Sebi allows subscription to MF schemes through e-wallets

Mumbai May 8 (IANS) Securities markets regulator Sebi on Monday permitted subscription 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.

--IANS
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