Paytm has announced that it’s wholly owned subsidiary ‘Paytm Money Limited’ has received the official approval of the Securities and Capital Markets regulator SEBI (Securities and Exchange Board of India) to become a registered Investment Advisor. This license will allow the company to roll out investment and wealth management products to millions of consumers across India.
Paytm Money is currently completing integrations with the respective compliance and regulatory authorities for KYC under the SEBI regulations. It is also integrating all leading AMCs (Asset Management Companies) in India. The platform has planned a limited rollout of investment products starting with direct plan mutual funds investments with zero commissions that will offer customers maximum returns on their investments. The company will also have a separate app available on both Android & iOS, and is allowing users to sign up for early access by logging on to www.paytmmoney.com and entering their email and mobile number.
Pravin Jadhav, Senior Vice President – Paytm Money said, “We are committed in our mission to make Wealth Management easier and more accessible for the masses. The SEBI approval to our request for an Investment Adviser license puts us on track for our planned launch date of April. We are working with our partners to ensure our customers the simplest and most transparent consumer experience ever available in India.”
Paytm is fast evolving from being a pioneer in digital payments to becoming a full-stack financial services company, which offers banking, lending, insurance, and payments; with Paytm Money it aims to cover the entire spectrum of wealth management and plans to add more investment offerings going forward. Earlier this year, it launched Paytm Payments Bank, a mobile-first bank with zero charges on all online transactions and no minimum balance requirement. The bank has been designed to help achieve financial inclusion in the country. Paytm also recently allowed its millions of merchants to accept unlimited Paytm, UPI, and Card payments directly into their bank accounts through its QR.