3 FAQs about the safety of your investments on MyWay Wealth
With 3 months left, the year 2019 has witnessed total SIP contributions of Rs 32,867 crore, thereby, clearly indicating that financial products are gaining high popularity among Indians. Even though MyWay Wealth makes it very easy to signup and finishes paperless KYC in 5 minutes to start investing in Direct Mutual Funds, yet many of our users do hesitate to make their first investment. As Head of Research at MyWay Wealth, I have answered some of the questions that you may have regarding your investments with MyWay Wealth app:
1. What happens to my investments in case MyWay Wealth shuts down?
MyWay Wealth is just a distributor of Direct Mutual Funds. As an intermediary, your money never comes directly to MyWay Wealth. Instead, your money goes to the AMC (Asset Management Companies such as SBI, ICICI, Motilal Oswal, etc) associated with the Mutual Fund you invest in. Thus your money moves from your bank account to the mutual fund’s bank account directly. Similarly for redemption, your money is credited by AMC directly to your bank account. If the app/platform shuts down, your units would be safe as long as you have the folio number (which you can get from your eCAS i.e. Consolidated Account Statement which is available from Karvy, CAMS or SBFS) – and then you would just need to find a different app for your mutual fund redemption/investments.
2. But the markets are falling, should I withdraw my investments?
Its common to panic and stop SIPs when the markets are down due to fear of loss. However, a fall in the market is an opportunity to buy more at lower prices, and this will help you achieve your long-term goals. Remember: Every bear trend is followed by the bull, resulting in the recovery of the market. Thus, time in the market is vital rather than timing the market.
3. Is it safe to invest on MyWay Wealth?
MyWay Wealth is a SEBI Registered Investment Advisor (INA200005323) & registered with the Association of Mutual Funds in India (AMFI). Moreover, these reasons make MyWay Wealth the safest and secure investment platform in India:
- Our payments are routed via BillDesk (PCI – DSS Compliant)
- All orders placed on MyWay Wealth are executed via the Bombay Stock Exchange (BSE).
- Our app uses 256-bit Secure Socket Layer (SSL) encryption, to offer bank-grade security.
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