Mumbai, Sep 1 (IANS) Brokerage firm Zerodha has received in-principle approval from the SEBI to launch its asset management company.

Zerodha Founder and CEO, 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.

The company had applied for an AMC (Mutual fund) 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.

--IANS rrb/sn/vd