BackSebi approves IPO application requests via Paytm UPI handle
PPBL has also entered into a partnership with Paytm Money to enable payment mandates for IPO applicationsBy enabling Paytm UPI to apply for IPO we are giving millions of investors the ease of seamless, secure, and rapid payments to help enhance their financial portfolio, MD and CEO of PPBL said
PremiumSecurities and Exchange Board of India (Sebi) has approved IPO application requests via Paytm UPI handle. This will help enable fast and seamless applications for the IPO, Paytm Payments Bank Ltd said.
"PPBL registers the lowest technical decline rate of 0.02% as compared to all UPI remitter banks & 0.04% as compared to all UPI beneficiary banks, as per the NPCI report," Paytm said in a statement.
This benefits Paytm UPI handle users to invest in capital markets across any stockbroker and aims to encourage digital users to apply for IPO and build a strong wealth portfolio, the company said.
PPBL has also entered into a partnership with Paytm Money to enable payment mandates for IPO applications. With a mission to bring 10 million Indians to equity markets by FY22, Paytm Money is India's growth enabler for wealth products.
The platform's stockbroking offering is helping to bring in more active direct equity investors into the segment. It aims to open over 3.5 lakh demat accounts by year-end and expects 60% of users to be from small cities.
"It is focused on wealth creation with investments in IPOs and has made the process of IPO application completely digital & simple," the statement read.
By enabling Paytm UPI to apply for IPO we are giving millions of investors the ease of seamless, secure, and rapid payments to help enhance their financial portfolio, Satish Gupta, MD and CEO of Paytm Payments Bank Ltd said.
"We believe that every Indian has a right to access capital markets and benefit from the burgeoning list of successful companies which are listing in the stock market. This presents a big opportunity and we intend to make the process more accessible to our fellow citizens," he said.
From FY 2021, the country’s stock exchanges witnessed around 24 IPOs and raised proceeds worth Rs.48,493 crores in total from the capital markets. "The IPO market is expecting to have many big names come to the retail market for new offers like Zomato, LIC, Kalyan Jewellers and many more," the statement read.
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