Digital payments platform PhonePe on Wednesday, August 30, announced its entry into stock broking with the launch of its stock broking app and web platform — ‘share.market’ or Share Dot Market. The company will run the broking business under its subsidiary PhonePe Wealth Broking Pvt. Ltd.
“Share(dot)Market elevates discount broking by providing market intelligence, quantitative research-based WealthBaskets, a scalable technology platform, and great customer experience for investors and traders alike,” PhonePe said in a statement.
Share(dot)Market is available as a mobile app and a dedicated web platform, enabling retail investors to buy stocks, do intra-day trades, buy curated wealth baskets and mutual funds, it said.
Recently, especially after COVID-19, stock market has been witnessing a significant growth of retail investors entering equities, with fast growing demat accounts and mutual fund SIPs.
“Share(dot)Market will bring in a new dimension to stock broking by providing quantitative research along with execution, a proven technology platform, at a competitive discount broking price,” PhonePe said.
It also said Share(dot)Market will provide a wide spectrum of investment products allowing investors across different demographics to build a well-rounded and balanced portfolio. The platform offers stocks (intraday and delivery), mutual funds, exchange-traded funds (ETFs), and wealth baskets.
Wealth baskets are curated collections of stocks/investment products by SEBI-registered intermediaries that align with specific themes, sectors, or market trends enabling active equity portfolio building with great convenience, and at low costs.
“PhonePe users can install the app as well access the web platform by using their PhonePe-linked mobile numbers. Once they login, they can complete the KYC process to activate their broking and demat accounts,” the company said.
Ujjwal Jain, chief executive officer (CEO) of Share(dot)Market, said, “We are delighted to launch Share(dot)Market which further enables our vision of driving financial inclusion at a population scale. In the last few years, we have seen an increase in the percentage of savings going into Equities in a big way… We believe Share(dot)Market will propel this growth with the backing of our technological prowess, reach, seamless onboarding, and superior product experience. Our goal is to offer the benefits of Discount Broking while creating lasting value for our customers as they invest and trade.”
Sujit Modi, chief investment officer (CIO) of Share(dot)Market, said, “Share(dot)Market will bring newer demographics into broking helping them get started on their investing journey with off-the-shelf Quant research-led offerings including wealth baskets.”
Pricing Details:
Brokerage Charges:
Equity Delivery: Lower of 0.05% or Rs. 20/executed order
Equity Intraday: Lower of 0.05% or Rs. 20/executed order
Share(dot)Market Platform Charges:
One-time onboarding price of INR 199 that will include various benefits applicable till 31st March 2024:
Zero brokerage up to INR 400 on trades
Zero Platform fee for in-house and Third Party WealthBaskets
Zero Brokerage on WealthBasket transactions across both in-house and Third Party WealthBaskets.
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