NSE has extended the waiver of one time processing fee of Rs. 2,500 till September 2015 for mutual fund distributors to join its Mutual Fund II platform, said a NSE circular.
“Based on the experience gained so far and feedback received from market participants, certain changes are being implemented in the registration process to enable quicker on-boarding of mutual fund distributors,” stated the circular.
To ensure quick registrations of distributors, NSE has started accepting payment of deposits/ processing fees/annual renewal fees through NEFT/RTGS also.
To register on MF II platform, individuals/partnership firms have to deposit a refundable fee of Rs. 15,000 while corporates have to cough up Rs. 25,000.
NSE’s platform for mutual fund distributors was launched on December 15. Since its launch, NSE claims that it has enrolled 600 distributors on its platform across India. NSE NMF II is a web application and it can be accessed online from anywhere using a standard internet connection.
In October 2013, SEBI allowed distributors to use stock exchange platforms to facilitate transactions in mutual funds to their clients. Both NSE and BSE have started providing limited purpose membership to MF distributors to use their MF platforms.
