With e-mandate generated on or after September 26, 2018 getting invalid from February 15, 2019, transaction platforms and R&T agents have come out with online solutions to update e-mandate of such investors.
From tomorrow, electronic NACH mandate generated through eSign on or after September 26 will no longer be valid. So if you have created SIPs of your clients through e-mandate on or after September 26, 2018, you will have to obtain their physical signature on the new National Automated Clearing House (NACH) mandate form to keep their SIPs activated.
In an earlier article (Click here to read the previous story), we described how CAMS, BSE Star MF and MF utility are facilitating new mandate. In this article, take a look at how NSE NMF II and Karvy Fintech help you update the new mandate.
NSE NMF II has introduced a functionality wherein members can download a list of mandates, which are getting suspended. You can generate new mandates of such clients, obtain their physical signature and upload it on NSE NMF II platform. The platform will give you confirmation once you upload the file in XXLS, XLSX and TXT format.
Apart from sharing emails with investors having e-signed SIP mandates, Karvy Fintech has also introduced a facility to generate pre-filled NACH mandate. Investors can also change their bank account details by keying in details of new bank along with start and end date of the SIP. However, your clients will have to send the new mandate hard copy to Karvy Fintech point of sale or head office to avoid discontinuation in SIP.