E-wallet investments in Mutual Funds
Summary
SEBI permits the use of e-wallets for mutual fund investments within a specific umbrella limit. All e-wallets used for such transactions must be fully compliant with Reserve Bank of India KYC norms. The provisions of this circular become effective from May 1, 2023.
Text
permitted use of e- wallet for investment in Mutual Funds within the umbrella limit of INR 50,000 for investments by an investor through both e- wallet and/or cash, per Mutual Fund per financial year.
it should be ensured that all e-wallets are fully compliant with KYC norms as prescribed by Reserve Bank of India.
All other provisions mentioned in the aforesaid Circular shall remain unchanged.
The provisions of this circular shall be applicable with effect from May 01, 2023.
This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with Regulation 77 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — E-wallet investments in Mutual Funds. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.