Zerodha cofounder Nithin Kamath recently shared on platform X that the “real money” is with the Gujaratis. This was after his brother and company co-founder Nikhil Kamath opined that Bengaluru has the largest paper wealth in the country.
Nikhil Kamath's remark
Speaking to The Print Editor-in-Chief Shekhar Gupta in March 2024, Nikhil shared those who became rich through paper wealth earned money from cash-strapped tech companies, giving only an appearance of wealth.
Nithin responds
On January 6, Nithin Kamath stated that Mumbai accounted for 64.28 per cent of the total turnover in November on the National Stock Exchange plus 27.02 per cent on the Bombay Stock Exchange.
Alternately, Ahmedabad saw 17.53 per cent of the total cash trade turnover on the NSE and 27.31 per cent on the BSE.
The two cities totalled around 82 per cent turnover on the NSE and 44.5 per cent on the BSE.
Nithin Kamath wrote on X, “Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with Gujjus”
He added, “Btw, Gujarat accounts for just 8% of the total registered investors, and the share has been falling.”
Commenting on his post, fintech startup CRED founder Kunal Shah remarked, ‘Risk hai to Ishq hai.”
Also read: Microsoft’s Satya Nadella Announces $3 Bn Investment to Empower India with Cloud and AI (startuppedia.in)
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