Regulatory filings show that the Bombay Stock Exchange (BSE) cleared fintech company MobiKwik to commence its stock broking business. This move puts MobiKwik in direct competition with established online stockbroking platforms such as Groww, Angel One, and Zerodha.
In an official statement, the company said that its wholly owned subsidiary, MobiKwik Securities Broking Private Limited (MSBPL), was incorporated in March 2025. According to the filings, MSBPL subsequently received a Certificate of Registration as a stockbroker/clearing member from the Securities and Exchange Board of India (SEBI) in July 2025, before obtaining BSE approval.
On February 23, 2026, the exchange approved MSBPL as a Trading Member, allowing it to begin operations. This means that MSBPL is now authorised to undertake the activities of buying, selling, dealing, clearing and settlement of equity trades.
Why Stock Broking, Why Now?
BSE’s approval to launch stock broking aligns with MobiKwik’s expansion strategy. The nod comes as the fintech firm ventures beyond payments and lending, entering new segments to boost revenue.
During the December quarter (Q3 FY26) post-earnings call, its co-founder and chief financial officer (CFO) Upasana R Taku said that Zaakpay, a wholly owned subsidiary of MobiKwik, received a payment aggregator (PA) licence from the Reserve Bank of India (RBI) in the ongoing fiscal year.
The expanded regulatory approvals support MobiKwik’s broader push to deepen its financial services offerings.
The platform offers a suite of payment products, including: MobiKwik Wallet, UPI (Unified Payments Interface), Pocket UPI (a compact UPI solution), and Zaakpay (a payment gateway). Recently, it has expanded into the distribution of financial products, such as credit options (ZIP EMI and MCA), savings tools (fixed deposits, mutual funds, digital gold), and Lens.AI. Last year, the company also set up a non-banking financial company (NBFC) subsidiary, MobiKwik Financial Services.
The stock broking business adds to its product portfolio as the company expands across financial services.
During the post-earnings call, management said it plans to build “new moats” and expand its merchant payments business, particularly in Tier II and III markets, where merchants often lack soundboxes or Electronic Data Capture (EDC) machines. MobiKwik competes in this space with listed peers Paytm and Pine Labs, as well as IPO-bound fintech companies PhonePe and Razorpay.
The platform has over 186.6 million users and 4.79 million merchants. Taku told analysts the company aims to leverage its large customer base to cross-sell financial products.
However, the stock broking industry itself is facing headwinds, with several listed players reporting weaker earnings. Rivals in stock broking, Groww and Angel One, saw profit declines in the December 2025 quarter. Groww reported consolidated Profit After Tax (PAT) of Rs 546.9 crore, down 28% from…
Source link
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We blogs.grocliq.com want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
Website Upgradation is going on for any glitch kindly connect at [email protected]
