Paytm Money begins hiring for leadership roles across all levels after SEBI's nod to start stock broking services
According to analysts, the entry of Paytm Money into the sector will increase competition in the broking industry, said the report.
The company, however, is yet to give a a timeline for starting such services
According to analysts, the entry of Paytm Money into the sector will increase competition in the broking industry
Paytm Money crossed over 1 million users mark to become the largest platform for mutual fund investments in India
After getting the nod to start stock broking services, Paytm Money, the investment and wealth management platform of the mobile payments company Paytm, is hiring for leadership roles across all levels as part of expanding the team, said a top official of the firm.
Paytm Money's whole-time director Pravin Jadhav said on business and employment-oriented service platform LinkedIn that the Bengaluru-headquartered company was expanding its team.
"We build India's largest investment and wealth management company and we are hiring for leadership roles like VP — finance, head of treasury, head of risk (market), broking operations roles (trade, settlements, Demat, others) across all levels at Paytm Money", he said.
Accordingly, the company is all set to form a team to take care of various tasks of a broking house including treasury, risks, trade and settlements in order to handle the broking operations, said a report in Business Standard.
The broking services will allow investors to trade in the cash segment, derivatives, exchange-traded funds (ETFs), among other listed entities said the report.
Paytm Money got the approval of market regulator Securities and Exchange Board of India (SEBI) to start stock broking services on 2 April.
The company, however, is yet to give a timeline for starting such services, but said its membership with exchanges Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) also got the nod, according to The Economic Times.
A report by Financial Express said that Paytm Money crossed over 1 million users mark to become the largest platform for mutual fund investments in India offering commission-free investing in direct mutual funds in a short span of time since its launch.
Paytm Money recently introduced Investment Packs – a curated list of mutual funds, based on research conducted by their in-house advisory team, said the report.
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