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AMCs will have to ensure that their RTAs do not breach data sharing norms by promoting their mobile app or websites to investors who are not directly acquired by them.
In a best practices’ circular on ‘Sharing principles to be followed by AMCs while sharing unitholders data’, AMFI said that AMCs will have to ensure that their RTAs are bound by contractual obligation to protect and store investors’ data.
Here are key highlights of the best practices circular:
• AMCs are the custodian of data i.e. MF investors financial, non-financial and customer data
• MF investors has the right to protect her personal data and the right to share it with entities of her choice
• AMCs have to put in place a privacy policy to collect, use, store and share data
• AMCs can share data only on ‘need to know or have’ basis i.e. provide only if it is sought
• AMCs can share data with industry platforms like MF Central
• AMCs can share data with MFDs/intermediaries only relating to transaction routed through them
• If an investor avails services of multiple MFDs, sharing of data has to be on transaction level
• AMCs may share data with regulated entity like NPCI, banks, payment aggregators and depositories
• AMCs may share data with unregulated entity or service providers like printers, email marketing agencies only if it is required by the vendor as per contractual agreement. However, it has to be shared only for the purpose
• AMCs can share data with the account aggregator
