Paytm Money plans to start stock broking services, pension scheme sales
Digital investment platform Paytm Money is planning to begin stock broking services, and sale of National Pension Scheme, exchange traded funds (ETFs), and other financial instruments during the current financial year, a top company official said on Monday.
"We will be starting stock broking service, ETF, depository account for shares, national pension schemes during this financial year," Pravin Jadhav, whole-time director at Paytm Money, told PTI.
Paytm Money already sells mutual funds on its platform and claims to have clocked 40 percent share in the direct mutual fund segment in the country.
"More than 75 per cent of users on our platform are SIP (Systematic Investment Plan) investors. Our leadership in the largest active SIP book is a result of the trust that our investors have in a safe and secure platform like Paytm Money. As our SIP registrations continue to grow every month, we expect to cross one million active SIPs soon," Jadhav said.
He said Paytm Money received approval to start sale of National Pension Scheme from the Pension Fund Regulatory and Development Authority in May, and the Securities and Exchange Board of India in April allowed the platform to start stock broking service. The company is expected to launch these services soon.
In a recent statement, Paytm Money stated that it had three million users within the first year of its launch and has made it extremely simple for investors to start and manage their SIP investments. The platform allows users to top up, edit, and pause their SIPs anytime, or automate them through payment mandates across more than 200+ banks. It also offers the convenience of simply registering for SIP and paying later.
Paytm Money is headquartered and operates from Bengaluru and has a team of more than 250 members. It aims to become a full-stack investment and wealth management platform and bring wealth creation opportunities to millions of Indians.