Paytm Money gives Rs 5 lakh limit for IPOs

Chennai : One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading digital payments and financial services company, has said its wholly-owned subsidiary Paytm Money Limited (PML) is enabling high networth individuals (HNI) in Tamilnadu to place higher bids of upto Rs 5 lakh for Initial Public Offerings (IPOs) effortlessly through UPI.

‘To enable new retail investors to start their wealth management journey, Paytm Money is also offering free demat accounts for lifetime to all. Paytm Money was the first platform to offer pre-open IPO applications and it is also available for LIC IPO,’ said a press release.

According to CEO Varun Sridhar, ‘The addition of the HNI investor category will allow retail investors in Tamilnadu to place higher IPO bids through NPCI UPI in a convenient and seamless manner.’