The following new features for mutual fund units held in demat accounts are proposed to be introduced
Investors desiring to redeem their mutual fund units held in their demat accounts can specify the amount they intend to receive on redemption and the AMC/RTA will debit the appropriate number of units from the account of the investor.
Investors desiring to redeem all the units held in their demat account of a certain scheme of a mutual fund can write "ALL" instead of mentioning the exact number of units. At the time confirmation of the redemption request, the AMC/RTA can specify the number of units held and the units will get debited from the account of the investor.
Investors desiring to convert all the units held in their folio with the AMC/RTA can write "ALL" on the Conversion Request Form instead of mentioning the exact number of units. At the time confirmation of the conversion request, the AMC/RTA can specify the number of units held and the units will get credited to the account of the investor.
Investor desiring to re-convert the units held in their demat account to units in Statement of Account Form with the AMC/RTA can make a request to their Participant in the Re-conversion Request Form.
In order the facilitate the above new features, 11.3.5 Rule has been amended and Rule 11.8.1 to 11.8.10 were newly inserted, Annexure B (Conversion Request Form) and Annexure HA (Repurchase / Redemption Form) of Business Rules of NSDL has been amended and Annexure C (Redemption Request Form) of Business Rules of NSDL has been newly inserted.
(Ref: Circular No. NSDL/POLICY/2011/0046 dated June 7, 2011)
The Ministry of Corporate Affairs has taken a "Green Initiative in the Corporate Governance" by allowing paperless compliances by the Companies after considering sections 2, 4, 5 and 81 of the Information Technology Act, 2000 for legal validity of compliances under Companies Act through electronic mode.
Ministry of Corporate Affairs (MCA), Government of India has clarified that a company may send the document through electronic mode provided the company has obtained email addresses of its members for sending the notice / documents through e-mail by giving an advance opportunity to every shareholders to register their email addresses and changes therein from time to time with the company.
In view of above, clients can register their email addresses with the Participant in order to receive such communications from companies. Further, in case the clients change their email address, the new email address must be updated with the Participant.
(Ref: Circular No. NSDL/POLICY/2011/0042 dated May 12, 2011)
NSDL conducts training and certification programmes for Participants to increase the availability of trained personnel for depository operations. In May 2011, such programmes were conducted in Ahmedabad, Chennai, Indore, Jaipur, Kolkata, Lucknow, Madurai, Meerut, Mumbai, Nashik and Rajkot. In all, 526 persons attended the training programmes conducted at these locations.
In May 2011, following Participant became operational in NSDL.
Sr. No. | Participant Name | City |
1 | ADG Securities Limited (DP ID IN303913) | Delhi |
The above additions take the total number of operational Participants to 294 and the total number of DPM set-ups to 366.
Old Name | New Name | DP ID |
Maverick Share Brokers Private Limited | Maverick Share Brokers Limited | IN303518 |