The wealth management wing of Paytm, Paytm Money, has declared it has obtained a green signal from the SEBI (Securities and Exchange Board of India) to begin providing a stock broking service. The recent step will allow Paytm Money to begin providing features such as the capability to deal in derivatives, cash segments & equities, and ETFs (exchange-traded funds) among other exchange-traded products. This surfaces as an addition to the prevailing mutual funding services that Paytm Money is providing since last year September.
Paytm, via a post on Medium, has divulged the consent from SEBI and declared the consent of membership of Paytm Money with NSE and BSE. All this is intended to allow Paytm Money to shortly begin providing shares via its mobile app. In the Medium post, the company stated, “With this, we’re getting nearer to turning into a full-stack wealth management platform as we had determined, and corresponding to our mission and vision to get wealth creation avenues to millions of Indians.”
On account of the new improvement, Paytm will begin its incorporations with both depository and exchanges to offer a list of trading and investing products via the Paytm Money app. Also, the firm has mentioned in its blog post that it would speed up with product, design, and engineering teams to fulfill the rising requirements. Moreover, it is extending its squads for market operations in the domains of settlement, trade, risk, depositories, treasury, and finance.
Likewise, Paytm Payments Bank Limited (PPBL), the biggest payments bank of the country, is seeking to boost its savings bank user base to 10 Crore over the subsequent 1 Year, as mentioned by a top official. PPBL, in a span of nearly 2 Years since its rollout in May 2017, has, so far, developed a savings customer base of 4 Crore.