s Navi Mutual Fund recently filed scheme documents for 10 new funds — most of them being index funds and some providing exposure to global asset management giants Vanguard. There are around 40 mutual funds in India, which manage assets worth about Rs 35 lakh crore.