We have received communication from RTAs that as per the recent direction of Central Board of Direct Taxes (CBDT), there will be a change in process for response feed reporting from Protean eGov Technologies Limited (Protean) to RTAs for online PAN verification of Mutual Fund clients with effect from April 01, 2024.
In lieu of sharing the client’s name as per Income Tax Department (ITD)/PAN Card, reverse feeds will be provided by Protean eGov Technologies Limited (Protean) to RTAs only with confirmation as ‘Yes’ or ‘No’.
Therefore, transactions may get rejected from RTAs end where mismatch in client name or DOB as per Income Tax Department (ITD)/PAN Card & details updated in client UCCs.
Process to be followed by members as per aforesaid communication received from RTAs has been provided below.
- All the fresh folio creation, client UCCs needs to be created on BSE StAR MF platform as per the details available in Income Tax Department (ITD)/PAN Card.
- For Individual clients Date of Birth (DOB) & Date of Incorporation (DOI) for Non-Individuals should be updated/available in client UCCs as per PAN card only.
- In case of Minor client, Guardian Name and DOB shall be mandatorily updated/available in client UCCs as per PAN card only.
- If the Client Name or Date of Birth (DOB)/Date of Incorporation (DOI) is different from the ITD records, then it should be rectified in ITD before submission of any transactions on BSE StAR MF platform.
- For existing clients whose Name or DOB/DOI in the folios are not matching with the PAN/ITD records then clients need to change/update their details either with Mutual Funds/RTA or in the ITD records before executing any additional Purchase/Redemption/Switch transaction.
Members are hereby requested to take note of the above changes and arrange to initiate necessary development at their end to avoid any transaction rejections from AMCs/RTAs end.
For any query on the BSE StAR MF platform, you can reach us through our service center on 022-45720450 & 022-45720650 on business days between 8.00 a.m. to 7.00 p.m. You can also raise your queries on our CRS portal:- https://bsecrs.bseindia.com
Ketan Jantre Zeeta Eustace
Chief General Manager – Mutual Funds Dy. General Manager – Mutual Funds |