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In October 2021, Sebi had stated that inventory brokers and clearing members mustn’t settle for cost by one-time mandate or issuance of mandates or devices of their identify for mutual fund transactions.
Earlier this month, the regulator stated one-time mandates in favour of Sebi-recognised clearing firms could possibly be accepted from April 1 and now, that deadline has been prolonged.
“On or after July 1, 2022, new mandates shall be accepted solely in favour of Sebi recognised clearing firms and people mandates shall solely be for subscriptions to items of mutual fund schemes and never for every other function,” Sebi stated on Thursday.
The deadline for discontinuation of utilization of pool accounts for transactions within the items of mutual funds, Two Issue Authentication (2FA) for redemption and different associated necessities have been prolonged following a illustration from Affiliation of Mutual Funds in India (AMFI).
“On examination of the illustration of AMFI, within the curiosity of the buyers, it has been determined to increase the date of applicability of ‘circulars’ together with the clauses regarding 2FA for redemption and supply account verification to July 1, 2022,” the watchdog stated within the round issued on Thursday.
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