News From Press Sebi may lift online investment cap on MFs

Sebi may lift online investment cap on MFs

Source: Business Standard May 11, 2016

Market regulator Securities and Exchange Board of India (Sebi) is considering doing away with the yearly investment limit of Rs 50,000 per fund house through the online route.

Also, KYC registration agencies (KRAs) are developing a system to accept applications online without the need of a PAN card, said a person aware of the development. PAN is permanent account number — allotted by the income tax department. KYC is the process of a business verifying the identity of its clients.

According to Sebi guidelines released two months ago, investors can fulfil KYC norms online by using their Aadhaar card only. (Aadhaar is an individual identification number issued by the Unique Identification Authority of India (UIDAI) on behalf of the central government.

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1 Comment

Prashant shah · 8 years ago `

Well how will this help the penetration of mutual funds is a big question. Since one fund house official said this in this article. So that means because of this limit people did not invest in mutual funds. How silly is that. Nobody starts with 1 crore. Everyone for testing will start with 50000 only. Especially rural area and they should only start with that amount only or banks and AMC officials by misselling will create a situation that will be very dangerous.

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