New Delhi [India]: Digital payment provider Paytm announced that its wholly owned subsidiary ‘Paytm Money Limited’ has received the official approval of the Securities and Exchange Board of India (SEBI) to become a registered investment advisor.
This license will allow the company to roll out investment and wealth management products to millions of consumers across India.
Paytm Money is currently completing integrations with the respective compliance and regulatory authorities for KYC as per SEBI regulations. It is also integrating all leading asset management companies (AMCs) in India.
The company will also have a separate app available on both Android and iOS, and is allowing users to sign up for early access by logging on to the website.
“The SEBI approval to our request for an investment adviser license puts us on track for our planned launch date of April. We are working with our partners to ensure our customers the simplest and most transparent consumer experience ever available in India,” said senior vice president of Paytm Money, Pravin Jadhav.
Earlier this year, Paytm Payments Bank, a mobile-first bank with zero charges on all online transactions and no minimum balance requirement was launched to help achieve financial inclusion in the country.
Through Paytm Money, the e-wallet major aims to cover the entire spectrum of wealth management and plans to add more investment offerings going forward. (ANI)