Indian e-commerce brand Paytm has received the approval from Securities and Exchange Board of India (SEBI) on March 7 to launch its investment advisor Paytm Money. By receiving nod from the market regulator, Paytm Money can soon start its operations as a registered Investment Advisor.
Paytm is integrating with leading AMCs (Asset Management Companies) in India to bring Mutual Fund investments to customers in Direct Mode. Also, the firm is completing integrations with respective compliance and regulatory authorities for KYC (Know your Customer) as per SEBI guidelines, a Paytm press release stated.
Very soon, Paytm Money will allow customers to invest in Direct Mutual Funds with zero commissions to provide maximum returns on the investments, along with many more exciting and easy-to-use investment products, the company informed.
The company stated that it will roll out a new Paytm Money app very soon and the mobile app will be available for both Android and iOS.
Paytm is run by One97 Communications Ltd, and it is the new product from the group after Paytm Mall, Paytm Payments Bank and Paytm wallet.
The application to start the advisory firm-Paytm Money has been filed with SEBI in January this year. On January 9 this year Paytm has announced the appointment of former founder-CEO of Wishberg, and ex-employee of Rediff Pravin Jadhav as the leader for the new venture. Paytm Money currently has a 40-member team working out of Bengaluru and is looking to add another 150-plus people over the next 12-18 months.
While the Paytm is launching new units, it is interesting to note that Paytm founder Vijay Shekhar Sharma, made into the Forbes magazines World's billionaire list as the youngest Indian billionaire. Sharma is ranked 1,394th on the list with a fortune of USD 1.7 billion.