India, June 29 -- Broking giant Zerodha is looking to expand its financial services portfolio as it eyes a foray into the investment banking business.

The company has sought a Category I merchant banking licence from SEBI through its wholly owned subsidiary, Zerodha Corporate Advisors Pvt Ltd.

According to SEBI's records, the application was filed on April 27 and is currently under review.

Responding to Inc42's queries, Zerodha said, "We have filed an application for the merchant banking (Category I) licence with SEBI. We'll be able to share more about our business plans once we receive the licence."

The development was first reported by Business Standard.

For context, a Category I merchant banking licence authorises companies to ope...