Paytm money migrates MF investors to broking business

Paytm Money, which was launched in September 2018 and crossed 6.6 million customers in 2020, had in an e-mail to clients on 4 July requested them to adjust to further Know Your Customer (KYC) norms as a part of the platform’s shift to the companies of BSE StAR, a MF transaction platform.

This shift entails customers getting a singular consumer code (UCC) and a demat account. Users want to full the extra KYC steps by 25 July or can be barred from making contemporary investments by means of the platform.

The transfer is probably going to assist Paytm Money cross-sell intra-day buying and selling, apart from futures and choices in addition to delivery-based trades to its MF clients. Currently, Paytm Money costs brokerage of 0.01% on each executed order involving supply of shares, and a minimal of 0.05% of turnover, or ₹10, on intraday trades.

The agency levies a minimal of 0.02% of turnover, or ₹10, per executed order on intraday and carry forwarded trades in fairness futures, and ₹10 per executed order in choices. As prior to now, Paytm Money is not going to cost investors for his or her MF transactions.