Pessimistic about valuations of brokerages around world: Zerodha CEO

Zerodha CEO Nithin Kamath said he's pessimistic about the valuations of brokerages around the world, including that of Zerodha. He explained, "The performance of broking is directly tied to market performance. If people aren't making money or there's no greed, activity usually drops off a cliff." The best technology, products and low pricing won't help in this scenario, he added.