Paytm Money has extended the deadline for its mutual fund (MF) users to update their KYC and open a demat account to October 31 from July 25. The company has integrated with BSE StAR MF platform 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 (registered investment advisor) code, in accordance with SEBI regulations. Further to discontinuation of its advisory services last April, Paytm Money has now decided to offer MFs only through stock broking code.
The technology back-end shift from 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.
Paytm Money has agreed to open demat account free for MF investors.