PayU-backed Fisdom enters online stockbroking

Online wealth management company Fisdom said that it was entering the online stockbroking space, seeking to seek sign up one million customers in a year. It will offer customers a choice of products including equities, derivatives, exchange-traded funds and initial public offerings as well as buybacks, sovereign gold bonds and currencies.

The company has elevated head of sales and distribution Rakesh Singh as CEO of the new venture. Singh has previously worked in the stockbroking arms of HDFC Securities, UTI Securities and Standard Chartered Bank and joined Fisdom in 2018.

Fisdom is entering the online broking business at a time when Indians are increasingly adopting new investment avenues. According to Securities and Exchange Board of India (SEBI) data, the number of new demat accounts opened until January in financial year 2021 hit a record 10.7 million, more than double the 4.7 million accounts opened in all of the previous year.