The Circular States:
SEBI Official allowed the use of E-wallet for investment in mutual Funds with the Limit of INR 50,000.
E-wallet used for investment in mutual funds should be complaint with KYC norms prescribed by the Reserve Bank Of India.
The provision related to E-wallet will be applicable with effect from May 1st 2023.
The circular is issued to protect the interest of investors in securities and to promote the development and regulate the securities market.
This circular shall come into force with effect from March 23rd
Link of the Circular https://www.sebi.gov.in/legal/circulars/mar-2023/e-wallet-investments-in-mutual-funds_69254.html