Fintech platform Mobikwik has received approval from the Securities and Exchange Board of India (SEBI) to operate as a stockbroker and clearing member. The green signal enables its subsidiary, Mobikwik Securities Broking Pvt Ltd (MSBPL), to execute trades, settle transactions, and offer broking services. This move marks Mobikwik’s strategic entry into the capital markets space.
Entry into the Broking Space
SEBI’s clearance under the Stock Broker Regulations, 1992, authorises MSBPL to facilitate the buying, selling, and clearing of securities for clients. It also allows the subsidiary to pursue related activities approved by stock exchanges, including participation in commodity, currency, and derivatives markets.
This comes just months after MSBPL’s incorporation in March 2025. With the regulatory nod in place, the company will build its brokerage infrastructure, onboard customer-facing platforms, and aim for memberships on major Indian and international exchanges.
Why This Move Matters
- Diversification of services – Mobikwik is evolving from a digital payments provider into a full-spectrum financial services player. It already offers wallets, BNPL, lending, and insurance—stock broking adds investing to its offerings.
- Leveraging existing user base – With over 170 million registered users and 5 million merchants, Mobikwik is well-positioned to cross-sell broking to both consumers and businesses.
- Building an edge in fintech – Competing with platforms like Zerodha, Groww, AngelOne, and Upstox, Mobikwik can tap into first-time retail investors seeking easy entry points into the market.
Structuring for Success
MSBPL has a paid-up capital of ₹1 lakh, with plans to inject an additional ₹2 crore in phased tranches. The subsidiary remains a 100% Mobikwik-owned entity, ensuring aligned operations and governance.
Mobikwik will apply for exchange memberships and build back-end systems, clearing partnerships, charting tools, and trading dashboards. The startup aims to offer a seamless and integrated experience for payments, credit, and investments—all on one platform.
Market Context & Competitive Landscape
India’s stock broking market is dominated by digital-native firms.
- Groww leads in active users.
- Zerodha and AngelOne offer low-cost trading.
- Upstox and ICICI Direct also maintain strong footholds.
Yet, Mobikwik’s edge lies in its fintech ecosystem, already offering finance tools like KWIK QR, BNPL, insurance, and merchant services, enabling it to grow “broking + payments” as a seamless combo.
Read: Top Stock Brokers in India
Consumer Benefits & Platform Convenience
For users, Mobikwik’s entry promises:
- Unified financial access—from buying groceries to investing, all via Mobikwik’s app.
- Fast broking onboarding, aided by its existing KYC infrastructure.
- Integrated notifications—where wallet, loan, insurance, and investment details appear in one feed.
This convenience could attract new investors and finance-first consumers seeking simplicity in wealth creation.
Business Strategy
- Phase 1: Secure exchange memberships and set up trading infrastructure.
- Phase 2: Launch trading features inside the existing app, supported by marketing to the current user base.
- Phase 3: Position MSBPL as a broking option for merchants and businesses on the platform, combining payments and investments.
Mobikwik’s plan includes forging alliances with stock exchanges and custodians while rolling out pilot trading services in the coming months.
Leadership View & Industry Reaction
Bipin Preet Singh, co-founder & CEO of Mobikwik, described the move as a “natural evolution” of its financial ecosystem. He added that one-stop financial services—covering payments, credit, insurance, and investing—are integral to Mobikwik’s long-term vision.
Financial analysts believe this is a smart move, as integrated fintech services are attracting investor interest and retention.
History of Regulatory Approvals
This development follows Mobikwik’s earlier expansions:
- Received SEBI approval to raise ₹700 crore via IPO in September 2024.
- Gained in-principle RBI nod for its payment aggregator unit, Zaakpay.
- Incorporated an NBFC and launched various digital finance products aimed at financial inclusion.
These foundational moves positioned Mobikwik to integrate broking smoothly into its growing ecosystem.
What Lies Ahead
- Exchange membership applications: A key next step is joining BSE, NSE, and potentially other exchanges.
- Platform rollout: Inside Mobikwik’s app, features like trading dashboards, live quotes, and mutual funds will debut.
- User acquisition: With digital-first millennials and Tier II investors showing interest in retail investing, Mobikwik can tap large new segments.
- Regulatory compliance: MSBPL will adhere to SEBI’s guidelines on margins, disclosures, and risk management.
Final Take
Mobikwik’s SEBI approval to operate as a stockbroker marks a bold leap into the fintech growth path. The subsidiary, MSBPL, builds on Mobikwik’s established user base, broad fintech offerings, and a vision to unify payments and investing. As the company rolls out broking, it may redefine competition in India’s financial markets and bring investment to the fingertips of millions.
Keep watching this space as Mobikwik brings together payments, credit, insurance, and investments into a single app-driven experience.
