Dismissing the notion that doing business along with family members is tough, discount brokerage firm Zerodha co-founder Nithin Kamath wished his brother and business partner Nikhil Kamath a happy birthday on September 5. Sharing pictures on Twitter, Nithin shared that though people say doing business along with family is tough, it has been opposite for him. “One of the biggest reasons for our little success has been because there has been the brother by the side through ups and downs over the last 18 years,” Nithin added in the Tweet.
https://twitter.com/Nithin0dha/status/1434425898334179329?s=20
According to the IIFL Wealth and Hurun India’s 40 and Under Self-Made Rich List 2020, the Kamath brothers are the richest self-made billionaires in India. Nithin and Nikhil are the wealthiest entrepreneurs under the age of 40 in India with wealth worth Rs 24,000 crore.
Last week, Nithin had announced that their firm had received in-principle approval from the Securities and Exchange Board of India (SEBI), and now they have the green signal to set up an asset management company (AMC). Earlier this year in February, the country’s largest discount broker had applied for a mutual fund licence. With SEBI’s approval, Zerodha will now be able to start its asset management company (AMC) by the upcoming year.
https://twitter.com/Nithin0dha/status/1433061564865646592?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1433061564865646592%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.livemint.com%2Fmutual-fund%2Fmf-news%2Fzerodha-gets-approval-to-launch-mutual-fund-business-nithin-kamath-11630506116345.html
The brokrage company has now joined entities like Samco Securities and Bajaj Finserv, who have received SEBI’s green signal to launch their respective mutual fund operations. The SEBI approval for the mutual fund business for Zerodha has come at a time when MFs have become a popular mode of investment. The industry’s assets under management (AUM) are surging to an all-time high of Rs. 35 lakh crore in July-end and around 44-mutual fund houses manage these assets.
In a previous Tweet, Nithin had mentioned that to grow the capital market participation from the current Rs 1.5 crores and address those who currently don’t invest, mainly millenials, the country needs to reimagined mutual funds.
The country’s largest discount broker had applied for a mutual fund licence in February 2021. With this, Zerodha will now be able to start its asset management company (AMC) in a year’s time.
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