Zerodha Broking has received in-principle approval from market regulator Securities and Exchange Board of India (Sebi) to set up an asset management company (AMC).

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"So, we just got our in-principle approval for our AMC (mutual fund) license. I guess now comes the hard part," Zerodha founder and chief executive officer Nithin Kamath said in a tweet on Wednesday.

So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part. https://t.co/g35YH60ksC

— Nithin Kamath (@Nithin0dha) September 1, 2021

The brokerage had applied for an AMC licence in February 2020, just before the coronavirus pandemic.

At that time, Kamath had tweeted: “To grow the capital market participation from the current 1.5 crores and address those who currently don't invest (millennials), we think mutual fund as a product needs to be reimagined. So yeah, we have just applied for an AMC (Mutual fund) license."

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.