Paytm is now fashioning itself as an end-end financial services company. The company, Paytm Money Limited, has received the approval from Securities and Exchange Board of India (SEBI), the apex regulator to start stock broking. Paytm says it is now closer to becoming a full-stack wealth management platform, which is what it had set as objective for itself.
It also announced that Paytm Money’s membership with exchanges — BSE and NSE – has also been approved.
With this approval in the bag, the company has plans to expand the offerings to its customers in the investment space including facilitating trading of a variety of capabilities and offerings on our platform, such as trading in equities and cash segments, derivatives, ETFs and more exchange traded products.
Since investment advisory in the modern era has become largely technology based, Paytm says it is in the process of “ramping up their engineering, product and design teams” in the coming months to ensure the products and services the company offers its customers across the country measure up to the best levels of reliability that the leaders in the industry have already set as benchmarks.
Along with beefing up the technology base, the company will also invest in recruiting the best talent in the market to help with functions like Trade, Settlement, Depositories, Risk, Finance, Treasury and others.
“We are now starting with our integrations with both exchanges, depository and building our platform to offer you more investing & trading products,” it said in a blog post.
Having obtained the approval and creating the infrastructure as detailed above, Paytm may start sending out invitations to its existing base of customers to sign up with it for stock trading and other activities. It has to work out the fee structures and other conditions before that.
Paytm Money, which started operations last year claims to have crossed over 1 million users so far.