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Paytm Money Extends Timeline To 31 Oct For Direct Mutual Fund Investors
The technology backend shift from a RIA code to StockBroker code on BSE StAR requires creation of a UCC
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Paytm Money (PML) has extended the timeline for its Direct Mutual Fund users to update their KYC & open a Demat Account by 31st October 2022. The company has integrated with BSE StAR MF platform, the largest execution platform in the country, to offer Direct Mutual Funds under its stock broking code.
Earlier, Paytm Money was offering Direct Mutual Fund execution and advisory services on its in-house technology platform under an RIA code, in accordance with SEBI regulations.
Further to the discontinuation of 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.
The technology backend shift from an RIA code to StockBroker code on BSE StAR requires creation of a UCC (Unique Client Code) and the UCC regulations of SEBI require users to mandatorily have a demat account.
With the integration, there will be no change in user experience and they can continue to enjoy uninterrupted access to the features and services of the Paytm Money app.
Here are a few simple, 100 per cent digital steps Direct Mutual Fund investors have to take to update their accounts:
1. Submit a clear picture of their signature
2. Click a live photo on the Paytm Money app as a part of their KYC
3. Complete e-sign to open a free Demat a/c
Varun Sridhar, CEO - Paytm Money said, “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.”