Zerodha Financial News

Zerodha, said he has never owned, neither directly nor indirectly, cryptos because he does not want to work in any grey area. In an interview with ET NOW, Kamath said he has not understood the concept of owning an asset with no bottomline or earnings. Also, he does not intend to own any assets without a definite reason or purpose. People who have invested a few years ago probably are still sitting on really large gains, Kamath said while still questioning the crypto market cap of $3 trillion (at the end of 2021). He said any asset class should have some kind of a correlation with either the underlying earnings from it or the prospect of future earnings.

cryptocurrency trading platform Coinswitch, which is funded by the likes of Tiger Global and Andreessen Horowitz, is planning to foray into Indian stock trading. This will see it go toe-to-toe with new-age investment players like Zerodha, Groww, Upstox, and Paytm Money. The company had earlier announced its plans to offer conventional investment products like mutual funds, US stocks, etc., widening its scope beyond cryptocurrencies, which have taken a battering over the last few years. Even though the price of bitcoin has recovered in the last six months, it is still half the highs it hit in November 2021. “The company is planning to apply for a stockbroker’s licence with SEBI (Securities and Exchange Board of India). There are also conversations going on with non-banking financial companies (NBFCs) and banks for offering fixed deposits,” a person aware of the matter said. For Coinswitch, the focus turned to Indian stocks after its plans to enable retail investment in US stocks were put on the backburner following the hike in tax collected at source (TCS) on foreign remittances under the Liberalised Remittance Scheme (LRS).

SEC) had last week sued Coinbase and Binance, two of the world's largest crypto exchanges for allegedly breaching its rules.Nithin Kamath, the co-founder and CEO of India's leading broker Zerodha, said the SEC action is warranted to protect the interest of retail investors. Kamath said the public markets are prone to some scams even with a number of regulations and batted for regulatory oversight in the crypto markets too. «Even with all the regulations, some promoters scam retail investors in the public markets. If random crypto tokens can raise money from the public, there has to be regulatory oversight. Otherwise, retail investors will be taken advantage of. Current SEC action was maybe warranted,» he said.

Zerodha, says with tax deduction at source (TDS) at 1 per cent being implemented from July 1, crypto volumes in India will drop off the cliff. In a series of tweets, Kamath compared 1 per cent TDS on all crypto trades to tax collected at source (TCS) of 0.1 per cent on gold. «I assumed that the TDS is only on the gains,» he said. According to the provisions of this year’s finance bill, the buyer of a cryptocurrency has to deduct 1 per cent of the sale consideration and pay the amount as an advance tax to the government on behalf of the seller on every trade.

Zerodha’s co-founder Nithin Kamath has called for the government to bring in checks and balances for advertisements by cryptocurrency and forex trading platforms. “The govt should put in checks not just for crypto ads, but also unregulated CFD/Forex platforms,” Kamath said in a tweet earlier today.

This Diwali, Nithin Kamath, India’s 86th richest man and founder of Zerodha shares with us spending and investing tips to follow this new year