NSE has introduced one-time password (OTP)/SMS based facility for redemptions and switch transactions for distributors on its NMF II platform, said a communication received from NSE.
Also, NSE has introduced a feature through which distributors can register multiple SIPs across different RTAs and fund houses through a single mandate.
NSE is also in the process of launching a one-time mandate (OTM) facility which will facilitate all types of subscriptions through one mandate. OTM allows an investor to authorize his/her bank to debit up to a certain amount daily based on the instructions given to NSE. A number of fund houses have already launched this facility.
Besides, the platform will also show automated clearing house (ACH) mandate status report which allows distributors to track the SIP mandate registration status. Moreover, the platform has also started accepting FATCA, KYC and ultimate beneficiary ownership (OBO) information from distributors.
In order to make transactions smoother, NSE is also allowing application program interface (API) facility which links distributor’s website to NSE’s payment gateway.
NMF II is an online platform which facilitates subscription, redemption, SIP, SWP, STP, switch and other transactions for distributors.
More than 1,500 distributors, including NDs, are using NSE MF II platform currently.
