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Accept investments from KYC compliant e-wallets: Sebi to mutual funds

The use of e-wallets for MF investments was allowed in 2017 to promote digitisation

Sebi
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Sebi

BS Reporter
The Securities and Exchange Board of India (Sebi) has directed mutual funds (MFs) to accept investments only from such e-wallets that are compliant with Know Your Customer (KYC) norms prescribed by the Reserve Bank of India (RBI). The MF regulation allows investors to invest up to Rs 50,000 in MFs through cash or e-wallet in a year.
 
The use of e-wallets for MF investments was allowed in 2017 to promote digitisation. 
 
The permission came with strict guidelines like the investments being made through e-wallet should not have been recharged through credit card or include money received as cashback.

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First Published: Mar 23 2023 | 11:21 PM IST

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