Overview

• SEBI granted Mobikwik Securities Broking Private Limited registration on July 1 to operate as a stock broker and clearing member, enabling buying, selling, dealing and settlement of equity trades.
• This marks MobiKwik’s second regulatory clearance this quarter after the Reserve Bank of India authorised its payments unit as an online aggregator in April.
• The broking license accelerates the company’s transition from a digital wallet to a comprehensive platform offering mutual funds, systematic investment plans, digital gold, credit and insurance.
• Its newly incorporated NBFC subsidiary, Mobikwik Financial Services Private Limited, approved by the Ministry of Corporate Affairs, will expand the group’s lending and asset-financing services.
• MobiKwik aims to leverage its 176.4 million users and 4.6 million merchant network to challenge discount brokers such as Zerodha, Upstox and Groww.