New Delhi, 29 June

Online brokerage firm Zerodha has applied to capital markets regulator SEBI for a merchant banking licence as it looks to expand its financial services offerings.

The application was filed through its wholly-owned subsidiary Zerodha Corporate Advisors Pvt Ltd, according to Sebi records.

The application, submitted on 27 April, is currently under review.

If the licence is granted, the Nithin Kamath-led company will be able to manage Initial Public Offerings (IPOs), advise companies on fund raising, and offer other merchant banking services.

Currently, the broking house has over 1.6 crore customers, who place billions of orders every year. Apart from its brokerage business, Zerodha manages its own mutual fund operations through Zerodha AMC.

Moreover, 12 more applications including those from InCred Capital Financial Services, Neo Wealth Management and Societe Generale Securities India have been filed with Sebi seeking clearance for a merchant banking licence, the regulator's website showed.

In December 2025, Sebi amended rules governing merchant bankers, whereby revising the net worth and liquid net worth requirements and introduced a framework for segregation of activities through separate business units.