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Online stock broker recently received the final approval from the Securities and Exchange Board of India (SEBI) to set up its own asset management company - Zerodha Fund House. Zerodha's co-founder and CEO, Nithin Kamath, Zerodha's Co-founder and CEO had said that the brokerage house will set up the asset management company in collaboration with Smallcase.
Zerodha AMC will compete with Mukesh Ambani's Jio Financial Services which has joined hands with the world's biggest asset management firm, Blackrock.
Vishal Jain was appointed as the Chief Executive Officer of Zerodha AMC.
Who is Vishal Jain?
Vishal Jain had previously served as the head of exchange-traded funds (ETFs) at Nippon India Mutual Fund. Vishal Jain is an alumnus of St Joseph's High School, Juhu and Goa Institute of Management.
According to his LinkedIn account, Vishal Jain has over 25 years of experience in financial services including 20+ years building ETFs and passive products.
He started his career in the AMC industry as part of the founding team of Benchmark AMC which launched India’s first ETF in 2001 - Nifty BeES, as a Fund Manager. Post the acquisition of Benchmark AMC by Goldman Sachs AMC India in 2011, he was the Chief Investment Officer of the Passive business.
After a short entrepreneurial stint in the food business, he joined Nippon Life India Asset Management Ltd (earlier Reliance Mutual Fund) in 2016 as Head of the ETF business where he oversaw the scaling of the Passive business from Rs 7,500 crore to Rs 55,000 crore.
He has been part of various committees and groups relating to the development of passive products in India. Recently, he was part of the “Working Group on Passive Funds” constituted by SEBI to recommend changes in Regulations and Market Infrastructure to foster the growth of ETFs and Index Funds.
Know about Zerodha and Nithin Kamath
Nithin Kamath and Nikhil Kamath founded Zerodha in 2010. They have 10 million clients.
They also founded a venture capital fund, Rainmatter. They also have an investment management firm called True Beacon.
They featured in Forbes's list of billionaires in 2023.
Nithin Kamath has had no fancy IIM or IIT degree. He had no Plan B. He said had he gotten an IIM or Harvard degree, he could have gotten a job had he been unsuccessful. However, in the absence of a formal professional education, his entire future depended on pursuing his dream.
