Currently I am using Paytm Money to invest in Mutual Funds and I also invested in few MFs through this platform.
Now, I want to move my portfolio on KUVERA. I completed the KYC process and also imported my existing MFs through CAS data on KUVERA.
Now, if I deactivate/close my Paytm Money Account, is there any issues with the Mutual Funds, which I brought from there?
Sajjad, technically paytm money is just an advisor for your MF investment. Effectively your entire MF holding is with individual fund house. So till the time you know folio details and necessary details (like email, phone, PAN) are updated in your folio, it doesn’t matter whether you still have your relation with advisor (paytm money) or not. You can always transact directly with your fund house if needed.
So effectively deactivating your paytm money account should not have any effect on the funds you are holding.
But whether you can transact in existing funds using KUVERA, i am not sure. importing CAS just updates your portfolio, but i don’t think it changes Advisor automatically. That might need some additional stuff.
Changing from one MF platform to other requires a transfer-in facility which most platforms have. Once this is done in Kuvera ,you can transact on these Funds from Kuvera itself.
No, there are no problems. Paytm Money and Kuvera both use direct mutual funds, so the funds are invested directly with the AMCs. When Paytm Money was launched, I used to buy from Paytm Money and then sell/add from Kuvera, before I stopped using Paytm Money.
I’m still transacting on my Paytm Money portfolio using Kuvera. Didn’t have to do any switching other than importing the CAS.
Check with Kuvera support once about closing your Paytm Money account if it’d have any impact. AFAIK, it wouldn’t.