Brokerage Zerodha has applied for licence of an asset management company, said founder and CEO Nitin 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.
Zerodha will focus on increasing the participation of millenials in the capital market with its direct entry inot mutual fund space.
Currently, Zerodha allows its customers to directly invest in mutual funds through its app Coin.
Based in Bengaluru, Zerodha is a budget broker /discount broker/pay per order brokerage company for trading in stock, commodity and currency derivative. It started operations on August 15, 2010 and currently has 1.5 million active clients.
By Aseem Thapliyal