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Brokerage firm <keyword id="759851" type="General" weightage="20" keywordseo="Zerodha" source="Orion">Zerodha</keyword> has received in-principle approval from the <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> to launch its asset management company. <keyword id="11339820" type="General" weightage="20" keywordseo="zerodha-founder" source="Orion">Zerodha Founder</keyword> and CEO, <keyword id="1430802" type="General" weightage="20" keywordseo="Nithin-Kamath" source="Orion">Nithin Kamath</keyword> 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. The company had applied for an AMC (<keyword id="6354820" type="General" weightage="20" keywordseo="Mutual-fund" source="Orion">Mutual fund</keyword>) license in February last year. "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," he had said in a tweet last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/uber-has-ola-zomato-has-swiggy-but-whos-urban-company-competing-with/articleshow/85835674.cms">Uber has Ola, Zomato has Swiggy but who’s Urban Company competing with?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/skit-which-helps-barbeque-nation-and-axis-bank-automate-call-centres-has-raised-23-million-in-funding/articleshow/85834063.cms">Skit, which helps Barbeque Nation and Axis Bank automate call centres, has raised $23 million in funding</a>

Zerodha gets approval to enter mutual fund business

<ul><li><keyword id="1430802" type="COMPANY" weightage="20" keywordseo="Nithin-Kamath">Nithin Kamath</keyword> of <keyword id="759851" type="COMPANY" weightage="20" keywordseo="Zerodha">Zerodha</keyword> believes that the answer to many of the country’s problems lies in moving away from the larger cities.</li><li>Zerodha is already in the process of transitioning as many employees as possible to permanent <keyword id="123591" type="PERSON" weightage="20" keywordseo="Work-from-home">work from home</keyword>.</li><li>The COVID-19 pandemic made ‘work from home’ the new normal as thousands of employees moved back to their hometowns fleeing the bigger cities, which first came under the COVID-19 crisis.</li></ul>Nithin Kamath, founder and chief executive officer of India’s largest stockbroking platform Zerodha, believes that the answer to many of the country’s problems lies in moving away from the larger cities. Kamath wrote on social media platform Twitter, “Large cities are choking and will continue to break down every time we're tested, COVID today, could be water shortages, pollution, floods, etc. Moving to smaller towns &amp; villages will also create livelihoods there &amp; reduce carbon footprint.” <div type="twitter" handle="Nithin0dha" handlename="Nithin Kamath" image="http://pbs.twimg.com/profile_images/1383253892058673154/eBvRFTVL_normal.jpg" favoritecount="884" retweetcount="156" status="While we all work together to figure out what we can do to help in the current situation, I think the only long-ter… https://t.co/72H4SimsMi" createdat="1619256190000" id="1385887027078471683"></div> Zerodha, Kamath wrote, is already in the process of transitioning as many employees, as possible, to permanent work from home (<keyword id="1384155" type="COMPANY" weightage="20" keywordseo="WFH">WFH</keyword>). “We are also now hiring for permanent WFH positions for our Customer support team &amp; soon for other teams as well. I'm hoping that other businesses who can, will also move whatever jobs possible to permanent WFH and nudge their teams to make this transition,” he added. Kamath isn’t the only one with the belief that it’s possible to turn to India’s smaller cities. Another billionaire, Zoho’s founder Sridhar Vembu, has been an advocate for the same for a long time. Vembu has long moved to Mathalamparai, a small village in Tamil Nadu, and runs Zoho from there. The COVID-19 pandemic made ‘work from home’ the new normal as thousands of employees moved back to their hometowns fleeing the bigger cities, which first came under the COVID-19 crisis. After seeing the successful implementation of WFH, companies like food delivery app Zomato, accommodation player <keyword id="2808667" type="COMPANY" weightage="20" keywordseo="OYO">OYO</keyword>, have already said that they are moving towards a working culture which includes permanent work from home. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/indian-corporates-vcs-and-startups-are-now-looking-to-charter-flights-and-import-oxygen-cylinders-and-concentrators-into-the-country/articleshow/82230785.cms">Indian corporates, VCs and startups are now looking to charter flights and import oxygen cylinders and concentrators into the country</a> <a href="https://www.businessinsider.in/business/startups/news/covid-19-pandemic-has-thrown-the-spotlight-on-a-five-year-old-startup-with-emergency-ambulance-service/articleshow/82229745.cms">COVID-19 pandemic has thrown the spotlight on a five-year old startup with emergency ambulance service⁠</a> <a href="https://www.businessinsider.in/india/news/the-covid-19-crisis-would-be-much-worse-without-these-good-samaritans-of-india-providing-home-cooked-food-financial-assistance-and-medicines/slidelist/82230244.cms">The COVID-19 crisis would be much worse without these good samaritans of India providing home-cooked food, financial assistance and medicines</a>

An Indian billionaire says it’s time to pack up and move from India’s large cities and permanently work from home

<ul><li>Investors rushed to Zerodha as two exciting IPOs⁠— from IRFC and Indigo Paints⁠— were open for subscription.</li><li>CEO Nithin reportedly admitted that the systems were down for a bit, but not completely crashed.</li><li>Zerodha has nearly 3 million users, <a href="https://www.businessinsider.in/business/corporates/news/interview-angel-broking-ceo-believes-the-600-crore-ipo-will-ride-the-digital-euphoria/articleshow/78235409.cms">as per data</a> in September 2020, and is the largest institutional broker in the country.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>India's largest institutional broking firm Zerodha’s platform crashed during the peak market hours on Wednesday, as users rushed to place orders for the two hot initial public offers in the market — Indian Railway Finance Corporation and Indigo Paints. Furious investors complained on Twitter as the website restricted them from applying for the IPOs. Zerodha currently owns the largest share of the pie in the institutional broking industry and has nearly 3 million users, <a href="https://www.businessinsider.in/business/corporates/news/interview-angel-broking-ceo-believes-the-600-crore-ipo-will-ride-the-digital-euphoria/articleshow/78235409.cms">as per data</a> in September 2020. Zerodha’s CEO Nithin Kamath <a href="https://economictimes.indiatimes.com/tech/tech-bytes/users-complain-of-zerodha-outage-as-indigo-paints-ipo-opens/articleshow/80362725.cms">told ET</a> that the systems were down for a bit, but not completely crashed. “Multiple tries would have worked. The IPO has a lot of people trying to apply at the same time. It is slow, but working,” he added. Business Insider reached out to Zerodha for comments but we are yet to receive a response. <div type="twitter" handle="real_manikant" handlename="Manikant" image="http://pbs.twimg.com/profile_images/1348894458952130561/HZ-T19JA_normal.jpg" favoritecount="66" retweetcount="6" status="Come on #zerodha. This is not the first time it's happening. Since morning the Console is down. What are you guys d… https://t.co/3gXgQomop8" createdat="1611128077000" id="1351795251791319041"></div> <div type="twitter" handle="1Riteshgupta_" handlename="Ritesh" image="http://pbs.twimg.com/profile_images/1285920568768737280/v3_ytfeX_normal.jpg" favoritecount="1" retweetcount="0" status="@Nithin0dha @zerodhaonline why I can't buy / trade in bank nifty 33000 strike this week option contract. Very bad e… https://t.co/H4RShEBgre" createdat="1611137187000" id="1351833460512493568"></div> <div type="twitter" handle="Kishore64653096" handlename="Kishore K" image="http://pbs.twimg.com/profile_images/1193798534308364290/KCbNIV_i_normal.jpg" favoritecount="3" retweetcount="1" status="#zerodha completely disappointing on emergency situations. Not for the first time https://t.co/vrA29M2XPe" createdat="1611142108000" id="1351854099558330370"></div> According to the <a href="https://downdetector.in/status/zerodha/">Down Detector website</a>, the outage peaked around 11:15 am and normalised around 5 pm, when the market closed for IPO subscription. Hot bets — IRFC and Indigo Paints The investors have been going crazy as the IPO bonanza has lit up the street once again. The <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-have-to-say-about-the-4634-crore-indian-railway-finance-corporation-irfc-ipo/articleshow/80323479.cms">IRFC’s ₹4,634 crore IPO </a>concluded today with a subscription of a little over 3 times the offer value, and at the same time, Indigo Paints’ ₹1000 crore IPO opened for public subscription — the issue was subscribed fully within a few hours. Both the IPO received top recommendations from nearly all brokerages based on various factors from strong valuation to robust business growth and healthy financials. The<a href="https://www.businessinsider.in/stock-market/news/indigo-paints-1000-crore-ipo-to-open-on-january-20-in-india/articleshow/80248736.cms"> Indigo Paints’ IPO was hot in the grey market</a>, even before opening for public subscription. The grey market data showed that people were ready to pay a premium of ₹800-810 over the set price band of ₹1480 - ₹1490 per share. SEE ALSO: <a href="https://www.businessinsider.in/international/news/jack-ma-the-billionaire-founder-of-alibaba-and-ant-group-resurfaced-after-he-went-missing-in-china/articleshow/80360004.cms" data-type="tilCustomLink">Jack Ma resurfaces – Alibaba founder makes his first public appearance after he was feared to be “missing” for nearly two months</a> <a href="https://www.businessinsider.in/stock-market/news/why-indigo-paints-1000-crore-ipo-is-a-hit-even-before-it-opened-for-subscription/articleshow/80357759.cms" data-type="tilCustomLink">Indigo Paints’ ₹1,000 crore IPO is a hit even before it opened⁠ for subscription— here’s why</a>

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Zerodha gets approval to enter mutual fund business

IANS

An Indian billionaire says it’s time to pack up and move from India’s large cities and permanently work from home

Sanchita Dash

Two smoking hot IPOs choke India's largest broking site Zerodha

Navdeep Yadav

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