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SEBI will allow mutual fund investments through digital wallets

The Securities and Exchange Board of India (SEBI) has allowed mutual funds investments through digital wallets. However, it has a cap of Rs 50,000 per mutual fund per financial year. The regulatory approval was given to channelise household savings into capital markets and promote digital payments in the economy. SEBI added the digital wallet players will not be allowed to offer any incentive such including cash backs directly or indirectly for investing in mutual fund scheme through them. It further added that wallets balance loaded through cash, debit card or net banking, can only be used for subscribing to mutual funds and that balances through credit card, cash back, promotional schemes should not be allowed. However, redemptions from such investments have to be into the bank account of the investor. Note that SEBI has not clarified whether these wallets need to have full bank…

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