India, July 22 -- Zerodha Restacks Its Pyramid

Zerodha is quietly rewriting its own playbook. India's discount broking poster child now wants to help companies list on the bourses, borrow capital and navigate complex deals. As regulations squeeze high-octane derivatives trading, can Zerodha's second take off?

Zerodha's New Avatar: Last month, Zerodha applied to SEBI for a Category-I merchant banking licence, a gateway to managing IPOs and advising on M&As. Once approved, this licence would place Zerodha in the same league as SBI, Kotak, Axis Capital and ICICI Securities. For a platform built on zero commissions, this is a big evolution .

The Retail Edge: Inside Zerodha, the bet is that its deep retail and HNI footprint can become a dif...