India, Sept. 3 -- Stockbroking major Zerodha has received SEBI's approval to operate as a merchant banker through its wholly owned subsidiary Zerodha Corporate Advisors Pvt Ltd.

The approval comes months after Zerodha applied for a Category I merchant banking licence through the subsidiary.

"SEBI has granted the merchant banking registration to Zerodha Corporate Advisors. We are now setting up operations and expect to be up and running over the next few months," Mohit Mehra, whole-time director at Zerodha Corporate Advisors, told Inc42.

He said Zerodha Corporate Advisors' initial focus will be on equity IPOs, "particularly new-age businesses looking to raise capital from the public markets".

Zerodha had infused Rs.55 Cr into the merch...