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BSE StAR MF has settled majority of pending transactions which were withheld due to incorrect information of investors from payment aggregators.
The exchange platform said that they received incorrect/incomplete information from some of the payment aggregators which led to delay in processing some of the refund transactions.
Earlier, MFDs having stock broking arm executed MF transaction through their pooled account. Pooled account is a bank account of brokers that they use to facilitate transactions across financial products. However, SEBI put an end to this practice and asked fund houses and exchange platforms that money should be credited and debited directly from investors’ bank account.
The platform said that the revised process has resulted into changes at exchange/ clearing corporation, brokers, but more importantly at the various payment aggregators which the brokers had been using for servicing their clients.
“During the month of July 2022, BSE StARMF processed approximately 1.84 crore transactions. Usually, the transactions for which refunds are to be processed and money credited to the client account happens within 3 days. While processing the transactions and refunds, it was observed that incorrect/incomplete information was received from some of the payment aggregators which resulted into delay in processing some of the refund transactions. As and when the requisite information is being received, the refunds are being processed, and currently refunds of nearly 0.3% value of transactions is still under process,” clarified BSE StAR MF.
It further said, “We are working with the brokers and payment aggregators to finish processing those refund transactions, and we would like to reassure the investors that their money is safe with BSE/ICCL and that they would get the pending refunds immediately directly into client accounts on confirmation of mapping of bank account of client.”
