2-factor Authentication for Mutual Fund Purchases for BSE Direct Clients2 min read
As per BSE notice dated 09 Jan 2023, 2-Factor Authentication shall be applicable for all types of Subscription transactions on BSE StAR MF platform with effect from April 1, 2023. So, to maintain regulatory compliance and ensure better security of your funds, you will be required to complete a 2-factor authentication for purchasing Mutual Fund units.
As you were informed through our previous communications regarding the migration of our Direct Mutual Fund platform to BSE StAR, it was necessary for you to complete a few regulatory formalities to continue making fresh investments in Direct Mutual Funds and redemptions of the same on the Paytm Money platform. As the required formalities of completing your KYC and opening a Demat account were not completed, we made you a direct client of BSE. Read more about this migration here.
Starting 1st April 2023, the process of purchasing Mutual Fund units for you will be as follows:
Steps to purchase for BSE Direct users:
- Select an existing fund from your portfolio ▶️ Click on ‘Invest More’ ▶️ Enter the amount you want to invest along with SIP / Lump sum option. Click on ‘Proceed.’
- Your request to purchase is submitted to BSE.
- BSE will send a link to your email address for 2-factor authentication.
- After authentication, BSE will send a payment link to your email id/phone number. You can make the payment using that link.
- BSE will process your transaction.
However, you may complete your KYC process with Paytm Money app and open a free Demat account with us to enjoy a hassle-free experience. You can also invest in new funds once you complete the KYC.
Steps to purchase for Paytm Money’s KYC completed users:
- Select an existing or a new fund ▶️ Click on ‘Invest More’ ▶️ Enter the amount you want to invest along with SIP / Lump sum option. Click on ‘Proceed.’
- You will be prompted to do 2FA as we send OTP by email/phone number.
- Post 2FA, you can make the payment and track all the stages of the transaction on the Paytm Money app.
Completing KYC on Paytm Money is easy, paperless and completely digital. Your Demat Account will be completely FREE. You would even receive a welcome offer of Free Brokerage Credit up to ₹500 once you open your account.
Click here to update your KYC (https://pytm.my/opt_in)
If you need any support along the way, you can write to us at priority.kyc@paytmmoney.com
In case you need more information on this matter, you can check out this blog. (https://www.paytmmoney.com/blog/regulatory-update-regarding-your-direct-mutual-funds-investments/)
