HOW TO PRESERVE AND GROW WEALTH LIKE RICH

HERE was a time when investing was considered the exclusive domain of the wealthy. Few knew about innovative ways to put their money to work, and even fewer acted on those clever ideas. Over the past decade, India has witnessed a rapid democratisation of financial services.

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There has been a significant inroad made into adding new investors to the banking and stock market systems. The last mile connectivity is at a level unthinkable twenty years ago. Using smartphones with a Unified Payment Interface (UPI) facility enabled, those in the financial services sector in the Indian market have a chance to reach 500 million or 50 crore people directly. Currently, the number of active clients on the National Stock Exchange is 4.2 crore, while the number of unique investors through mutual funds is only 5.5 crore. That is according to the latest draft IPO filings with the Securities and Exchange Board of India by Groww, a digital stockbroking and financial products distribution company.