This is with reference to our notice no. 20190703-2 dated July 03, 2019 with respect to ‘AOF Image and FATCA data Validation for Non-Demat transactions’.
In order to provide a hassle-free experience to our Members while onboarding their clients on BSE StAR MF platform, Exchange is pleased to announce the launch of “Electronic Log (Elog)” in lieu of Account Opening Form(AOF) for Non Demat transactions.
Elog shall be applicable only to the below mentioned tax status codes. Other than the below mentioned tax status codes, AOF is required to place any type of non demat transactions.
Applicable Tax status:
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Tax Code
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Tax Name
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01
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Individual
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02
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On behalf of minor
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21
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NRE
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24
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NRO
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26
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NRI Child
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28
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NRI - Minor (NRO)
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41
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QFI - Individual
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42
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QFI - Minors
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61
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OCI - Repatriation
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62
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OCI - Non Repatriation
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70
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Person of Indian Origin
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77
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Seafarer NRE
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78
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Seafarer NRO
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UCC Type: Demat and Physical
Mode Of Holding: Single(SI), Joint(JO), Anyone or Survivor(AS)
Currently for all transactions in Non-Demat (Physical) mode placed on BSE StAR MF platform, upload of AOF is mandatory. As soon as the UCC is created, member has to upload the AOF document for their clients. This AOF document is then shared to RTA/AMC where they verify the details and provide us the status against the same.
Elog Process :
Once the UCC is created by the Member, apart from the existing Email for UCC authentication and Nomination authentication, an additional Email/SMS shall be triggered to the registered Email/Mobile no. in UCC for Elog authentication to all the holders in UCC.
Client will have to open the link and verify the details mentioned in the UCC and authenticate the same by One Time Password (OTP) triggered to the registered Email/Mobile No. in the UCC.
Once the client completes authentication, IP address for the device from which the authentication is completed shall be captured and stored against the UCC in BSE StAR MF platform. This IP Address alongwith the details of the Holder shall be shared to RTA as part of log against the PAN and ARN Code/SEBI Registration no. as the case may be.
In case the UCC is created in the mode of Holding as Joint/Anyone or Survivor, then Email/SMS for Elog authentication shall be triggered to all the holders as per the Email/Mobile no. registered in UCC.
This Elog generated on BSE StAR MF will supersede AOF document and member will not be required to upload the AOF document for the UCC.
Once the Elog authentication process is completed by all the holders in UCC, member will be allowed to place order in Non-Demat mode provided all other validations are fulfilled by the Client.
In case Client has not authenticated the Elog, an option has been provided in member login to resend the authentication link to the client for authentication.
Path: Admin >> 2FA Resend Authentication Link
Transactions Type :Elog
For existing UCC where the AOF document has already been uploaded but the same is rejected by RTA, for such UCCs instead of reuploading the AOF document, members can initiate the Elog authentication process from the path mentioned above.
Members are requested to note that, once the Elog is authenticated by the client, then AOF document upload will not be allowed.
Reports have been provided in member login to view the details of the Elog against the UCC.
Kindly refer the attached Annexures:
Annexure I – Report Format
Annexure II - Elog Process Note
Members are hereby requested to note that the changes shall be made live effective June 26, 2024.
All members using third party vendor solutions and/or in-house developed trading application are hereby requested to take note of the above.
For any queries in this regard, you can reach us through our service centre 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
Head - Trading Operations Additional General Manager – Mutual Funds
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