Weeks after receiving approval of Securities and Exchange Board India (SEBI) and announcing that it will set up an asset management company, online stock broker Zerodha looks all set to launch its mutual fund schemes. Zerodha's co-founder and CEO Nithin Kamath had announced on Twitter that the brokerage house would be set up in collaboration with Smallcase.
As per the draft scheme information document, Zerodha has filed draft offer documents to launch two schemes —
1) Zerodha Nifty LargeMidcap 250 Index Fund — "an open-ended scheme replicating or tracking Nifty LargeMidcap 250 Index"
2) Zerodha Tax Saver (ELSS) Nifty LargeMidcap 250 Index Fund — which, as the filing states, would be an "open-ended passive equity linked savings scheme with a statutory lock-in period of 3 years and tax benefit replicating or tracking Nifty Large Midcap 250 Index."
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Benchmarked against Nifty Large Midcap 250 Index Fund, the ELSS scheme will be a tax saver scheme giving tax benefits of Rs 1,50,000 under Section 80C.
We just received the final approval for the @ZerodhaAMC we are building in partnership with @smallcaseHQ.
Our motivation to start a mutual fund was twofold. The first was that the biggest challenge and opportunity for Indian markets is the shallow participation. Even after…
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