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Capital market regulator SEBI has given nod to Nithin Kamath-promoted Zerodha Asset Management Company to launch mutual fund business.
Zerodha has already announced that it will partner with Vasanth Kamath-promoted smallcase. The ₹46-lakh crore mutual fund industry currently has 46 players. Samir Arora on Thursday said his company Helios Capital has received regulator SEBI approval to enter mutual fund business.
Nithin Kamath, in a tweet, said, “Our motivation to start a mutual fund was two-fold. The first was that the biggest challenge and opportunity for Indian markets is the shallow participation. Even after all the growth over the last three years, we only may have 6-8 crore unique mutual fund and equity investors put together,” he said.
“The second was that if we had to bring in the next ten million investors, they needed simple products they could understand, and mutual funds were a perfect instrument. We aim to be index-only and create simple funds and ETFs that all investors can understand and invest in for all their goals,” he added.
Vishal Jain, who was part of the entire passive investing journey in India, has joined Zerodha as a CEO to build the AMC, he said and promised to launch the first new fund offer soon.
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