14 hours ago
MobiKwik arm gets Sebi nod to operate as stock broker
One MobiKwik Systems
broking arm,
Mobikwik
Securities Broking Private Limited (MSBPL), has received regulatory approval from the Securities and Exchange Board of India (
Sebi
) to act as a stockbroker/clearing member.
One MobiKwik Systems wholly-owned subsidiary will now be able to carry on the activities of buying, selling, dealing, clearing and settlement of equity trades.
In an exchange filing on Thursday, Mobikwik Securities said that it received Sebi's certificate of registration on Tuesday, July 1.
The announcement positively triggered the stock price as One MobiKwik Systems shares jumped nearly 4% to hit the day's high of Rs 250.80 on the NSE.
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Since its inception, MobiKwik has transformed from a digital payments company into a diverse fintech platform. The company operates a consumer payments business with a network of over 17.64 crore users and 46 lakh merchants.
The company filing claimed that its credit distribution business is expanding "rapidly" while its wealth distribution vertical is building traction through a diverse product portfolio, including fixed deposits (FDs), mutual funds (MFs), Systematic Investment Plans (SIPs), Digital Gold and
Commenting on the development, MobiKwik's Co-founder, MD & CEO Bipin Preet Singh said that the license will strategically position MobiKwik to accelerate growth in its wealth distribution vertical and broaden its offerings throughout the capital markets ecosystem. This will reinforce its transformation into a comprehensive fintech platform, he added.
This marks MobiKwik Group's second certificate during the current quarter. Earlier in April, Zaak ePayment Services Private Limited (Zaakpay) received a Certificate of Authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator.
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