On 23-3-2023, the Securities and Exchange Board of India (‘SEBI’) issued circular on the E-wallet Investments in Mutual Funds (‘MF’) to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. The provisions will come into effect on 1-5-2023.
Through the SEBI circular dated 8-5-2017, investors were allowed to invest in MFs per financial year using e-wallet and/or cash, within the umbrella limit of Rs. 50,000.
For facilitating the same, now, SEBI directed to ensure that all e-wallets are fully compliant with KYC norms.