Salient features of Mutual Fund Redemption are as follows:

Transcription

1 Salient features of Mutual Fund Redemption are as follows: A. Introduction : 1) Mutual Fund redemption facility will be available to both types of users viz., password based users and e-token based users of SPEED-e facility. 2) This facility will enable SPEED-e registered Clients to submit request for redemption of mutual fund units available in their demat account. 3) Mutual Fund Redemption instruction(s) submitted on SPEED-e will be processed and directly transmitted to NSDL irrespective of whether demat account is registered for SPEED-e or SPEED-e Direct facility. Accordingly, Participants will not be required to download the redemption request instructions from SPEED-e facility and upload the same into e-dpm system. 4) Participants will be able to ascertain the source of instructions i.e. whether the instructions have been received through e-dpm or SPEED-e facility. 5) The channel Indicator field in the COD download file would displays as 11 for redemption request of mutual fund units through SPEED-e facility. B. Capture of Mutual Fund Redemption Instructions : Password User / e-token User can use any of the following options for submission of mutual fund redemption request on SPEED-e facility: a) Submit Mutual Fund Redemption b) View SoT/SoH screen a) Submit Mutual Fund Redemption 1) Password based / e-token User(s) will access e-services website ( and click on Submit Request link available under Mutual Fund Redemption option (refer exhibit 1). Password Based users e-token Based Users Exhibit 1 Submit Mutual Fund Redemption Request Page 1 of 10

2 2) Upon clicking on the Submit Request link, Mutual Fund Redemption screen will be displayed to the User for submission of redemption request(s) on SPEED-e facility. User will be able to view only mutual fund holdings which are available for redemption (viz., free balance) in the demat account of the client alongwith the latest NAV and value as available on SPEED-e facility (refer exhibit 2). Exhibit 2 Mutual Fund Redemption Submission 3) User will be required to select specific ISIN to submit the redemption request of mutual fund holdings (units). Check box has been provided before every ISIN field to facilitate user to select the ISIN(s) for submitting redemption request. Upon clicking on the check box, drop down (i.e. Select Preference) for specific ISIN will be enabled on the screen wherein All Units, Units and Amount options will be available to the user for mutual fund redemption (refer exhibit 3). a. All Units Option to redeem all units will be available for redemption of mutual fund units in the particular scheme (ISIN). Once the user selects All Units from the drop down menu, Amount / Units field will get disabled. b. Units Option to redeem specific units (i.e. quantity) will be available for redemption of mutual fund units in the particular scheme (ISIN). Upon selecting Units option from the drop down menu, user will be required to enter specific units in Redemption Units / Amount in Rs. column. c. Amount Option to redeem units in respect of specific amount will be available for redemption of mutual fund units in the particular scheme (ISIN). Upon selecting Amount option from the drop down menu, user will be required to enter amount in Redemption Units / Amount in Rs. column. Page 2 of 10

3 Exhibit 3 Mutual Fund Redemption Submission 4) Upon entering the appropriate details for specific ISIN(s), user will be required to click on Submit option to redeem the mutual fund units (refer exhibit 4). b) View SoT/SoH screen Exhibit 4 Mutual Fund Redemption Submission 5) Password / e-token User(s) can also click on View SoT/SoH link available under IDeAS option for submission of mutual fund redemption request(s) (refer exhibit 5 & 6). Page 3 of 10

4 Exhibit 5 Mutual Fund Redemption Password based User Exhibit 6 Mutual Fund Redemption e-token based User 6) Upon clicking on Submit button, the system will automatically display the Mutual fund Redemption screen to the Users. Further, drop down (i.e. Select Preference) option for selected ISIN will be enabled on the screen wherein All Units, Units and Amount options will be available to the user for submitting the redemption requests on SPEED-e facility (refer exhibit 7). Page 4 of 10

5 Exhibit 7 Mutual Fund Redemption Submission 7) User will be required to select any one option i.e. All Units, Units or Amount from the drop down menu and enter requisite units / amount under Redemption Quantity / Amount field available on the screen. Upon entering the aforesaid details, user will be required to click on submit button for submission of mutual fund units redemption request(s) on SPEED-e facility (refer exhibit 8). Exhibit 8 Mutual Fund Redemption Submission 8) After clicking on submit button, mutual fund units redemption confirmation page will be displayed to the user for verification. User will be required to click on confirm button after verifying the details captured by user (refer exhibit 9). Page 5 of 10

6 Exhibit 9 Mutual Fund Redemption Confirmation 9) After clicking on confirm button, an acknowledgement page will be displayed to the user (refer exhibit 10). Exhibit 10 Mutual Fund Redemption Acknowledgement Page 6 of 10

7 c) Authorization of Mutual Fund Redemption Request : 10) In case of password based login, only one User operates the demat account through SPEEDe facility. Hence, mutual fund redemption request(s) will be captured and authorized on SPEED-e facility after password based user clicks on submit and confirm buttons. Therefore, mutual fund units redemption request(s) submitted by password based users will not be required any authorization. 11) In case of client is accessing through e-token based functionality for a depository account pertaining to single holder wherein only one authorized signatory (who is having authorized rights) is accessing SPEED-e facility and the Number of Authorizations captured in SPEED-e is also one, then mutual fund redemption request will be captured and authorized on SPEED-e after user click on submit and confirm buttons. Separate authorization from checker/another user will not be required. 12) The existing functionality of Multiple Authorizations as informed to Participants vide NSDL Circular No. NSDL/PI/2001/1895 dated December 27, 2001 for submitting the instructions on SPEED-e will also continue to be applicable for mutual fund unit redemption request(s) by e- Token based users on SPEED-e facility. 13) e-token User who is having authorize rights will access SPEED-e facility and click on the Submit Authorization link available under Mutual Fund Authorization option (refer exhibit 11). Click on Submit Authorization Exhibit 11 Mutual Fund Redemption Authorization Alternatively, Authorizer User will be provided a facility to view Pending Authorization Summary after login on SPEED-e facility (refer exhibit 12). User can directly click on Authorization pending for Mutual Fund Redemption link available under Pending Authorization Summary on the home page. Exhibit 12 Mutual Fund Redemption Authorization Page 7 of 10

8 14) Upon clicking on the aforesaid (i.e. Submit Authorization / Mutual Fund Redemption) for authorization, mutual fund redemption details will be displayed to the User. User will be required to click on hyperlink provided under SPEED-e Transaction Number for authorizing mutual fund redemption request (refer exhibit 13). Exhibit 13 Mutual Fund Redemption Authorization 15) Upon clicking on SPEED-e Transaction Number, complete mutual fund redemption request details will be displayed to the User. User will be required to check the mutual fund redemption details and click on Authorize button (refer exhibit 14). Exhibit 14 Mutual Fund Redemption Authorization 16) Upon clicking on Authorize, mutual fund redemption request details would be displayed to the User for confirmation. User will be required to click on Confirm button for successful authorization of the mutual fund redemption request(s) (refer exhibit 15). Page 8 of 10

9 Exhibit 15 Mutual Fund Redemption Confirmation 17) After confirmation of mutual fund redemption request, an acknowledgement page will be displayed to the User (refer exhibit 16). Exhibit 16 Mutual Fund Redemption Acknowledgement d) View Status of Instructions : 18) Upon submitting Mutual Fund Redemption request(s) on SPEED-e facility, password and e- Token based users (i.e. Capturer and Authorizer) will be able to view the status of redemption instruction(s) submitted on SPEED-e facility through View Status link available under Mutual Fund Redemption option (refer exhibit 17). Click on View Status Page 9 of 10

10 Exhibit 17 Mutual Fund Redemption View Status 19) Upon clicking on the View Status link available under Mutual Fund Redemption option, search criteria viz., SPEED-e Transaction Number, ISIN, Scheme Name and Submission Date From & To fields will be displayed to the User. User will be required to enter any of the requisite details on the screen and click on search option to view the status of the mutual fund redemption request (refer exhibit 18). Exhibit 18 Mutual Fund Redemption View Status Further, following status transitions will be reflected for Mutual Fund Redemption request(s) on SPEED-e facility: Various status of instructions will be displayed on SPEED-e for Users Pending (Instructions that are yet to be authorized by other authorized signatories/accountholders) Pending with Issuer/RTA Partially Accepted/Pending with Issuer/RTA Partially Rejected/Pending with Issuer/RTA Partially Accepted/Rejected by Issuer/RTA Partially Accepted/Rejected by Issuer RTA/Pending with Issuer/RTA Accepted Rejected by Issuer/RTA Failed Cancelled due to ACA Page 10 of 10