Cafemutual is a meeting point for all mutual fund professionals. So whether you are a self-employed independent financial advisor (IFA) or a hot-shot private banker with a big bank or a CEO of an AMC or a back office girl, we have something for you. To ensure that you have a productive and enriching experience at our site, spend a few minutes on this guide.
The Cafemutual Charter
What can you expect to see here?
Stay ahead of all the developments taking place in the Indian mutual fund industry. What’s more, all news is presented so that you find it relevant and useful. So whether it is industry news or NFO news or AMC specific news or the latest rankings and awards, expect to see it all here.
Get clarity on the broader issues and trends affecting your business
Benefit from the experience of your fellow IFAs as they share their success stories and best practices
There is a wide range of powerful applications and tools to make you more productive. Upload client portfolios, organise your meetings, compare funds, select funds, research funds…
You will find all the market commentaries and fact sheets of all the fund houses in this section. You can access these reports of all asset classes of any frequency (daily, weekly, monthly) of your choice.
This is the section where we try to address the concerns and issues of our visitors. You could post a query, remove your doubts or just seek more information by writing to us.
You can download the application forms of any fund house here.
Look up these directories when you want to locate addresses and contact details of the offices/ branches of AMCs, R & Ts, trainers, custodians, AMFI and SEBI.
Want to see something that is not there now? Have a suggestion on a topic or a subject? Encountered a technical glitch? Speak up and share. Send us your suggestions and feedback to prem@cafemutual.com. We will be delighted to hear from you!
Close
In order to prevent fraudulent redemptions, AMFI has asked AMCs to stop accepting redemption requests along with change of bank mandate at the same time.
AMFI has sent an email to all AMCs asking them to stop accepting redemption requests along with a change of bank mandate (COB) at the same time. The guideline came into effect from 1 May 2012 as part of AMFI’s best practices code. This is primarily being done to reduce operational risks.
“There are chances of fraud so AMFI has discouraged it. There has to be some cooling period between any change in bank account request and redemption,” says the chief operations officer of a leading fund house.
Many AMCs are already following this rule.
Recently, DSP BlackRock AMC sent a note to all its distributors in connection with this guideline. “Please note that for any redemption request received which also mentions a new and unregistered bank mandate or a change of bank mandate request (with or without necessary supporting documents), such a bank account change may not be registered and considered for payment of redemption/dividend proceeds,” says DSP BlackRock’s communiqué to its distributors. It has advised its distributors to use multiple bank account registration forms in order to avoid any operational glitches during redemption.
Fund houses allow retail investors to register five bank accounts and ten accounts for non-individual inventors. Last year SEBI disallowed third-party cheques to avoid fraudulent redemption practices.
Distributors say that all AMCs follow their own processes, which creates operational hurdles while redeeming client money. “I have to spend 80% of my time looking after operational issues and 20% for getting business. The new KYC rule is also posing a challenge,” says a Mumbai-based advisor.