Mobikwik Securities Broking receives SEBI approval to commence stock broking biz
Since its inception, MobiKwik has transformed from a digital payments company into a diverse fintech platform. The Company operates a consumer payments business at scale with an extensive network of over 176.4 million users and 4.6 million merchants. Its credit distribution business is expanding rapidly, 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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
an hour ago
- The Hindu
Meesho files IPO draft paper with SEBI via confidential route
Softbank-backed e-commerce firm Meesho has filed a draft paper with the markets regulator SEBI through a confidential route, sources aware of the development said. The resolution to launch an IPO was passed in the Extraordinary General Meeting on June 25. The company shared its plans to raise at least ₹4,250 crore in the initial public offering. "Meesho has filed DRHP with SEBI through confidential route," sources said on Thursday. However, the total size of the IPO comprising secondary share sale could not be ascertained. A query sent to Meesho in this regard did not elicit any reply. The company has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments.
&w=3840&q=100)
Business Standard
5 hours ago
- Business Standard
Market regulator Sebi nudges mutual funds to push bite-sized SIPs
According to sources, following a nudge from Sebi, the Association of Mutual Funds in India (Amfi) wrote to fund houses on June 27, seeking information on their plans to offer the ₹250 SIPs Khushboo Tiwari Mumbai Listen to This Article The Securities and Exchange Board of India (Sebi) is encouraging fund houses, through their industry association, to accelerate the launch of micro systematic investment plans (SIPs), as over two-thirds of the mutual fund (MF) industry have yet to introduce them. According to sources, following a nudge from Sebi, the Association of Mutual Funds in India (Amfi) wrote to fund houses on June 27, seeking information on their plans to offer the ₹250 SIPs. Announced in February, the so-called Chhoti SIP initiative is aimed at enhancing the financialisation of savings. In a consultation paper in January, the regulator proposed cost subsidies
&w=3840&q=100)
Business Standard
7 hours ago
- Business Standard
Sebi proposes e-book platform for NPO fund raising on Social Stock Exchange
Capital markets regulator Sebi on Wednesday proposed a dedicated electronic book provider platform for fundraising by not-for-profit organisations (NPOs) through the Social Stock Exchange. The proposed framework aims to streamline the process for NPOs to issue Zero Coupon Zero Principal instruments and other permitted securities on the SSE by introducing a common bidding and settlement platform called the SSE Electronic Book Provider (SSE-EBP), the regulator stated in a consultation paper. Under the draft circular, NPOs intending to raise Rs 50 lakh or more in a single issue or via shelf issues will have to use this new platform. The SSE-EBP will be open to a wide range of participants including qualified institutional buyers, non-institutional and retail investors. However, foreign portfolio investors and foreign funds will not be allowed to participate, Sebi said. Also, the regulator said issuers will be required to submit detailed fundraising documents and term sheets ahead of the issue date, specifying project details, issue size, and other key terms. Further, investors will be able to place bids through an anonymous pooling system on working days between 9 am and 5 pm, on the working days of the recognised stock exchanges. Allotments will be made on a first-come-first-serve basis or pro-rata where applicable, the regulator said in the consultation paper. The issuer are required to submit a Draft Fund Raising Document (DFRD) and a term sheet outlining issue details such as size, bid terms, minimum lot size and mode of allotment. These details must be filed two working days before the issue date or five working days in case of a first-time issuer, it added. To ensure transparency and accountability, Sebi has laid down strict guidelines for KYC, disclosures, and escrow-based fund settlement. Any failure by successful bidders to make payment on time will lead to a 30-day debarment on the SSE-EBP platform. Similarly, issuers who withdraw from the issue without valid reasons may be barred from accessing the platform for 7 days. Exceptions include cases where the issue fails to garner at least 75 per cent subscription or where investors default on payments. The Securities and Exchange Board of India (Sebi) has invited public comments on the draft circular till July 24. The proposed mechanism is expected to improve investor confidence and promote capital mobilisation for social impact initiatives.
