Paytm Money has received approval from the Securities and Exchange Board of India (SEBI) to commence operations as a registered research analyst, leading to a notable increase in its share price. Following the announcement, Paytm's stock rose approximately 8%, reaching a trading price of Rs 737 per share. This surge made Paytm the top gainer among mid-cap stocks. However, subsequent reports indicated a decline in Paytm's share price by nearly 5% after Jefferies highlighted potential risks to the company's adjusted earnings before tax due to reduced government incentives for low-value UPI transactions for fiscal year 2025. The government’s incentives have been cut to ₹1,500 crore, down from the previous year, which Jefferies noted could adversely affect Paytm's profitability.