A new product launch is in store for traders, says founder and CEO Nithin Kamath.
“A lot of people tagged me on social media asking about US investing. We are working on it, and we should have something in the next quarter — it’s a product launch," said founder and CEO Nithin Kamath, during an Ask Me Anything session with the Zerodha founders and top management on YouTube.
Zerodha's rivals like Angel One, INDmoney, JM Financial, Axis Direct, HDFC Securities, Kuvera, and 5paisa have already been providing the service.
“It has been a long-pending plan. We now have the requisite regulatory clarity through GIFT City, and we’re working to build a simple and seamless experience for users both on the backend and frontend," said Zerodha CTO Kailash Nadh.
The move comes after Zerodha's topline and net profit declined for the first time in more than a decade.
Why the GIFT City route?
According to Moneycontrol, the Foreign Exchange Management Act (FEMA) treats GIFT City as an international territory for financial transactions, much like cities like Dubai and Singapore.
That being said, two primary platforms in GIFT City facilitate international stock investments — India INX's Global Access and NSE-IX's US stocks Unsponsored Depository Receipts (UDRs). India INX is the subsidiary of the Bombay Stock Exchange, the media firm reported.
For more information, visit the official website of Zerodha.
