Introduction

FREE SMS messaging service for India only that may prove to be incredibly useful for citizen groups and NGOs. The service allows anyone to set up a group of mobile subscribers to message to, or for a group to message each other many-to-many. A user can receive news alerts and blog updates via SMS, for example; or a group can group-text message to each other.

Monday, December 10, 2012

MF transactions through SMS

Paper Work

 

Investors can conduct their mutual fund transactions through SMS. To avail of this facility, you need to register with the AMC, which will specify the types of transactions allowed through this mode as well as the maximum transaction value. The investor needs to fill up a form prescribed by the AMC and mention the unit holder details, KYC verification status, mobile number through which the facility will be used, etc. In case of joint holding, the application will have to be made jointly. 
Debit mandate 
In addition to the SMS facility registration form, the unit holder needs to provide a debit mandate to his bank to carry out transactions through theSMS facility. A debit mandate registration form for SMS facility needs to be filled up by all unit holders. 
Processing 
It usually takes 21-30 days from the date of receipt of documents for the AMC to get the debit mandate verified by the bank and process the application. The AMC then allots a PIN for SMS transactions. 
Transactions 
On receipt of the PIN, the investor can carry out transactions in his folio by sending an SMS to the prescribed number in the format prescribed by the AMC. The company sends a transaction confirmation message to the investor, which needs to be acknowledged. 
Points to note 

• The first purchase needs to be carried out through a physical form, while the subsequent transactions can be carried out via the SMS facility. 

• The investor needs to keep the AMC informed, in the prescribed format, about any change in details in order to keep the SMS facility active. 

• The transactions using the SMS facility have the same broker code that was registered during the previous transaction.

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