One97 Communications-owned Paytm Money has further improved its services by taking it to the next level after it obtained SEBI (Securities & Exchange Board of India) final approval to offer stock broking services to its customers across India. Additionally, Paytm has also received membership nod from Bombay Stock Exchange (BSE) & National Stock Exchange (NSE).
Pravin Jadhav, Whole-time Director at Paytm Money said, “With this approval, Paytm Money is moving towards its aim to be a full stack wealth management platform. Making investing in Stock Markets easier & accessible is in line with our mission to bring wealth creation opportunities to millions of Indians. We expect to go live within few months and eventually offer all exchange traded products to our users.”
Paytm is planning to launch its new products & offerings through its app such as investing & trading in equities, derivatives, currency, commodities, ETFs and other exchange traded products as soon as possible. Further, the company will announce more updates on products, offerings, features, pricing and other details when the stock trading service goes live.
On its live blog, Paytm revealed that, they are ramping up engineering, product & design teams to ensure they build the offer the most reliable investing platform to cater to millions of Indians.
“Also setting up our teams for market operations in Trade, Settlement, Depositories, Risk, Finance, Treasury and others. (PS: We’re hiring),” it said.
Hence, the Sebi approval and membership from BSE and NSE, has not only come as a good news to many investors but also to those who are looking for jobs at Paytm Money.
The digital platform has been enabling investors to trade extensively in mutual funds market through their application. Within a few months of launch, Paytm Money crossed over 1 million users mark to become the largest platform for mutual fund investments in India offering commission free investing in direct Mutual Funds
Recently, Paytm has introduced Investment Packs – a curated list of mutual funds, based on research conducted by their in-house advisory team. The company has introduced many features aimed towards simplifying the investing experience for its users.
Apart from Indian banks such as Kotak Mahindra Bank, ICICI Bank, and HDFC Bank, there are some of the online players offering stock broking services. One of the major players is Bengaluru-based Zerodha offers an online platform for brokerage-free equity investments, retail, institutional broking, currencies, and commodities trading.
Similarly, Pune-based Zambala which is an Artificial Intelligence powered marketplace which allows users to buy or sell stocks through its app.