The deadline for updating your KYC for mutual funds has been extended by Paytm Money until this date.

According to a Mint story, Paytm Money has extended the deadline for direct mutual fund users to update their KYC and register a Demat account by October 31, 2022.

 The portal has linked with the BSE STAR MF platform to offer Direct Mutual Funds under its stock broking code, the article continues.

According to the site, customers must have a Demat account in order to comply with SEBI's UCC laws and the technical backend move from an RIA code to a StockBroker code on BSE StAR.

Step1-open the Paytm app. Step2-submit a pristine image of their signature. Step3-Using the Paytm Money app, take a live photo as part of their KYC. Step4-To open a free Demat account, finish the e-sign process.

How to update KYC in 4 simple steps:

Recall that Paytm Money previously offered Direct Mutual Fund execution and advice services on its own internal technology platform under an RIA code in accordance with SEBI requirements.

Paytm Money, however, chose to stop providing advising services in April 2021 and would only provide execution services starting in July 2022 for Direct Mutual Funds utilising the stock broking code.

Paytm Money Limited CEO Varun Sridhar told Mint "We began with Direct Mutual Funds in India in a straightforward, transparent, and cost-free manner, and we are currently preparing to introduce an exhilarating new Direct Mutual Fund experience.

 Our retail investors benefit greatly from the backend technology integration with BSE StAR, and in accordance with legal regulations, investors must open a Demat account and create a UCC on our platform. The Demat account will always be free to use for Direct Mutual Fund investments.

 We appreciate our investors' investment journeys and are dedicated to them. We value their savings plans and SIPs, so the three-month extension will give them enough time to implement the straightforward measures.