In a move to bring uniformity across R&T agents and AMCs to map B30 transaction for additional payouts, AMFI has issued a list of top 30 (T30) cities along with their pin codes.
Until now, there was no uniformity in mapping B30 transactions for lack pin codes. For instance, while one R&T agent considered Kalyan as T30, another agent kept the city under the list of B30 cities.
AMFI has identified a little over 1,500 such pin codes. Click here to see the list of T30 cities with their pin codes.
This has come after SEBI found irregularities in tagging of B30 transactions. In fact, SEBI had advised AMFI that the MF industry should follow a uniform process for identifying and tagging T30 and B30 transactions based strictly on the investor’s pin code to ensure accuracy and uniformity in identifying B30 transaction across fund houses.
Subsequently, AMFI asked AMCs and R&T agents to review the pin codes captured against client folios and take immediate steps to remediate it through KYC change form if they find the pin code or city name missing.
Earlier, AMFI had issued uniform guidelines on tagging of T30/B30 transactions. The new norms say that transactions with missing or invalid pin code are considered as T30 transaction from April 1, 2019.
In order to get their B30 incentives, distributors have to ensure that the pin codes given in MF folios match with those in the KYC form.
