1. About NMF
2. Access to NMF Platform
2.1 Who can get access to NMF platform?
NMF platform can be accessed by distributors and trading members. All trading
members and distributors having valid registration with AMFI can transact on NMF
platform.
The distributors have to obtain limited purpose membership with the Exchange for
transacting in mutual funds on NMF platform.
2.2 Are all the trading members of the Exchange automatically eligible for accessing
NMF?
All trading members of the Exchange who are already enabled on the MFSS platform
of the Exchange are automatically eligible for accessing NMF platform. All other
trading members will have to apply for enablement on the NMF platform.
2.3 Who can obtain limited purpose membership for accessing NMF?
Individuals, HUF, partnership firms, corporate entities, banks and all other entities
granted registration by AMFI can apply for limited purpose membership for accessing
NMF.
2.4 What are the eligibility conditions for obtaining limited purpose membership?
The eligibility conditions for obtaining limited purpose membership for accessing
NMF are:
- Registration with AMFI having valid ARN.
- Consent for abiding by code of conduct defined by AMFI for distribution of mutual
fund.
2.5 Should the application for limited membership be made in any standard format
and what are the documents to be submitted along with application?
For obtaining limited membership of the Exchange to transact in Mutual Fund schemes
the applicant has to submit below given documents:
- Application Form – Annexure 1
- Undertaking to be submitted Mutual Fund distributor – Annexure 2
- Certified true copy of ARN certificates
- Certified true copy of PAN Card
- Board Resolution in case of Corporates,Banks,institutions.
- Mandate Form – 3
- AMC empanelment declaration – 3B
- Authorised Signatory List
- Partnership Deed in case of Partnership
- LLP Deed in case of a LLP and Trust Deed in case of a Trust
2.6 Are there any charges for getting limited purpose membership of the Exchange?
Currently there are no charges levied for limited purpose membership of the Exchange
2.7 On admission as limited member, would any certificate or authentication issued
by Exchange or SEBI?
On granting of limited membership to access NMF platform, NSE would issue a certificate
containing details of membership. Distributor would be required to display the certificate
so issued at all the centers from where the customers are getting serviced.
3. Enablement Process
3.1 What is the process to access the NMF platform?
Trading Members - All trading members of the Exchange who are already enabled
on the MFSS platform of the Exchange are automatically eligible for accessing NMF
platform. All other trading members will have to apply for enablement on the
NMF platform.
Distributors – Distributors have to submit an application form and undertaking
to the Exchange along with certified true copy of ARN certificates and PAN Card
along with requisite documents to the Exchange for obtaining limited purpose membership.
Once the Exchange grants him such membership, the distributor shall be enabled on
the Exchange MF platform. Also refer Point 2.5 for the requisite documents
User creation and management during enablement
Exchange will issue a Super User login and password to the member/distributor to
access the platform. The member / distributor can create user ids for his employees,
agents through the Super User login issued to them. The platform facilitates creation
of different types of users with varying rights and privileges. The below given
table states rights and privileges for various types of users.
Functions
|
Data Entry User
|
Super User
|
Branch User
|
Zone
|
Cluster
|
Corporate
|
Create Sub User
|
NO
|
YES
|
YES
|
YES
|
YES
|
YES
|
Create Customer
|
NO
|
YES
|
YES
|
YES
|
YES
|
YES
|
KYC Status
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Enquiry
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Portfolio Statement
|
NO
|
YES
|
YES
|
YES
|
YES
|
YES
|
Purchase
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Redemption
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Switch
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Systematic Registration
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Systematic Ceasure
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Manage Transaction
|
NO
|
YES
|
YES
|
YES
|
YES
|
YES
|
Transaction Status
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Investor Transaction Status
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Transaction Import
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Transaction Import
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Non-Financial Request
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
NFT Packing List
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
NFT Packing List Scan
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
NFT Transaction History
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Transaction Listing
|
NO
|
YES
|
YES
|
YES
|
YES
|
YES
|
EOD Report
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Systematic Registration Report
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Systematic Ceasure Report
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Packing List
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Generate Payin-slip
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Transaction slip
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Payin Slip
|
YES
|
YES
|
YES
|
NO
|
NO
|
NO
|
Change Password
|
YES
|
YES
|
YES
|
YES
|
YES
|
YES
|
Upload Logo
|
NO
|
YES
|
YES
|
YES
|
YES
|
YES
|
Family Wrap Creation
|
NO
|
YES
|
YES
|
NO
|
NO
|
NO
|
Family Wrap ID Status
|
NO
|
YES
|
YES
|
NO
|
NO
|
NO
|
Family Portfolio Statement
|
NO
|
YES
|
YES
|
YES
|
YES
|
YES
|
3.2 What is the procedure in case access of the platform is required to be given
across different branches of the member / distributor?
In case of members/ distributors having multiple branches, they have to submit the
details of their branches in below given format to the Exchange for creation of
branches in the system. Post creation of branches in the system by the Exchange,
member / distributor can create users under respective branches. (The below given
table is a dummy branch creation request provided for understanding.)
brok_dlr_code
|
branch_code
|
cluster_code
|
zone_code
|
region_code
|
ARN-1234
|
Bandra
|
Mumbai
|
West
|
West
|
ARN-1234
|
Andheri
|
Mumbai
|
West
|
West
|
ARN-1234
|
Fort
|
Mumbai
|
West
|
West
|
ARN-1234
|
Thane
|
Mumbai
|
West
|
West
|
ARN-1234
|
Vashi
|
Mumbai
|
West
|
West
|
ARN-1234
|
Nagpur
|
Mumbai
|
West
|
West
|
ARN-1234
|
Pune
|
Mumbai
|
West
|
West
|
ARN-1234
|
Nasik
|
Mumbai
|
West
|
West
|
ARN-1234
|
Indore
|
Indore
|
West
|
West
|
ARN-1234
|
Baroda
|
Gujarat
|
West
|
West
|
ARN-1234
|
Surat
|
Gujarat
|
West
|
West
|
3.3 What facilities are available for the members / distributors on the platform?
NMF platform facilitates following activities:-
- Creation of user ids for branches, sub-agents, employees
- Registration of client
- Registering eKYC and checking KYC for investor
- Facility to enquire about investor’s transaction / Product summary
- e-mandates
- Creation of a family wrap i.e. clubbing of family accounts in a single login.
- Incorporating financial transactions
- Updating non financial information
- White labeling of reports to investors.
- Generation of reports (Transaction listing, EOD Report, Packing List, Systematic
Reg report and ceasure report).
3.4 What is the procedure to onboard clients on the platform?
The distributor has a provision to register the investor online in 2 ways:-
single entry one at a time and through bulk upload facility. Post the IIN is created,
for individual category investor will get a mail and SMS for approving the link where
account opening form is signed digitally with link approval and in case of non-individual
investor, the account opening form needs to be signed and sealed along with supporting
documents as per the Tax status. For the IIN activation we do a penny drop to
validate the bank account added in the IIN to auto validate the same.
In case of Penny drop failure, we validate the bank via a bank proof.
As a result, the IIN gets activated only on the bank validation and IIN link validation
for individual category and for non-individual category clients, post upload of documents provided.
Non individual: All pages of the documents must be signed by the authorized signatory with a company stamp. IIN - activation mode must be Physical, and all documents need to be uploaded in NSEMF system under IIN physical option only.
Proprietor :- IIN, bank proof, GST
HUF - IIN, bank proof, FATCA, UBO, NPA
PVT LTD (company) - ASL, BR, IIN, bank proof, FATCA, UBO
Partnership / LLP / trust - IIN, bank proof, FATCA, UBO, Partnership deed / LLP deed/ trust deed, NPO
Other Institution - ASL, BR, IIN, bank proof , FATCA , UBO, NPO
Individual: - IIN must be created in digital mode. Below is the list of documents as per investor-category. All documents must be uploaded in NSEMF system under IIN physical option only.
Minor’s - DOB proof with minor bank
OCI - CDC certificate with NRI bank proof
PIO – PIO passport and PIO document
NRI - NRE or NRO bank proof
3.5 Can addition of more than one bank account be done during IIN registration?
Only one bank A/c can be added during the process of IIN registration. Post the registration upto 10 banks can be added.
3.6 Can an investor have multiple registrations on the platform?
The investor can register on this platform only once i.e. he will have a unique
registration on this platform The investor registration is a combination of his
PAN number and mode of holding, accordingly, an investor can have only one registration
on this platform based on his PAN + mode of holding.
3.7 Can an investor transact on this platform through more than 1 distributor?
Yes, an investor can transact with multiple distributors on this platform. In case
of an already registered investor, he needs to provide his unique identification
number (IIN) to the distributors for transacting on the NMF platform.
In case if investor wants to change ARN mapping, then he will need to send an ‘ARN Change Request mail’ from investor’s registered E-Mail ID or provide the ‘ARN Change Request letter’ signed by the investor.
3.8 Will investors be allowed to access the NMF platform?
The distributors can grant online transactional rights to their clients at the time
of registration. While registering an investor if the distributor has availed online
mode of transaction for a client, the client will receive his login id and password
for NMF platform.
3.9 What facilities will investor have on the NMF platform?
The NMF platform facilitates the investors to do the following:-
- Check KYC status
- Facility to enquire about investor’s transaction / Product summary
- To incorporate financial transactions on the platform i.e. Purchase, redemption
(non demat only), switch
- To view the transaction status
- To Generate reports i.e. Transaction listing, EOD report, View Broker
4. Transaction Process
4.1 What types of transactions are supported on the NMF platform?
NMF platform supports financial transactions such as:
- Purchase (NFOs, fresh purchase, additional subscription)
- Redemptions
- Systematic Transactions (SIP, STP & SWP)
- Switch Transactions
4.2 What type of updations or modification in the IIN registration details
are facilitated through the platform?
Non Financial information updation is facilitated for:-
- Change in Name
- Change in Address
- Change of Broker
- Change of Dividend payout option
- Change of Redemption payout option
- Change of Tax status
- Consolidation of Folios
- Lien Marked
- Lien Removed
- NFO Trades reject
- PAN Change
- Registration of nominee
The platform has a provision to enter details pertaining to non financial information
updations on the platform; however the request for updations of non financial information
along with relevant documents has to be submitted at the service centre for onward
submission to RTAs. Investor login does not have provision for updation of non financial
information.
If modification is done for Investor name, then the name shall be verified in KRA and then email will be triggered to investor’s registered id.
If investor name verification is ‘Successful’, then the link will be triggered to investor’s registered id.
If investor name verification fails, then only notification mail shall be triggered.
It is advised that Distributor should update Investor-name in KYC record (or) update investor name in IIN as per PAN.
4.3 What is a mandatory pre-requisite for entering a transaction on the platform?
The investor has to be KYC compliant to be able to transact on the platform. For
all new investors with fresh KYC, for whom the KYC status is not verified or submitted
(as reflected on the KRA system which is separate from MF platform), the distributor
shall do the initial due diligence / In-person verification and upload the KYC information
and supporting scanned documents on the KRA system directly. KRA shall process the
KYC application, verify documents and provide the KYC acknowledgement to the investor.
The investor will be eligible to invest subsequent to the receipt of the KYC acknowledgement
from the KRA, Further if KYC status shows registered on KRA website then MFD can proceed.
4.4 Can only demat transactions be executed on the NMF platform?
NMF supports all types of Non Demat transactions and only subscription transactions in demat mode
4.5 What documents are required to be submitted in case of Systematic Registration
transactions?
For SIP (Systematic Investment Plan) registrations, completely filled and signed ACH debit mandate
form needs to be uploaded in the NSE Portal.
In case of E-mandate SIPs, no additional documents required.
For STP (Systematic Transfer Plan) and SWP (Systematic Withdrawal Plan) no documents are required.
Registration can be only done in the existing folios.
4.6 In case of cheque transactions the cheque has to drawn in which name?
In case of cheque transactions the payment shall be drawn in favour of “
“ and made payable at Mumbai.
4.7 What are the different modes of making payment available to the investor?
NMF supports payment of subscription amount by cheque, demand draft, online payment
through RTGS/ NEFT, internet banking and UPI.
4.8 How many banks are enabled for online payment?
Currently, 39 banks are enabled for online payment which shall be increased over
a period of time.
4.9 In case of online payments what is the process?
In case of online payments through net banking the member / distributor can enter
the order on the platform on behalf of the investor and forward payment link to
the investor to make payment through his login. Alternatively the investor can initiate
the transaction from his login and make payment from his net banking.
In case of RTGS / NEFT transactions the investor must register Virtual Account No.
to make the payment.
Process of Virtual Account
4.10 The online payment link is valid till when?
The online payment link is valid for 48 hours and the transaction is valid for 5 days.
4.11 Can Investor make online payment from only his account registered on the platform
or any other account also?
The investor can make online payment through all the banks registered under said IIN on the platform
4.12 In case of online payment when are the funds credited to AMC account for NAV
allotment?
For online payments in case of all banks except HDFC the credit will be received
on T+1 basis. In case of HDFC bank the credit will be received on T day.
4.13 What is the process of NAV applicability?
Effective Feb 01, 2021, as per SEBI circular dated Sept 17, 2020,
the applicable NAV in respect of purchase of units of mutual fund scheme shall be subject to realization
and availability of the funds in the bank account of mutual fund before the applicable cut off timings
for purchase transactions,
irrespective of the amount of investment, under ALL mutual fund schemes.
4.14 What is the cut-off time for all transactions?
The cut-off time for all transactions are as under:
Liquid cut off
|
13:00 PM
|
Equity & Debt
|
2:30 PM
|
All redemption and switch cut off for all scheme is
|
2:30 PM
|
4.15 When will amount be received by investors in case of Redemptions?
For redemption orders placed through the MF platform on T-day before 3 pm
the funds will be credited in the investor account as per the settlement timelines mentioned in the scheme.
4.16 How does the redemption happen when the investor registers with multiple bank
accounts? Where do the proceeds get credited?
Redemption credit goes to Bank account which is registered with AMC in the specific folio.
4.17 Whether investor can submit single cheque for multiple orders submitted either
for the same mutual fund or across mutual funds?
Transactions on NMF platform are spread between normal transactions and systematic
transactions. The investor can submit single cheque for multiple investments across
AMCSs for normal transactions and similarly the investor can submit a separate cheque
for multiple investments across AMCs for systematic transactions. Investor can submit
single cheque for 10 regular schemes. For NFO, one separate cheque is required for every single NFO investment.
4.18 Does Platform support switch transaction between AMCs?
To start with the platform will support switch transactions only within the same
AMC which shall be upgraded to introduce switch between AMCs.
4.19 How is systematic investment transaction incorporated on the platform?
To execute systematic investment transaction on the platform, in case of existing folio,
Systematic Registration must be selected in transaction menu. However,
in case of new folio the Purchase option must selected in transaction menu and the type of
transaction has to be selected as systematic for "purchase cum SIP"
For triggered transactions / SIP transactions, the system auto-authorizes the transaction. In this case Authorization link does not get triggered to investors.
The same is applicable for SIP registration without Folio number
4.20 What is “manage transactions” option on the platform used for?
In case of maker/ checker arrangement, the manage transactions options lists transactions
pending for authorization by the checker, which can be either approved or rejected
by the checker.
4.21 How does the distributor/ member or investor know the status of their transaction?
The transaction status option under the transaction tab will show the status of
transactions executed on the platform by the distributor i.e. transaction is completed
or not and if pending it is at which stage. The member / distributor can also enquire
on status of transactions entered by the investors through a tab investor transaction
status, for investors mapped under him.The status is also available in the transaction
detailed report
4.22 Bulk upload facility is available on the platform for what all purposes?
Bulk upload facility is available for following:
Investor creation
Execution of financial transaction
FATCA
ACH
4.23 What are the reports that the member /distributor can generate in the platform?
The platform will provide all key investor statements like the:
- Transaction detailed report
- Systematic Registration report
- SIP pause Report
- ACH mandate registration report
These statements can be generated daily or for specified period. This will facilitate
distributor to service the investors from their desk.
4.24 Is there any provision to receive mail back reports on the platform?
Yes, the distributor will maintain the uniform email id across all channels to receive
the mail back reports for necessary updates in the NMF platform.
The mail back report pertaining to the transactions placed through NSE MF platform
would only be available in his login.
4.25 What is the process to redeem units held in demat form through the NMF platform?
In case of redemption of units held in demat form, the investor needs to submit
a redemption request slip to the depository participant. On submission of redemption
request slip depository participant shall do extinguishment of units and transfer
proceeds in account inked to the demat account of the investor and no request flows
to the distributor.
4.26 Are they any restrictions on maximum or minimum value or quantity for a single
order on NMF platform?
The restrictions in terms of minimum amount or maximum amount as specified by AMC
shall apply, there are no platform level restrictions.
4.27 What will be the process in case an investor submits multiple purchase requests
through a single cheque and one of the transactions gets rejected?
In case of multiple transactions through a single cheque, if one of the transactions is rejected,
the amount will be refunded by the respective AMC to the investor directly. The other transactions
would get processed by the respective AMCs.
4.28 Does Exchange facilitate disbursement of commission / brokerage to members
/ distributors?
Exchange does not facilitate disbursements of commissions to members or brokers,
the commission is paid by AMC/RTA to members/ distributors directly as per the industry
practice.
4.29 Once a transaction is submitted on the platform, is there any scope for cancellation
of the same.
Before transaction (purchase, redemption and switch) is approved by the investor it
can be cancelled by the MFD.
4.30 Is birth certificate upload a mandatory requirement or Aadhaar is sufficient?
Document with DoB as birth certificate can be uploaded. Aadhaar card can also be considered
The bank account needs to be that of minor or of the guardian?
Yes, both Minor as well as guardian’s bank details to be mentioned
Will NSE accept the Aadhaar XML/copy as received from Digi locker or do they need a picture of the actual Aadhaar copy?
Image of Aadhar copy is preferred, as Digi locker image has masked Aadhar no.
4.31 In case of debit mandate (OTM) when are the funds credited to AMC account for NAV allotment?
For OTM payments credit is received on T+2 basis, post which amount is credited to the AMC account for NAV allotment. Unit allotment will be subject to receipt of funds in the mutual fund account before the applicable cut-off time.
In case of a nodal bank (here, it is HDFC Bank), the credit is received on T day
As per NPCI defined time frame, usually T+1 or 2 working days for All the Banks (Amount limit depends upon the set maximum amount which is upto 1 Cr.)
5. Benefits of Platform - Members / Distributors and investors
6. Contact Details