Zerodha already permits retail investors to invest in MFs at no additional cost through its product Coin.
Discount broker Zerodha has applied for an asset management company (AMC) license, founder and CEO Nithin Kamath said on February 20.”Mutual fund (MF) as a product needs to be re-imagined,” Kamath stated, adding that the company wants to improve capital market participation from millennials.Zerodha already permits retail investors to invest in MFs at no additional cost through its product Coin.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″The AMC will be planning a whole bunch of things. The basic premise is market penetration in India is still too small. We need to make the industry grow per se. We will have new products in the MF and ETF spaces, which are not around right now,” Kamath told ETMarkets.com.Exclusive offer: Use code “BUDGET2020” and get Moneycontrol Pro’s Subscription for as little as Rs 333/- for the first year. First Published on Feb 20, 2020 01:00 pm