Sebi Proposes Gift Cards for Mutual Fund Investments
The Securities and Exchange Board of India (Sebi) is considering the introduction of gift cards or prepaid payment instruments for mutual fund investments to boost financial inclusion. This initiative allows investors to gift prepaid instruments, limited to Rs 50,000 annually, for purchasing mutual fund units.
- Country:
- India
In a significant move to enhance financial inclusion, the Securities and Exchange Board of India (Sebi) proposed the introduction of gift cards or prepaid payment instruments (PPIs) for mutual fund investments.
According to Sebi, these instruments would enable individuals to gift prepaid cards, which can be used by recipients to purchase mutual fund units. This initiative is aimed at bringing new investors into the mutual fund space.
The proposed PPIs will have a cap of Rs 50,000 per investor annually and can be funded exclusively through electronic bank transfers or UPI from Indian banks. Public feedback on this proposal is sought until April 14.
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