MUMBAI: Paytm Money, the investment and wealth management arm of mobile payment platform Paytm, has received approval from securities and capital markets regulator Sebi (Securities & Exchange Board of India) to start stockbroking services.
The company did not provide a timeline for starting such services but said its membership with exchanges BSE and NSE has also been approved.
This comes when stockbroking firms seem to be upping their game by offering similar discount broking products.
MARKETS
Will Metropolis break India’s IPO drought?
Read 2 More Stories
On Monday, Axis Direct and Angel Broking introduced discount broking products. The entry of players such as Paytm will intensify the pricing battle in the retail broking space and squeeze margins further.
Discount broking firms emerged as investors’ favorites in 2018 as Zerodha outpaced other big brokerage firms regarding client numbers, as data from the National Stock Exchange showed.
The data showed that Zerodha had 8.47 lakh active clients as of December 2018’s end, compared with ICICI Securities’ 8.45 lakh customers, HDFC Securities’ 6.74 lakh, Sharekhan’s 5.49 lakh, Axis Securities’ 4.17 lakh, and Angel Broking’s 4.16 lakh.
