Zerodha CEO Nithin Kamath on Thursday weighed in on the entry of Jio-BlackRock into India’s stockbroking space, calling it a positive development that could help broaden retail participation in financial markets .
Taking to social media platform X, Kamath remarked, “Firstly, this is great news. The biggest issue for the Indian markets is a lack of breadth in participation. We're largely limited to the top 10 crore Indians.”
He added that if any player has the scale and infrastructure to take investing to the masses, it is likely to be Jio, citing its deep distribution network. “If anyone can expand the markets beyond the top 10 crore Indians, it's probably Jio with all its distribution might,” he said.
Kamath's comments came shortly after JioBlackRock Broking received regulatory clearance from SEBI to begin operations, reported ANI. The new broking firm is a wholly owned subsidiary of Jio BlackRock Investment Advisers, a 50:50 joint venture between Jio Financial Services Limited and BlackRock Inc.
The new platform aims to offer affordable, technology-driven execution services to Indian investors, alongside advisory and asset management capabilities.
As per ANI, Marc Pilgrem, CEO of JioBlackRock Investment Advisers, said, “We are delighted to receive SEBI's final approval for JioBlackRock Broking, which moves us closer to contributing to India's continued evolution from a nation of savers to a nation of investors.”
The firm plans to deliver a full suite of investment services , combining BlackRock’s global investment expertise with Jio’s digital reach. “These are exciting times for us,” said Hitesh Sethia, CEO of Jio Financial Services. “This approval adds another dimension to our strategy of democratising investments in India, through easily accessible and digital-first solutions .”
While welcoming the move, Kamath used the opportunity to reiterate Zerodha’s core philosophy, stressing that the firm avoids pushing customers into trading and focuses instead on long-term, sustainable investing. “We are not chasing vanity metrics. The idea is to stay profitable and… do the right thing for customers,” he wrote.
Kamath further added that Zerodha avoids using aggressive nudges or manipulative design tactics to drive trading volumes, saying that their strategy is built on ensuring users trade less to succeed more. “We’re in no hurry. We are in it for the long haul,” he added, highlighting that their growth is not driven by pricing gimmicks or short-term customer acquisition.
Reflecting on competition, Kamath argued that the real challenge for Zerodha would likely not come from large corporates like Jio-BlackRock, but from new-age entrepreneurs who are immersed in the business. “I still feel our real competition is going to be more from first-generation founders who are running, breathing, and always thinking about broking,” he said. “This is not a business where having deep pockets means you have a large moat.”
Taking to social media platform X, Kamath remarked, “Firstly, this is great news. The biggest issue for the Indian markets is a lack of breadth in participation. We're largely limited to the top 10 crore Indians.”
He added that if any player has the scale and infrastructure to take investing to the masses, it is likely to be Jio, citing its deep distribution network. “If anyone can expand the markets beyond the top 10 crore Indians, it's probably Jio with all its distribution might,” he said.
Many people asked me about Jio-BlackRock getting a stockbroking license. Firstly, this is great news. The biggest issue for the Indian markets is a lack of breadth in participation. We're largely limited to the top 10 crore Indians.
— Nithin Kamath (@Nithin0dha) July 2, 2025
If anyone can expand the markets beyond the…
Kamath's comments came shortly after JioBlackRock Broking received regulatory clearance from SEBI to begin operations, reported ANI. The new broking firm is a wholly owned subsidiary of Jio BlackRock Investment Advisers, a 50:50 joint venture between Jio Financial Services Limited and BlackRock Inc.
The new platform aims to offer affordable, technology-driven execution services to Indian investors, alongside advisory and asset management capabilities.
As per ANI, Marc Pilgrem, CEO of JioBlackRock Investment Advisers, said, “We are delighted to receive SEBI's final approval for JioBlackRock Broking, which moves us closer to contributing to India's continued evolution from a nation of savers to a nation of investors.”
The firm plans to deliver a full suite of investment services , combining BlackRock’s global investment expertise with Jio’s digital reach. “These are exciting times for us,” said Hitesh Sethia, CEO of Jio Financial Services. “This approval adds another dimension to our strategy of democratising investments in India, through easily accessible and digital-first solutions .”
While welcoming the move, Kamath used the opportunity to reiterate Zerodha’s core philosophy, stressing that the firm avoids pushing customers into trading and focuses instead on long-term, sustainable investing. “We are not chasing vanity metrics. The idea is to stay profitable and… do the right thing for customers,” he wrote.
Kamath further added that Zerodha avoids using aggressive nudges or manipulative design tactics to drive trading volumes, saying that their strategy is built on ensuring users trade less to succeed more. “We’re in no hurry. We are in it for the long haul,” he added, highlighting that their growth is not driven by pricing gimmicks or short-term customer acquisition.
Reflecting on competition, Kamath argued that the real challenge for Zerodha would likely not come from large corporates like Jio-BlackRock, but from new-age entrepreneurs who are immersed in the business. “I still feel our real competition is going to be more from first-generation founders who are running, breathing, and always thinking about broking,” he said. “This is not a business where having deep pockets means you have a large moat.”
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