Paytm to start share trading services soon1 min read . Updated: 06 Jan 2020, 03:09 PM IST
- Paytm Money will soon launch its stock broking services
- Paytm Money, which is currently offer mutual funds, already has 3 million users
NEW DELHI : Digital investment platform Paytm Money will soon start offering stock market trading services. Paytm's investment platform has already received approval from markets regulator Securities & Exchange Board of India (SEBI) to start stock broking services.
"Waiting to invest in Stock Markets. Our team @PaytmMoney is testing product, order executions, connectivity, infrastructure, operations and much more with stock exchanges today. We know you are eagerly waiting. Soon, very soon," Paytm Money tweeted.
Paytm Money will offer trading in equities and cash segments, derivatives and ETFs. The start-up hasn't yet announced its pricing plan yet but it is expected to be in the discount brokerage category which is currently led by Zerodha. The Bengaluru-based discount brokerage firm now contributes to almost 15% of the Indian retail trading volume and is India's largest retail stockbroker with a customer base of more than 1.5 million.
Besides share trading, Paytm will also offer NPS (National Pension System) services soon as it has approval from the Pension Fund Regulatory and Development Authority (PFRDA). It began its mutual fund app in September 2018.
The fully-owned subsidiary of One97 Communications that operates Paytm has over three million users on its investment platform that currently offers mutual fund services. With an investment of ₹250 crore in the next years, Paytm Money aims to become a full-stack investment and wealth management platform.