12 August 2019, India:
Paytm Money is planning to introduce stockbroking to everyone. The company plans to bring in small packets of broking options where users can start investing in stocks with ₹100.
Paytm Money already offers Mutual Funds on it’s platform where users can start investing from ₹100. In this way, the company has tried to make mutual funds accessible to a large number of new users.
“We will be starting a stock broking service, depository account for shares, national pension scheme (NPS; it has permission from the sector regulator) and exchange-traded funds this financial year,” Pravin Jadhav, Director, Paytm Money told PTI.
Pravin Jadhav, added, “We are aiming for a million accounts in our stockbroking business. The idea is to encourage everyone, from maybe an autorickshaw driver to people already using our mutual funds services, to start investing in stocks.”
Pravin Jadhav, further added, “The ease of access to information and awareness around mutual funds is making more millennials adopting these investments as means to grow wealth. They are seeking professional investment advice and validate it against data by taking informed investment decisions. Paytm Money will support them in the journey – investors can invest, manage and track their investments.”
Paytm Money has a team of around 250.
(Image – Paytm Money)