Zerodha eyes foray into investment banking
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Zerodha, one of India's top retail brokers, is looking to enter the investment banking business.
The company has applied to the Securities and Exchange Board of India (Sebi) for a merchant banking licence through its arm, Zerodha Corporate Advisors.The application, filed on April 27, is currently under review, according to the latest update as of May 31 on Sebi's website.In a response to an ET query, Zerodha spokesperson said the company would share details on its business plans once it secures the licence.Along with Zerodha, around a dozen firms, including Societe Generale Securities India, InCred Capital Financial Services and Neo Wealth Management, have also applied for merchant banking licences.Zerodha's proposed entry into the investment banking business, as the equity capital markets pipeline remains robust."In that context, there is meaningful headroom for new entrants in the investment banking space," said Abhinav Kumar, Partner-Capital Markets at TT&A Law Firm.
"Particularly those with strong distribution capabilities and investor relationships, which is precisely what Zerodha could bring to the table."Some industry participants said the absence of an institutional equities business could be a constraint. ...