Wealth-tech firm Fisdom launches stock broking services

Wealth-tech company Fisdom on Wednesday announced the launch of stock broking services for its customers. The new venture will offer a comprehensive product suite, including equity, derivatives, initial public offerings, follow-on public offers, buybacks, sovereign gold bonds, non-convertible debentures, currencies and exchange traded funds.

Customers will be able to use Fisdom's digital platform -- mobile apps, web, and terminal to access the stock broking product suite. It will also offer call-n-trade facility and dedicated dealing desks for its private wealth customers. The users will have access to research coverage on over 3,500 individual scrips along with proprietary screeners and tools, which will enable users to make informed investment decisions.

''We are launching stock broking services today and overall we took just nine months from conceptualization to go live. We are offering a competitive flat fee per trade structure for investors as well as an affordable subscription plan for traders for unlimited trading,'' Fisdom Co-Founder and CEO Subramanya SV told PTI.

''With this new service, we aim to provide best-in-class investment experience to all our customers through a complete and customized product stack,'' he added.

To spearhead the stock broking business, the company has elevated Rakesh Singh as the CEO of the broking business. He joined Fisdom in 2018 and was heading sales and distribution.

Singh has a successful track record of launching and scaling broking businesses in multiple entities such as HDFC Securities, UTI Securities and Standard Chartered Bank. Fisdom has pioneered a unique bank partnership-led wealth management model that provides access to services to customers in tier 2 and tier 3 locations. In the near future, Fisdom will also extend the broking services to the customers of Fisdom's partner banks as well.

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