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SEBI is very keen on supporting financial inclusion to bring a greater number of investors from the bottom of the pyramid segment.
At Global Fintech Fest in Mumbai, SEBI Chairperson Madhabi Puri Buch said that the regulator will be more than delighted to extend support to players who truly operate in ‘bottom of the pyramid’ segment.
Madhabi said, “When it comes to financial inclusion, most regulator in our country have very supportive regulations. For instance, SEBI permits up to investment of up to Rs.50,000 in mutual funds through cash.”
The SEBI Chairperson further said that there is no need of furnishing PAN as investors just need PAN exempted KYC Registration Number (PEKRN) to invest their money in mutual fund up to Rs.50,000 per fund house. So, when it comes to financial inclusion, the whole objective of the regulator is aligned with you, she added.
Madhabi said that if someone truly operates for the investors at bottom of the pyramid and can demonstrate it to the regulator, SEBI will be more than delighted to support it.
Madhabi also asked fintech players to facilitate easy exit to investors and not to mislead investors with promise of high returns.
