Zerodha, one of India's largest brokering houses, has filed an application with the Securities and Exchange Board of India (SEBI) for a merchant banking license, which would mark the firm's foray into investment banking. Zerodha Corporate Advisors applied for its licence on 27 April and it remains under process, according to SEBI's latest update as of 31 May. If approved, the licence would enable Zerodha to expand beyond its core broking business into merchant banking services such as managing IPOs, FPOs, rights issues along with other capital market transactions.