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India's Paytm to launch wealth management products

  • Mar 14, 2018

The firm plans to start with selling direct plan mutual funds investments with zero commissions.

Paytm has received a nod from the Indian markets regulator to become a registered investment advisor, opening up the door for it to launch wealth management products. 

The firm said that it had received a license from the Securities and Exchanges Board of India (SEBI) and was now following due process before launching its first products by April.

The firm plans to start with selling direct plan mutual funds investments with zero commissions. 

The license has been granted to Paytm Money, a wholly-owned subsidiary of e-wallet and payments bank Paytm.

According to a statement, Paytm Money is currently completing integrations with the respective compliance and regulatory authorities. 

It is also integrating with asset management companies in India, after which it will start with a limited rollout of investment products.

Vijay Shekhar Sharma, Paytm’s founder, was one of the 11 applicants to have received an in-principle nod from the Reserve Bank of India in August 2015 to start a payments bank. 

Paytm Payments Bank officially started operations in May 2017.

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