This is with reference to notice no. 20231219-16 December 19 2023 , 20231031-35 October 31 2023 and 20230913-42 September 13,2023 on Introduction of Scan-Mandate on BSE StAR MF platform.
NPCI vide its Master Circular number NPCI/NACH/OC No.012/2023-24 dated December 29,2023 stated that in order to bring in more robustness in the process, it has been decided to implement the following measures :
1. Maximum period for which a mandate can be issued: Mandate can be issued for a maximum duration of 40 years from the date of issuance (start date).
2. Final collection date (end date) to be mandatory: It has been decided to remove the option of "until cancelled" for all categories of mandates, it will be mandatory to provide the end date for all category of mandates.
3. The mandate form must explicitly state: "Maximum period of validity of this mandate is 40 years only”. Please refer Annexure I
The mandate may get rejected if End date is not mentioned on mandate and also if “Maximum period of validity of this mandate is 40 years only” phrase is not mentioned on mandate.
Members are requested to take note of the same. This is applicable for all forms of mandates (physical as well as electronic) and will be effective from April 01, 2024.
For any further queries in this regard, kindly connect with our helpdesk team on 022-45720450 or 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 |