The Bombay Stock Exchange (BSE) on recenlty allowed mutual fund (MF) distributors to use its infrastructure for purchase and redemption of MFunits directly from Assets Management Companies (AMCs) on behalf of their clients following a SEBI directive.
SEBI in its circular issued on 4 October 2013 allowed MF distributors to use recognised stock exchanges’ infrastructure to purchase and redeem mutual fund units directly from Mutual Fund / or Assets Management Companies on behalf of their clients.
BSE said that an entity seeking to register itself as MF Distributor on its mutual fund platform should be registered with AMFI and hold a valid ARN. The paid up capital requirement of the mutual fund distributor should be Rs.1 lakh and the distributor has to pay life time membership fee of Rs.15,000.
MF distributors would not handle payout and pay in of funds as well as units on behalf of investor.
“The pay-in will be directly received by recognised Clearing Corporation and payout will be directly made to investor’s account.
“In the same manner, units shall be credited and debited directly from the demat account of the investors by the Clearing Corporation,” BSE said in a circular.
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