In the financial year 2022–2023 (FY23), the executives of the trading and investment platform Zerodha received a combined compensation of almost ₹200 crore, as per documents submitted to the Union ministry of corporate affairs.
According to the records, the total remuneration of Nikhil and Nithin Kamath, the brothers and founders, was ₹144 crore, or ₹72 crore each, for the period of April 1, 2022 to March 31, 2023. But throughout that time, neither Nikhil, the CFO, nor Nithin, the CEO and managing director, took any equity or stock options.
In the meantime, Seema Patil, a full-time director at Zerodha, was paid ₹36 crore a year, while COO Venu Madhav received ₹15.4 crore.
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Patil is Nithin Kamath’s spouse and the full-time director.
Thus, the combined yearly compensation of Patil, Madhav, and the Kamath brothers was ₹195.4 crore. The board of the Bengaluru-based company approved a resolution during the previous fiscal year of 2022 that allowed three of the directors to receive compensation of up to ₹100 crore apiece.
Additionally, the directors and other staff members of the company were paid a total of ₹380 crore for FY23.
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The Kamath brothers created Zerodha on August 15, 2010, and the company valued itself at ₹30,000 crore, or roughly ten times its annual profit. According to Moneycontrol, as of November of this year, the online stock trading platform had 64.8 lakh active clients, making it the nation’s second-largest retail broking company.
The biggest is Groww, a Bengaluru-based finance firm with 66.3 lakh active investors.
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