Financial services platform Paytm's wholly-owned subsidiary Paytm Money Limited has received a licence from markets regulator Securities and Exchange Board of India (SEBI) to be a registered Investment Advisor, the former said on Wednesday. This will allow the company to roll out investment and wealth management products to consumers across India.
Paytm Money is currently completing integrations with the respective compliance and regulatory authorities for KYC under SEBI regulations. It is also integrating leading Asset Management Companies (AMCs) for its planned rollout of investment products, starting with mutual funds investments with zero commissions.
The company will also have a separate app, available on both Android and iOS, and will allow 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 to our mission to make Wealth Management easier and more accessible for the masses. The SEBI approval for 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.”
An ex-entrepreneur, Pravin led product and growth at Servify and Rediff in his earlier roles, and was the Founder and CEO of Wishberg.
Paytm Money is the fourth consumer brand for the company, apart from Paytm, Paytm Mall, and Paytm Payments Bank.
Earlier, in an interview with YourStory, talking about the first products that will be available on the platform, Pravin had said, “We will be going with Mutual Funds as the first product on the platform and our in discussion with almost all 40 Asset Management Companies (AMC) in the country."
He states that the platform will be available with 10-12 AMCs during launch, which cover close to 70-80 percent of the industry. Currently functioning with a team of close to 40 members, the company plans to ramp up this number to 200 employees in the next four to six months.