This has reference to the Circular No 20230620-67 dated June 20, 2023, issued by Indian Clearing Corporation Limited (“ICCL”) on Non-updation of correct bank details as part of Unique Client Code (“UCC”) for settlement of redemption payments on StAR MF Platform.
Vide the said Circular, the Members were directed to proactively ensure that the bank accounts and other details are valid and up-to date in the client Unique Client Code (“UCC”) failing which ICCL would be returning the funds to the respective Asset Management Companies ("AMCs”) by R+3 (R is receipt of redemption money credited to ICCL bank account along with the valid MIS from the AMC) working days for the instances wherein ICCL is not able to process the redemption proceeds due to lack of valid bank account information.
Further, ICCL shall not be responsible for any consequences arising due to such non-processing of the redemption proceeds.
In this regard , members are hereby informed that, with effect from July 25, 2023, ICCL will implement the process of returning the funds to the AMCs as intimated.
All Members are requested to take note of the same and ensure updation of valid bank account and other details in the client UCC and are advised to bring the content of this Notice to the attention of their clients at the earliest.
In case of any clarifications required by the Members, please feel free to contact Mr. Vishal Naik on 022-22725168.
Regards,
Mehul Parikh Jayesh Ashtekar
Additional General Manager AGM
MF Settlement MF Settlement |