One Mobikwik Systems Ltd on Thursday announced that its wholly owned subsidiary, MobiKwik Securities Broking Pvt Ltd (MSBPL), has received regulatory approval from the Securities and Exchange Board of India (SEBI) to act as a stock broker and clearing member.
In a regulatory filing, the company informed that the certificate of registration was issued by SEBI on July 1, enabling MSBPL to carry on the activities of buying, selling, dealing, clearing and settlement of equity trades.
Strategic expansion into capital markets
The licence, it added, marks a strategic move as MobiKwik is accelerating its push into the wealth distribution vertical and broadening its offerings throughout the capital markets ecosystem, reinforcing its transformation into a comprehensive fintech platform.
MobiKwik started as a digital payments company and has since grown into a fintech platform. It now runs a consumer payments business, serving over 176.4 million users and 4.6 million merchants. Its credit distribution segment is growing quickly 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 Lens.Ai.
“This license strategically positions MobiKwik to accelerate growth in its wealth distribution vertical and broaden its offerings throughout the capital markets ecosystem, reinforcing its transformation into a comprehensive fintech platform,” it added.
Bipin Preet Singh, Co-founder, MD & CEO, MobiKwik, said, “India has witnessed incredible growth in retail investor participation, and we believe our platform can help demystify investing for users taking their first steps into the markets. With this, we move a step closer to our goal of building a full-stack fintech platform that eases the adoption of digital financial services for the untapped populace of Bharat.”
Second regulatory win this quarter
This marks the second certificate obtained by MobiKwik Group during the current quarter. Earlier in April, Zaak ePayment Services Private Limited (Zaakpay) had received a Certificate of Authorisation from the RBI to operate as an online payment aggregator.
The company had stated the development would help its subsidiary pursue business growth within the regulated framework for payment aggregators.
Shares of One Mobikwik Systems were up 2.45 per cent at 4:40 pm today at a trading price of Rs 247.20.
