Paytm gets SEBI approval for wealth management arm, to launch separate app

Mumbai, Mar 7: Mobile payments company, Paytm, has got an approval from Securities and Exchange Board of India (SEBI) to roll out its investment advisory arm, Paytm Money.
The license will allow the company to roll out investment and wealth management products across the country.
The platform has planned a limited roll out of investment products starting with direct mutual fund investments with zero commissions that will offer customers maximum returns on their investments.
It will also launch a separate app, available for both Android and iOS users. Users can get early access on its website paytmmoney.com.
Pravin Jadhav, Senior Vice-President, Paytm Money said: “We are committed to our mission to make wealth management easier and more accessible for the masses. The SEBI approval of our request for an investment adviser licence 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.”
The company is currently completing integration with the respective compliance and regulatory authorities for Know Your Customer (KYC) under SEBI guidelines.
With Paytm Money, the company aims to cover the entire spectrum of wealth management, and plans to add more investment offerings, going forward.