True Beacon is seeking a portfolio management service licence on the back of rising non-resident Indian (NRI) interest in investing in the Indian capital market, currently among the best performing globally, the report said.

“At True Beacon, we are ," Kamath was quoted as saying. He is the co-founder and chief investment officer of True Beacon and Zerodha, a unicorn retail trading platform.

The report said that while True Beacon II – the second global fund launched by Kamath in August this year, expecting to mop up over $200 million – initially saw a surge in interest from the NRI community from the UAE, as well as the US, it is now gaining traction among both NRI and non-NRI investors from regions including Africa, Southeast Asia, Europe and Australia.

The India wealth management market, which has been traditionally dominated by domestic firms, has a relatively young family offices market. However, there are developments: in January this year this news service spoke to Cervin Family Office & Advisors – a multi-family office.