Fintech company MobiKwik has received the approval from Securities and Exchange Board of India (SEBI) to enter the stock broking business.

SEBI has issued the certificate of registration to operate as “stock broker/clearing member” to Mobikwik Securities Broking Pvt Ltd, said MobiKwik in a filing to the stock exchanges.

Mobikwik Securities Broking is the wholly- owned subsidiary of MobiKwik.

MobiKwik's entry into the stock broking business comes at a time when the industry already has well established new-age players such as Zerodha, PhonePe, Upstox and Paytm Money and broking units of banks including ICICI Securities and HDFC Securities.

MobiKwik, which debuted on the bourses in December 2024 at Rs 444 per share -- a 59% jump from its issue price -- witnessed strong post-listing momentum, touching a high of Rs 698. However, the stock has since cooled off.

The Gurugram-based company's shares on Thursday closed at Rs 247.20 per shares, up 2.45% from the previous close.

Last month, South Africa-based Net1 Applied Technologies fully exited its investment in MobiKwik after nearly eight years at a loss.