PhonePe is set to enter the stockbroking business. The fintech startup has applied for the license from the SEBI and is waiting for the mandatory approvals. PhonePe aims to tap its existing user base to foray into the broking business by encouraging them to invest a part of the unutilised funds in wallets in stocks. PhonePe, in March, processed 1.19 bn UPI transactions to the tune of Rs 2.31 lakh cr to grab 44% of the UPI market share.
SEBI has invited bids for modernising and securing its IT infrastructure to have robust and centralised control over its digital assets. The regulator has also invited Expression of Interest from IT solution providers for “upgrade and revamp of IT network, IP telephony and VC set-up of SEBI”. The last date of application is July 29. During the past few weeks, the digital infrastructure of several government bodies, including NHAI, has come under cyber attack.