This is in continuation to the Notice No. 20230109-49 and 20230120-47 dated January 9, 2023 and January 10, 2023 respectively with regards to ‘Two-Factor Authentication for Subscription transactions in units of Mutual Funds on BSE StAR MF Platform’
MFIs/MFDs/RIAs are hereby informed that Exchange shall be going live with the changes in system with effect from March 31, 2023 after market hours. 2FA in Purchase and SIP Registrations shall be applicable from April 1, 2023.
In view of the same, there shall be downtime in the system on Friday March 31, 2023 from 03:00 PM onwards till April 1, 2023 07:00 AM.
Members are hereby requested to note the following :
· All offline purchase orders received on March 31, 2023, after 2:30 PM shall be autocancelled in the system
· All Open purchase orders received from March 23, 2023 onwards till March 31, 2023, where the orders are awaiting for the payment/payment initiated/payment received post 2:30 PM, shall be auto cancelled in the system with order remarks as “2FA applicable from 01/04/2023, prior received orders”
· All Open Purchase orders where the funds are received but Nomination or TPV is pending shall be autocancelled in the system.
· If for any of the transactions mentioned above funds are received post cut-off, the same shall be refunded to the source bank account.
Systematic Registrations and Orders :
· All types of SIP Registrations shall be allowed till 3:00 PM on March 31, 2023
· All pending first order of SIP/XSIP/ISIP wherein the registration done upto March 31, 2023 till 3:00 PM shall be carried forward
· All existing SIP Registrations wherein the funds are awaited for the respective SIP orders shall be carried forward
NFO Orders :
· Orders in open NFO schemes shall be allowed till 03:00 PM on March 31, 2023.
Members are requested to make use of other payment modes other than Cheque/Mandate, to avoid any refund of funds.
It may be clarified that while BSE/ICCL will take various effective methods to ensure to transfer the funds before the cut-off time in the AMC’s bank account so that the investment of the client, will be eligible for the historic day and same day NAV for Liquid and Non-Liquid transactions respectively, ICCL/BSE or any one of its staff members cannot be held responsible in the event of delay in transfer of the funds on account of any unforeseen circumstances/Issues in banking system/ or any other problems that may result a delay in crediting the funds in the AMC’s bank account and the client will be eligible to get that day’s NAV in which the funds are realised in the AMC’s bank account.
All members using third party vendor solutions and/or in-house developed trading application are hereby requested to take note of the above and arrange to initiate necessary development at their end.
Members are hereby requested to extend their co-operation for this activity.
Ketan Jantre Zeeta Eustace
Sr. General Manager – Mutual Funds Dy. General Manager – Mutual Funds |