Mandate for AutoPay in Groww specifies Groww as the beneficiary, not the AMC

CecilFranklin
2021-11-05

$AMC院线(AMC)$ I invested in a couple of mutual funds through Groww app. But while setting up autopay, I noticed that the beneficiary is Groww themselves and not the AMC managing the fund. But this is in direct conflict with Groww’s statement that they act only as an intermediary and do not handle the money themselves.
Also the mutual funds I bought are all direct MFs, so the autopay registration should be with the fund house directly.
Is setting up autopay with Groww safe thing to do ?

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