Mobikwik Gains SEBI Approval to Operate as Stockbroker

Fintech firm Mobikwik has secured approval from the Securities and Exchange Board of India (SEBI) to function as a stockbroker and clearing member via its fully owned subsidiary, Mobikwik Securities Broking Private Limited (MSBPL).

This regulatory clearance, issued in accordance with SEBI’s Stock Broker Regulations, 1992, enables the company to buy, sell, and engage in securities transactions on behalf of clients, along with managing the clearing and settlement of trades. MSBPL is also permitted to engage in other activities approved by the exchange.

Mobikwik established MSBPL in March 2025, representing its official entry into the capital markets sector. This strategic move positions the company within the competitive stock broking market, which is currently dominated by platforms such as Groww, Zerodha, AngelOne, Upstox, and ICICI Direct. Groww is the market leader in terms of active user base, closely followed by Zerodha and AngelOne.

This development marks Mobikwik’s ongoing efforts to expand beyond its payment services into a wider range of financial offerings. Shortly after launching MSBPL, the company formed a wholly owned non-banking financial company (NBFC) subsidiary, while another subsidiary, Zaakpay, obtained Reserve Bank of India (RBI) approval to act as a payment aggregator.