MobiKwik's subsidiary receives Sebi approval to act as stock broker

MobiKwik Securities Broking (MSBPL), a subsidiary of MobiKwik, receives SEBI approval to act as a stock broker and clearing member, strengthening its position in the capital markets ecosystem.

MobiKwik Securities Broking (MSBPL), a wholly-owned subsidiary of fintech firm MobiKwik, on Thursday said the company received regulatory approval from the Securities and Exchange Board of India (SEBI) to act as a stock broker and clearing member.

 

The firm said SEBI issued the certification of registration to the firm on 1 July. This now allows MSBPL to conduct activities such as buying, selling, dealing, clearing and settlement of equity trades.

 

“This licence 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,” the company said in a release.

 

The certification comes just over three months after MobiKwik announced its foray into the stock broking space with the launch of MSBPL. 

 

The Ministry of Corporate Affairs had approved the incorporation of the securities broking arm of the firm in March.

 

The company had said that it plans to become a member of various stock and commodity exchanges in the country and abroad.

 

"The stock broking licence marks a significant milestone for us as we enter the Indian equity 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,” said Bipin Preet Singh, co-founder, managing director (MD) and chief executive officer (CEO), MobiKwik.

 

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.