Zerodha has applied for an asset management company (AMC) license, announced founder and chief executive officer Nithin Kamath on Thursday.
"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," Kamath said in a tweet.
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. 🤞 https://t.co/jBuH1722n5
— Nithin Kamath (@Nithin0dha) February 20, 2020
Kamath hinted that the retail discount brokerage will focus on increasing the participation of the millenials in the capital market. At present, Zerodha through its app Coin allows its clients to directly invest in mutual funds.
Zerodha is India's largest retail stock broker by active clients to offer the lowest cheapest brokerage rates for futures and options, commodity trading, equity and mutual funds.
The company claims over 1.5 million clients placing millions of orders every day, contributing over 15 percent of all Indian retail trading volumes.
First Published: IST