MF Back Office queries |
Definition |
Process |
Alternative Process |
Pros and Cons |
SIP - Status enquiry |
Partner / Client has registered for the SIP through online mode in Lite Terminal and Partner would like to see the status of the registered SIP |
Lite Terminal >> Start >> SIP >> MF SIP Order Book >> update the client code and click on submit, SIP details and status will be appeared on screen Status description as below : Cancelled - SIP is cancelled by client / BA (if no remarks are updated, then its cancellation by client / BA before registraion) Cancelled - SIP is cancelled by client / MOSL (reason updated in remarks column) BSEACTIVE - SIP successfully registered and running BSEINACTIVE - SIP registered but now cancelled (reason updated in remarks column) Pending - SIP registrtation confirmation pending from Karvy On going - SIP registraton done in Karvy, pending with BSE Closed - SIP either cancelled or matured |
Can check the status in Bizops (path will be shared shortly) |
Pros - Partner / Client can check the status from their end Cons - None |
Reports - SOA / SOT |
If the client has bought mutual fund units through PHYSICAL mode, then the holdings details can be checked by downloading Statement of Accounts from AMC / RTA site. Statements are required to check / reconcile the mutual fund holdings of clients |
We have made provision to download the SOA's of Karvy based AMC's. Path as below BA WIRE Log in>>Third Party Products >> Commission and TPD >> MF SOA |
Client can download the statement from AMC's site by using his login credentials NSDL sends the statement to clients every quarter |
Pros - Partner can download the report any time as per their convenience Cons - At present partner can download statements only for Karvy based AMC's |
Enquiry - SIP registration Process |
Request to know the process of online SIP registrations |
Process to register new SIP Lite Terminal >> Start >> SIP >> Place an Order >> Select Stock / ETF / MF (as per requirement) >> update the parameter as per provision given Ledger SIP : No need of sending the form to Karvy ECS SIP : Post registration in Lite terminal, registration form should be downloaded (pre-filled form made available now), signed and couriered to MOSL Malad Branch. MF ops team will verify the form and send it to Karvy for further processing. Normal TAT for SIP registration is 30 days FROM OF DATE OF FORM RECEIPT AT KARVY END WIRE circular dt. 22nd Jan 2015 is issued to explain this process |
No |
Pros - Partner or even end client can register for SIP by selecting the scheme / tenure / SIP amount etc.
Cons - Due to lack of knowledge, some times SIP's are registered in lite terminal but forms are not sent to Karvy, resulting into cancellation of SIP after stipulated time |
Otheres |
Under this query type, non general queries are parked like dividend not received on MF / MF performance related enquiries etc. |
Dividend not received - Such queries need to be raised with RTA for resolution MF Performance related enquiries - Calls should not come to our team, it should be handled at MOT by Chirag Karia's team |
Dividend not received - N.A. MF performance related enquries - Should call Mutual Fund sales team in MOT |
Pros - Clients queries related to dividend not received will be addressed
Cons - MF performance related enquires : Client / Partner might get frustrated in case we ask them to call on other number |
Enquiry - MF redemption process |
Request to understand the process on how to redeem the holdings available in their Demat account / holding in physical form |
Process for redemption as below Online Redemption : Lite Terminal >> Start >> Mutual Fund >> MF holdings >> Redeem Physical : Fill the redemption form and submit to AMC / RTA |
Might be from partner portal BA can place the order (need to check with IT) |
Pros - For online redemption no need of filling any forms, direct payout into clients bank a/c Cons - Units held in physical form cannot be redeemed online |
Commission - Not received / less received |
Every 15th of the month upfront commission & 30th of the month Trail commission is released for previous month transactions wherever partners are empanelled with us for Mutual Fund business Query is raised by the partner if for any transaction commission is not / less received or not received at all |
Once the commission is calculated and released, mailers are sent to the partners along with calculation details. Even the calculation file is updated in WIRE >> Third party products >> commission & TPD >> Commission payment report Some times partners claim commission for the period where their ARN certificate is expired. In such cases business takes the call whether to release the pending commission or not by taking commitment from the partners on fresh business There are queries from partners on commission not received / less received on certain transctions. Such queries need to be checked on case to case basis, whether the scheme is eligible for commission, rate updation etc. |
None |
Pros - Transperent process, details are made available to the partners for their ready reference. Cons - Few partners does not understand the AMFI rules & commission calculation part inviting unnecessary queries |
BO related - Error in MF BO |
Provision is given in Mutual Fund Back office software to nullify the brokerage slab on clients Mutual Fund transactions. Some times they get error while changing the slab |
Partner can change the slab as per below process Mutual Fund back office >> Share master >> Master >> Client master >> Update the client code and click on Edit Update the slab no. 1003 under Buy Brokerage Profile No. and 1004 under Sell Brokerage Profile No. to change the MF brokerage slab to Zero |
None |
Pros - Partner can change the slab from his end without any dependancy on CSE Cons - For few clients partners get error while updating the slabs at their end and they have to raise the request with CSE to get the needful done |
Enquiry - SIP cancellation process |
If the client desires to discontinue any SIP (for whatever reason), then he will punch the SIP cancellation request in Lite terminal |
Client / Partner need to cancell the running SIP in lite terminal using below path To cancell Online SIP - Lite Terminal >> Start >> SIP >> MF SIP Order book >> UPdate client code and click on Submit Total SIP's registered for the client will get displayed, click on CANCEL button against the SIP which need to be cancelled and send the updated cancellation letter to Karvy or Malad Office To cancell Physical SIP : Submit the updated and signed SIP cancellation request to AMC / RTA Please note, for Ledger SIP cancellation, no need to send the cancellation form to Karvy WIRE circular dt. 22nd Jan 2015 is released to explain this process |
None |
Pros - Partner / client can cancell the SIP from their end Cons - Few clients / partners cancell the SIP in the terminal but does not send the cancellation form to Karvy or MOSL resulting into SIP not getting bought but funds getting debited from clients bank a/c |
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