SEBI has urged fund companies to make sure that investors should complete mutual fund transactions using KYC-compliant e-wallets. This will take effect on May 1, 2023. “It should be ensured that all e-wallets are fully compliant with KYC norms as prescribed by Reserve Bank of India," SEBI said in a circular. In 2017, SEBI authorized fund houses to receive up to Rs.50,000 per fund house every fiscal year using e-wallet. After making KYC mandatory for maintaining e-wallets in mutual funds from 1st of May 2023, industry experts are believing that this step taken by the capital markets regulator will boost security and decrease the risk of fraud in mutual fund transactions.
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