Paytm starting Stock Broking Service, soon to be in your pocket!

Paytm starting Stock Broking Service, soon to be in your pocket!

Paytm marked 3.5x transactions at the time of Covid-19 pandemic.

What is a Stockbroking service?

A stockbroking service is that gives scope to investors to buy and sell equities. It is registered under an exchange, for example in India NSE and BSE. E-broking service has been a hit lately, it gives you the freedom to invest without the interference of the broker. It authorizes you to invest in IPO, buy or sell shares, or acquire mutual funds.

How to open an account?

To start online trading you just need to simply open a Demat or Trading account with a SEBI registered broker. Basic documents will have to go through the verification and the account would be all set. Having an online account is an easy and less time-wasting process.

Some of the best stock broking firms are Zerodha, Angel Broking, IIFL, Motilal Oswal among others.

What is Paytm?

Paytm is an E-Commerce payment system and financial technology company. It also offers online services that include bill payments, mobile recharges, bookings, and in-store payments by just scanning a QR. The company has been valued at $10 billion as of 2018.

Recently Paytm has acquired a 100% stake at INR 568 Crore in a Mumbai based private sector general insurer Raheja QBE.

What is Paytm planning to launch?

Paytm got a green light from SEBI in January 2020 for the stockbroking service it is planning to launch. At a Global Fintech Festival, CEO and founder, Vijay Shekhar Sharma announced that they plan on launching the service soon probably in the next few weeks.

The Company had earlier started Mutual Fund offerings and after getting a positive response this decision has been taken. It would come under the Paytm Wealth feature. The Company plans on including the following services like trading in equity and cash segments, derivatives, ETF’s among others.

What are the advantages of an E-Stock Broking Firm?

  • Budget-Friendly: It reduces the cost as the maintenance cost and the fees to be given to the broker lowers.
  • Time-Saving: Earlier placing and cancelling of orders was done by contacting the broker mostly over a call which led to a lot of waste of time, now with one click it can be done on the smartphone.
  • Important Alerts: Important alerts and notifications now come handy with these applications.
  • Flexibility: While trading online placing and cancelling of orders can be done anytime without any interference.
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