Is there a need to transfer MFs to another broker?

Personal finance
1

Hi folks.
I have some decent amount invested in Mutual Funds via Paytm Money. With recent issues with Paytm and it being unstable, I am somehow feeling that shall I transfer my portfolio to some other broker such as KUVERA etc? OR I can just Ignore Paytm Money → Import my portfolio in Kuvera/MF central ? If I do so, any issues going forward?

My aim is just to have investments for long term, and redeem whenever goal is reached.

Thanks!

2

Whatever broker you use, in the end, investments are with CAMS/Kfintech.

Just use whatever you like.

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3

Is it possible to see the investments in new app (for example kuvera) that were done earlier via paytm money?

4

I found this video about importing mutual fund units. But it seems like this is only for tracking and these units can’t be sold from kuvera.

5

Yes you can import and see. Not sure about selling.

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6

Thanks @tallerballer

If anyone reading this has experience with this, kindly let us know if we could sell after importing mutual funds in a new SOA service provider?

7

Mostly No. importing will only allow you to monitor on new app.
But you can always user utilities like MFU or AMC website / app directly to sell.

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8

Thank you.

So it seems, it’s better to buy mutual funds in demat form (From brokers like zerodha, AngelOne, Upstox etx.)
Then we can transfer them from one demat account to another.

9

If I have MF in demat form, can the stock broker auto pledge the MFs? Is it good or risky ? Your views welcome. Thanks

11

Thanks for the reply. I have 2 follow up questions -

  1. If I start using Kuvera, can I not sell/redeem the funds which I had imported (created using paytm money)

  2. If I start a SIP in a fund after importing in Kuvera, then will it use the same folio number OR would it create a new folio under the MF?

Edit: Kuvera is allowing me to sell my MF that I had created using Paytm Money…

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12

Yes. I am able to see all my investments using Paytm Money

13

Thanks for confirming.

By the way, you can use mfcetral app (govt app) to track your mutual funds.

Better to keep it installed in your phone to check mf holdings from time to time.

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