Paytm Money, One97 Communications’ wealth management arm, has softly introduced a stockbroking feature within the application. For a while, the company planned to start a stockbroking operation.
Since the app is still in a closed beta level, it will be rolled out in a few weeks from now for everyone. It is worth noting that last year the Noida-based firm had received a nod from India’s Securities & Exchange Board or SEBI for stockbroking services. The app is only available to Android users and funds Indian residents’ investments.
Paytm Money will compete with the stock trading feature, including Zerodha, ET Money, IndMoney and India Infoline, Groww, and Cube Capital. Zerodha is currently leading the discount brokerage space and contributing to approximately 15 percent of Indian retail trade volume. The firm led by Nitin Kamath is the biggest retail stockbroker with a client base of over 1.5 million.
Vijay Shekhar Sharma, the founder of Paytm, suggested at a recent industry conference about stockbroking services. The wealth management app also obtained permission from the Regulatory and Development Authority (PFRDA) of the Pension Fund to include NPS.
Paytm Money is after Paytm Mall’s most important bet from the Noida-based company. It also claims to have Rs 5,000 crore assets under its management which was launched in October 2018. Paytm Money had recently roped as the new CEO in Varun Sridhar and promoted Amit Kapoor to the company’s CFO and Vice President.
For stockbroking, Paytm Money allows users to discover and set price alerts for as many as 50 stocks and get notified when the price is reached.
Further, investors can also create and customize multiple watch lists to track real-time price changes for up to 50 stocks.
