Discount brokerage Zerodha co-founder Nithin Kamath tried dispelling the popular conventional notion that doing business along with family members is tough while tweeting birthday wishes for his brother and business partner Nikhil Kamath.
“They say doing business along with family is tough, but it’s been the opposite for me,” Nithin said. “One of the biggest reasons for our little success has been because there has been the brother by the side through ups & downs over the last 18 years,” Nithin added.
Nithin Kamath and Nikhil Kamath are the richest self-made billionaires in India under 40, according to IIFL Wealth and Hurun India’s 40 & Under Self-Made Rich List 2020. Nithin and Nikhil Kamath are the wealthiest entrepreneurs under the age of 40 in India with a wealth of ₹24,000 crore.
Last week, Nithin Kamath announced that the firm has received in-principle approval from the Securities and Exchange Board of India (SEBI) to set up an asset management company (AMC).
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.
The brokerage house has joined entities like Samco Securities and Bajaj Finserv that received Sebi’s go-ahead to launch mutual fund operations. The approval came after the Securities and Exchange Board of India (Sebi) had allowed fintech firms to enter the mutual fund business.
At present, 44-mutual fund houses manage assets to the tune of over ₹35 lakh crore.
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