Paytm Cash introduced on July 4th 2022 that it’s going to cease providing advisory, give up its SEBI RIA license and turn into a dealer for direct mutual funds through BSE StAR. So present traders must get their KYC info re-verified as soon as once more in the event that they want to proceed investing through Paytm Cash.
Paytm Cash has clarified that investments in mutual funds will proceed to be in a non-demat format and the demat account is not going to have prices until traders use it for purchasing shares or bonds.
Though the re-verification of KYC is an pointless regulatory problem, the phrases of the change (as of now) are affordable for pure MF traders offered the brand new mutual fund models are additionally in non-demat kind. There may be nevertheless a danger that Paytm Cash could alter the phrases of engagement in future.
Nevertheless, the motive behind the change is just not clear. It’s doable that Paytm Cash believes that a lot of its customers will actively use the demat account for buying and selling which may also help flip across the fortunes of One97 Communications which is not but worthwhile.
What ought to Paytm cash traders do?
If the phrases of the change are acceptable to you, verify from their help that present and recent MF models bought after July twenty fifth will likely be in non-demat kind. That’s at any time after July twenty fifth all models will nonetheless be obtainable for redemption straight through the AMC or RTA portals.
As soon as that is confirmed you’ll be able to proceed with the KYC updation.
If a transparent affirmation is just not obtained from Paytm Cash, don’t proceed with the migration.
In case you are not snug with this growth and don’t want to proceed with Paytm Cash, you could have two choices.
(1) should you maintain only some funds (esp. index funds) you’ll be able to think about transacting with particular person amc portals.
(2) you probably have a number of funds or should you want “comfort” then you’ll be able to change to the RTA run portal – mfcentral which has lately allowed transactions.
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