What if Goalwise shuts downLast Updated: May 06, 2019
In a nutshell, nothing with happen if Goalwise shuts down. Your investments are secure with the Mutual Funds you invested in. You can access them directly, with or without Goalwise.
As per SEBI regulations, all your investments made through Goalwise are held with the respective Mutual Fund directly in your name. At any point of time, you can choose to deal directly with the Mutual Fund company. It is your money and you retain full access to it, with or without Goalwise.
The company behind Goalwise, Alphafront Finserv Pvt Ltd, is an AMFI registered Mutual Fund Distributor. Goalwise, in a way, simply acts as an intermediary to process your transactions, and keeps track of which investments have been made in your name and where.
In addition to transactional communication that you receive from Goalwise, each individual Mutual Fund that you are invested in will also send you periodic account statements with all relevant account and transactional details.
For all transactions done on Goalwise, you will have access to all necessary transactional details, including the corresponding ‘Folio Number’. This will allow you to communicate directly with the Mutual Fund company about your investments, and you can access them even in the absence of Goalwise as an intermediary.
So, in the unfortunate circumstance that Goalwise shuts down, your money is readily traceable and in the safe hands of Mutual Fund companies.