Winning Bizness Desk
Mumbai - Zerodha, one of the largest brokerage firms in the country, has received the license from SEBI for AMC and with this development, the company has got the green signal to launch mutual funds. The company has entrusted its command to Vishal Jain. Zerodha founder and CEO Nitin Kamat gave this information in a tweet. It is a joint venture between asset management company Zerodha Broking Limited and wealth management company Smallcase. Kamat said that his target is to connect one crore investors with him. In this business, the company will compete with Mukesh Ambani. Reliance Industries has recently demerged its financial business and is preparing for its listing under the name Jio Financial Services. The company has also tied up with BlackRock, the world's largest asset management company.
What has Zerodha said ?
Zerodha founder Nitin Kamat said in a tweet, “We have received the final approval for Zerodha AMC. We are partnering with Smallcap. He said that our motivation to start mutual funds was two-fold. Shallow participation is the biggest challenge and opportunity in the Indian market. Even after three years, we have six to eight crore unique mutual and equity investors. The second challenge is that if we have to bring in the next 10 million investors, they need products that they can easily understand. Mutual funds are the most perfect instrument for this. We want to create simple funds and ETFs that all investors can understand. Kamat said that Vishal Jain will be the CEO of AMC.
Helios Capital also gets license
Earlier, SEBI also gave license to Helios Capital to start mutual fund business. Sameer Arora, the principal founder of the company gave this information. Helios Capital Management Pvt Ltd had applied to SEBI in February, 2021 for obtaining a mutual fund business license. Arora, Fund Manager, Helios Capital, tweeted that SEBI has approved Helios Mutual Fund. We need your support for the success of this new venture. Arora is once again returning to the mutual fund industry after leaving Alliance Capital 20 years ago. He was the Chief Investment Officer of the India Mutual Fund business of Alliance Capital.
