Paytm Money Extends Deadline for KYC Updates in Mutual Funds Till This Date

New Delhi: Paytm Money has extended the deadline for updating KYC and opening a Demat account by October 31, 2022, for direct mutual fund users, according to a Mint report. The report further adds that the platform has integrated with the BSE STAR MF platform to offer Direct Mutual Funds under its stock broking code.Also Read – RBI Announces Mechanism For Settlement of International Trade in Indian Rupees. Here’s How It Will Work

The platform said that the technology backend shift from an RIA code to StockBroker code on BSE StAR requires the creation of a UCC (Unique Client Code) and the UCC regulations of SEBI require users to mandatorily have a Demat account. Also Read – Gold To Get Dearer In India As Govt Increases Custom Duty To 15%. Details Here

How to update KYC in 3 simple steps:

• Open Paytm App
• Submit a clear picture of their signature
• Click a live photo on the Paytm Money app as a part of their KYC
• Complete e-sign to open a free Demat account.

To recall, following SEBI regulations, Paytm Money was earlier providing Direct Mutual Fund execution and advisory services on its in-house technology platform under an RIA code. However, discontinuing its advisory services in April 2021, Paytm Money has now decided to offer only execution services for Direct Mutual Funds using the stock broking code from July 2022. Also Read – This Indian Company Allows Employees to Work From Home/Anywhere. Deets Inside

Varun Sridhar, CEO of Paytm Money Limited said to Mint “We started with Direct Mutual Funds in India in a simple, zero cost & transparent manner and are now getting ready to bring an exciting new Direct Mutual Fund experience. The backend technology integration with BSE StAR provides multiple advantages to our retail investors and as per regulatory requirements, investors need to open a Demat account and generate a UCC on our platform. The Demat account will remain free for life for investments in Direct Mutual Funds. We are committed to our investors and respect their investment journey. Their savings plans & SIPs are important to us and hence, the three-month extension will provide them with sufficient time to take the simple steps.”