On Wednesday, the financial services platform Paytm stated that its wholly-owned subsidiary, Paytm Money has got approval from the market regulator SEBI to become a registered investment advisor. An approval from the Securities and Exchange Board of India will enable the company to roll out its investment and wealth management products to its customers all over the country as was said by Paytm in its statement. Currently, the Paytm money is completing its integration with the respective compliance and regulatory authorities for KYC as part of the SEBI regulations. All the leading Asset Management Companies are also being integrated by SEBI in India.
A rollout of limited investment products has been planned out by the platform starting with a direct plan of mutual funds investments with zero commissions. The company will also make sure that a separate application is available for both Android as well as iOS users. The senior vice president of Paytm Money, Mr. Pravin Jadhav stated that the company is committed in its mission to make the wealth management easier and much more accessible to the masses and that the approval from SEBI for the investment advisor license has put them on track for their planned launch date in the month of April.