There will be no impact on existing SIP mandates due to discontinuation of pooled account, clarified SEBI.
SEBI has provided leeway to MFDs, RIAs, online direct investment platforms, stock brokers and clearing members with regards to the October 2021 circular prohibiting use of pooled accounts for mutual fund transactions from April 1, 2022.
According to the latest circular, existing investor mandates in favour of pooled accounts of MFDs and online platforms can continue, provided AMCs and payment aggregators (PA) ensure that the money directly goes into the pooled account of mutual funds or the respective schemes.
"(AMCs will have to) ensure that PA has put in place adequate checks and balances, inter alia, such that Approved Account is that of a mutual fund scheme or mutual fund registered with SEBI," the regulator said.
Similar conditions have been put in place for stock exchanges and clearing members. They will have to ensure (with the help of PAs) that the money from existing mandates for their pooled accounts goes directly into the accounts of clearing corporations.
"PA shall directly credit the monies collected from the bank account of the investor only into an Approved Account; in no case the monies shall be credited to the bank account of the stock brokers / clearing members," SEBI said in a circular issued on March 15.
However, from April 1, 2022, stock exchanges and clearing members can accept mandates only in the name of recognised clearing corporations.
