Ahead of the LIC IPO, Paytm Money Limited (PML) said it would enable high net worth individuals (HNIs) to make higher bids of up to Rs 5 lakhs in an initial public offering (IPO) via UPI. The company says it also offers a lifetime free Demat account for everyone.

The launch of the HNI investment service is in line with the Securities and Exchange Board of India (SEBI) circular dated April 5, 2022, requiring higher investments of up to Rs 5 lakh through NPCI UPI, compared to the previous limit of Rs 2 lakh per user. This change is effective for all IPOs after May 1, 2022.

With the launch of the service, Paytm Money said it will be the first discount broker in the country to allow HNI investors to make higher bids of up to Rs 5,000,000 through UPI without going through the bank ASBA.

Varun Sridhar, CEO of Paytm Money said: “We are a wealth management super app that allows users to invest. The addition of the HNI investor category will allow retail investors to raise higher through NPCI UPI Bidding conveniently and seamlessly The IPO. Given the growing demand from Indian investors for high-value IPOs, the launch of this new service is timely and just in time for the long-awaited LIC IPO.

The platform has more than 850,000 trading accounts and 9 million registered direct mutual fund investors. Over 75 per cent of users on the platform are under the age of 35. Paytm Money has a total AUM of Rs 11,000 crore and an average daily turnover of over Rs 7,000 crore.