eWallet to Mutual Fund – Paytm gets SEBI node as registered investment advisor for selling of mutual funds in India. Paytm Money – the wholly-owned wealth management arm of financial services platform of Paytm. After getting node from SEBI, Paytm is joining hands with close to a dozen AMCs (asset management companies) and will roll out wealth management and investment products after commencing operations. Paytm has proposed to launch the Wealth Management services starting April this year.
The nod from Sebi will allow the company to roll out investment and wealth management products to consumers across the country. Paytm has announced that a limited roll out of investment products, starting with direct plan mutual funds investments with zero commissions. Further, Paytm has also announced that a separate app will be launched for both Android and iOS users.
Paytm already has announced that they would provide the simplest application and process to buy & sell mutual funds and other investment services. They also added that all the services on their platform will completely be “zero-fee brokerage“. Paytm failed to explain their profit module.