Financial services platform Paytm on Wednesday said its wholly-owned subsidiary, Paytm Money, has received approval of market regulator SEBI to become a registered Investment Advisor.
The nod from the Securities and Exchange Board of India will allow the company to roll out investment and wealth management products to consumers across the country, Paytm said in a statement.
Paytm Money is currently completing integrations with the respective compliance and regulatory authorities for KYC under the SEBI regulations. It is also integrating all leading AMCs (Asset Management Companies) in India,” the statement added.
The platform has planned a limited rollout of investment products, starting with direct plan mutual funds investments with zero commissions. The company will have a separate app available for both Android and iOS users.
“We are committed in our mission to make Wealth Management easier and more accessible for the masses. The SEBI approval to our request for an Investment Adviser license puts us on track for our planned launch date of April,” Paytm Money Senior Vice President Pravin Jadhav said.