A unit of digital payments firm Paytm has received the approval of the capital markets regulator to sell investment and wealth management products, the company said in a statement on Wednesday.
The approval by the Securities and Exchange Board of India (SEBI) will allow Paytm Money Ltd to become a registered investment advisor, making it the first digital payments firm to sell products such as insurance and mutual funds in India. Paytm Money will start its offerings with direct plan mutual fund investments, the statement added. Paytm also runs the country's biggest e-wallet. Japan's SoftBank and China's Alibaba are among the major backers of Paytm's parent company, One97 Communications Ltd.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.