Investment in mutual funds via e-wallets to be a reality soon

Moneycontrol BureauDigital wallet companies in India might soon find a new set of customers. To provide a fillip to the government's plan to enhance digital transactions in the country, market regulator Securities and Exchange Board of India is expected to soon allow investment in mutual funds through e-wallets, says an article in the Mint today.An upper limit on investments of Rs 50,000 per month will be applicable to mutual fund schemes for which no additional KYC process will be required. However, for all other products the limit remains at Rs 10,000 as stipulated earlier.The 44 asset management companies in India managed total average assets under management worth Rs16.1 trillion during the July-September period. As of June 30, there were 49 million mutual fund investor accounts in the country, according to Association of Mutual Funds in India (AMFI).