Paytm Money introduces NFO subscription, to permit investments from all forty AMCs

Bengaluru: Paytm money, one in every of India's largest online platforms for open-end fund (MF) investments, on Fri declared a brand new providing that permits users to take NFOs (New Fund Offers) of mutual funds.

With this, the platform can permit investments in NFOs from all forty AMCs in India. "

Paytm Money has continued to focus on digitising and making investing seamless and near-real-time since its launch; this includes fastest daily portfolio updates, flexibility to manage SIPs, real-time transactions processing thereby eliminating cut-off times, portfolio top-up and more.

"As a result, the corporate has been witnessing increasing adoption from existing investment company investors over the past few months. The platform has been regularly rising its user expertise to cater to the wants of such investors and NFO subscriptions are that the 1st of the many such planned offerings," a Paytm Money statement said.

Noting that investors, over a period get aligned with the investment philosophies of particular AMCs or Fund Managers, the company's whole-time director Pravin Jadhav said: "NFO subscriptions on Paytm Money will bring easy beginning a protracted investment relationship for such users from day zero." Within a year of its launch, Paytm Money, the wholly-owned subsidiary of One97 Communications that owns and operates Paytm, has been able to grow to a user base of over 3 million with its focus on simplifying the investment experience. "The mutual fund industry is expected to grow exponentially and double its size within the next 4-5 years.

We expect a number of new AMCs are going to be launched and additionally existing little / mid-sized AMCs to supply new distinctive theme offerings to fill the market gaps. Our NFO providing these days on Paytm cash may be a reflection of our positive outlook towards the trade," Jadhav added.

Starting instantly, Paytm cash users will flick through all proclaimed NFOs and might opt-in to urge notified once NFOs area unit open for subscription.

This story has been revealed from a wire agency feed while no modifications to the text. Only the headline has been changed.

Govt Intensifies Checks On Goods Imported By Ecommerce Sellers

India government has reportedly brought imports and resellers of commerce platforms under the scanner for allegedly evading taxes while bringing goods into the country. According to a media report which cited sources, shipments worth a few hundred crores of rupees have been stopped at the ports as the customs department has increased security to catch tax and duty defaulters, which has led to a delay in deliveries. “We have no problems with goods being ordered from sites such as Amazon.com as, in those cases, duties and taxes are being paid at the time of purchase. But many importers/resellers on IndianeCommercee sites are evading duties by routing their goods through other countries other than the one which is the origin of these goods and operating warehouses in those countries.

They are not even filling up the correct customs forms and under-declaring the value of these goods,” a senior customs official has reportedly said. Prior to this, the government had scrutinised imports by

ChineseeCommercee companies such as Shein and Club Factory.

In June, Bombay customs officers taken concerning five hundred packages happiness to customers of Shein, and another Chinese etailer Club Factory.

The government has begun a review of customs norms governing gifts and is of the read that a tighter framework is required.

Following which, Chinese-commerce platform Shein had shuttered operations partially and has begun refunding money to customers in lieu of pending orders.

The parliament has passed the Consumer Protection Bill, 2019 yesterday on August 6, which seeks to set up a regulatory body Central Consumer Protection Authority (CCPA) to promote, protect and enforce the rights of consumers. Earlier this year,the Indian government has implemented the FDI in eCommerce guidelines which had sought to enable a level playing field for online sellers and eCommerce marketplaces.

The rules had noted that a vendor will be considered “controlled” by an online marketplace operator if it sources more than 25% of its merchandise from an entity related to the eCommerce marketplace. It had also prohibited-commerce marketplaces from directly or indirectly influencing the selling price of a product on their platform. Further, the government has also been considering an eCommerce policy for the past few months, since the DPIIT has released the draft-commerce policy in February.

The draft policy has proposed that companies should set up data centres in India for storage the data of Indian users.

The draft also supports the review of the current practice of not imposing customs duties on electronic transmissions.

It has also proposed constituting a dedicated ‘data authority’ for issues related to sharing of community data, among other proposals.

At Rs 3,960 Cr, losses mount one hundred and sixty-fifths for Paytm parent One97

At Rs 3,960 Cr, losses mount 165% for Paytm parent One97Paytm’s losses widened 165% in the last financial year while revenue increased marginally, at a time when the digital payments leader faces increased competition from Google Pay and PhonePe.

Paytm’s parent One97 Communications announce Rs three,959.6 crores in net losses for the fiscal year ending March 31, 2019, against Rs 1,490 crore for the same period in the previous year, according to details released by the company that were shared with shareholders. The company’s standalone revenue stood at Rs 3,319 crore, compared to Rs 3,229 crore in 2017-18. On a consolidated basis, which includes businesses like Paytm Money for mutual fund investments, Paytm Financial Services, Paytm Entertainment Services and others, the company reported a net loss of Rs 4,217 crore. This has ballooned 162% from Rs 1,604 crore in the previous year. Paytm Money reported a net loss of Rs 36.8 crore in FY19, according to details around its subsidiaries listed out by the company. Paytm’s financials were 1st reportable by news web site BloombergQuint. “For the last two years, we have been investing $1 billion each year to expand the digital payments ecosystem in our country.

We will further invest about $3 billion in the next two years to scale the same,” a Paytm spokesperson said, responding to ET’s queries. “We believe India is at the inflexion point of digital payments and Paytm’s sole focus is towards solving the merchant payments and offering them financial services.

We will invest Rs twenty,000 crores in the next two years towards achieving this,” the spokesperson added. Paytm founder Vijay Shekhar Sharma, who serves as managing director of the parent entity and owns 15.7% of the company, received remuneration of Rs 3 crore last year along with added benefits, the company said in the report.

The company has been reporting losses, but Sharma recently said it was looking to go public in the next two years.

While admitting that the roadmap was not ready yet, Sharma said he wanted Paytm to generate more cash before going public. Paytm, which has moved away from pushing the cash guzzling incentivized peer to peer payments business, said it wants to push more merchant transactions on its platform rather than person-to-person payments. Further, the company wants to monetize the base by offering financial services to consumers and merchants on the basis of the data it generates.

As per latest numbers free by the corporate, Paytm recorded one.2 billion merchandiser transactions within the 1st 3 months of a pair of019, done through fourteen million retail stores.

The SoftBank- and Alibaba-backed payments company last raised $300 million from Berkshire Hathaway in 2018.