Sebi allows subscription to Mutual Fund schemes through e-wallets

Sebi allows subscription to Mutual Fund schemes through e-wallets

MUMBAI: Securities markets regulator Sebi on Monday permitted subscription(अंशदान)  to mutual fund (MF) schemes through e-wallets.  "With an objective to promote digitalisation, MFs/AMCs (mutual funds/asset management companies) can accept investment by an investor through e-wallets (prepaid payment instruments (PPIs))," Sebi said in a circular.

According to Sebi's guidelines, investors can invest up to Rs 50,000 per MF per financial year through e-wallets. 

"MFs/AMCs shall ensure that only amounts loaded into e-wallet through cash or debit card or net banking, can be used for subscription to MF schemes," the circular read.

"MFs/AMCs shall ensure that e-wallet issuers shall not offer any incentives such as cashback, vouchers, etc., directly or indirectly for investing in MF schemes."