Now invest though wallet: A new era initiative by Govt
Security market regulator SEBI in consultation with Govt of India is all set to provide an easy and convenient option of investment in mutual fund units through mobile wallet. Initiative The move is expected as post demonetization initiative to push public towards cashless transaction regime. Though currently most of transactions in mutual funds are not happening through cash but aim is to extend the reach of digital wallet across the country. According to new report, transaction through digital wallet for mutual fund units may be part of next SEBI board meeting.
During the meeting, some of major wallet players as PAYTM, MOBIKWIK may be allowed to extend mutual fund transactions through their wallet. Initially SEBI may allow only purchase transactions and redemptions should be routed through traditional way hitherto. There may cap to Rs. 50000.00 for transaction for purchase of mutual fund units through mobile wallet.
“The proposal of investment through e-wallets has been under active discussion for the last couple of weeks. It is a need of the hour and certainly a must-have in today’s scenario. The regulator knows industry’s stand on this. If it is allowed, it will add another booster to the growth of India’s mutual fund sector,” said Sundeep Sikka, CEO, Reliance Mutual Fund.
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E-wallet companies have a high and unique user base, which is rapidly expanding. The move will also open a new revenue stream for wallet players.
Indication is clear from Govt side that Govt is ready to provide all possible platform to push public towards cashless regime. Awareness will be created among people through handy mobile wallet regarding Security market operation.
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