Paytm Money is planning to sell stock broking services, National Pension Scheme (NPS), Exchange Traded Fund (ETF) and other financial products in the current financial year. A top company official has given this information. He said that pension fund regulatory and development authority and SEBI have already got approval for this.
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Praveen Jadhav, full time director of PayTM Money, said that we will start selling stock broking services, ETF, Depository account for shares, National Pension Scheme. Paytm Money already sells mutual funds on its platform and claims that 40 per cent of the mutual fund units purchase and sell directly from mutual fund units are through them.
Got Permission
He said that Pettym Money has been granted permission to sell pension scheme in pension to pension fund regulatory and development authority in May and to start stock broking service from the Indian Securities and Exchange Board in April.
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Increasing SIP Registration
Jadhav says that around 75 percent of our users on the platform are SIP (Systematic Investment Plan) investors. They are getting a very secure platform for investment, which is also increasing the confidence of us. Our SIP registration is increasing every month and we hope that this number will soon exceed 10 lakhs.
Minimum SIP of Rs 100
With PayTM Money SEBI as an investment advisor, it is therefore different from other distributors. It does not take any kind of commission and its investors can invest in any Direct Scheme of all the 40 Mutual Funds of the country. The SIP with a small amount of Rs 100 for this platform can also be easily done.
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Source: news18.com