Paytm Money plans to start stock broking, pension schemes sales by March

PTI, Jul 30, 2019, 10:15 AM IST

New Delhi: Digital investment platform Paytm Money is planning to begin stock broking service, sale of National pension schemes, exchange traded funds (ETFs) and other financial instruments during the current financial year, a top company official said on Monday.

“We will be starting stock broking service, ETF, depository account for shares, national pension schemes during this financial year,” Pravin Jadhav, whole-time director at Paytm Money, told PTI.

Paytm Money already sells mutual fund on its platform and claims to have clocked 40 per cent share in the direct mutual fund segment in the country.

“More than 75 per cent of users on our platform are SIP (Systematic Investment Plan) investors. Our leadership in the largest active SIP book is a result of the trust that our investors have in a safe and secure platform like Paytm Money. As our SIP registrations continue to grow every month, we expect to cross 1 million active SIPs soon,” Jadhav said.

He said Paytm Money received approval to start sale of National Pension Scheme from the Pension Fund Regulatory and Development Authority in May, and the Securities and Exchange Board of India in April allowed the platform to start stock broking service.