The NSE MFSS Participant can register SIP in MFSS either through physical mode or through the depository mode. The detailed process flow of SIP for physical mode and depository mode is given below:-

SIP Registration - Physical Mode

T Day activities

1. A client (investor) who approaches Participant to register SIP in Physical mode has to submit the following documents/details to the Participant:



• Completed and Signed respective scheme SIP Form


• Copy of PAN Card of first holder


• Copy of PAN Card of each additional holder in case of joint investment


• Copy of KYC acknowledgement form (in case the of investment of Rs. 50,000/- and above) of all holders


• Copy of Guardians PAN Card in case investment is on behalf of minor


• Folio No. in case the SIP registration is to be done against an existing folio.




2. The Participant shall verify the SIP application for mandatory details including PAN details and KYC compliant acknowledgment issued by CVL if the investment is above Rs. 50000/- (Or amount as specified by SEBI / AMFI from time to time)





3. After completing the verification Participant shall enter the SIP Registration on the MFSS front-end system with the option of ‘Physical’ settlement. SIP Registration can be entered on the MFSS system between 9:00 a.m. and 3:00 p.m. For SIP Registration the schemes would have to be selected in terms of Symbol and Series on MFSS. For Physical order the folio No (if available) is captured on the MFSS front-end. Along with this information the investor also needs to provide the following information for SIP:




• Frequency of SIP (Monthly, Quarterly)
• SIP Period ( in Months)
• Date for Investment
• Investment Amount




4. Once the SIP registration is completed system will generate a unique Registration Number for the SIP registered. The first installment of SIP would be due on the date of SIP registration on MFSS. MFSS shall generate the subscription order for the first installment of SIP along with the SIP registration.





5. The investor will receive a confirmation slip (which will contain unique SIP Registration number and date and time stamp of SIP registration) both for the SIP registration and the Subscription order for the first installment of SIP. Till the Participant provides allotment details to the investor the confirmation slip would be the proof of the SIP registration. In addition, for physical mode, the investor will receive Statement of Account from the RTA directly.





6. Participant will write the unique SIP registration number on the physical documents and deliver the same at any of the RTA /AMC offices as may be intimated from time to time.





7. Exchange will validate the Subscription order for the SIP installment on T day evening with the RTA and any discrepancy in the transaction details will be informed to the Participant on the same day evening.
    

8. The Clearing Corporation shall also provide the Participants with funds obligation report end of day for all the valid transactions.

9. The Clearing Corporation shall debit the designated clearing bank account of the Participants for the required funds obligation on T+1 morning for the Subscription order for the SIP installment.





10. In case of shortage if any, the concerned Participant will be provided an opportunity to identify transactions and provide details of the transactions for which payments have been received and transactions for which payment have not been received.





11. The funds collected from the bank account of the Participant shall be compared with the details provided by the Participant on the payment received status as per above. If the funds collected from the bank account of the Participant covers the details of the payments received as provided by the Participant, the same shall be further processed. Wherever the funds collected from the bank account falls short of the amount indicated in the details provided by the Participant, the details shall be considered defective and shall not be further processed. In such cases, the funds collected, if any, shall be returned to the designated bank account of the Participant.





12. The Exchange / Clearing Corporation shall take appropriate action including penalty on participants who fail to fulfill their funds obligation as required.





13. The Exchange will notify RTA for all such defective transactions and rejections due to non payment of funds. The RTA will reverse such transactions for respective Participants and transactions for other Participants who have fulfilled their funds obligations will be processed by the RTA. The RTA will intimate the allotment details for the accepted transactions including folio numbers.





14. Allotment information including folio numbers (if applicable) shall be provided to the Participants so that they can provide allotment details to the investor.

Rules for Subscription order for subsequent SIP Installments (second installment onwards)

The following rules will be applicable for each subsequent SIP installment (second installment onwards):

1. NSE MFSS will generate subscription order for SIP installment on the day the SIP transaction becoming due as per the Frequency of SIP, SIP Period, Date for Investment and Investment Amount chosen by the Participant on the SIP registration. In case a SIP installment becomes due is not a business day (holiday, weekend), the subscription order for SIP installment will be generated and become due on the next business day.





2. In case 2nd SIP installment for SIP registered becomes due within ‘30’ days of the SIP registration, then the generation of the subscription order for the 2nd SIP installment will be skipped to the next cycle for the SIP.





3. The system will generate unique confirmation number for each of the subsequent subscription order for SIP installments. The investor will receive a confirmation slip for each of the subsequent subscription order for SIP installment.





4. In case the first installment of SIP registration is rejected either by the RTA or depository, the SIP registration will be marked as ‘Invalid’ and will be rejected for further processing.





5. The clearing and settlement process for Subscription order for subsequent SIP installment will be same as the clearing and settlement process for Subscription Order except that the SIP Subscription order is generated automatically by NSE instead of the Participant required to enter the order.





6. MFSS will stop generating the subscription order for SIP installments once the SIP period is completed as provided on the SIP registration.

1. A client (investor) who approaches Participant to register SIP in Depository mode has to provide their depository account details along with PAN details to the Participant.





2. Participant shall enter the SIP Registration on the MFSS front-end system with the option of ‘Depository’ settlement. SIP Registration can be entered on the MFSS system between 9:00 a.m. and 3:00 p.m. For SIP Registration the schemes would have to be selected in terms of Symbol and Series on MFSS. For Depository orders the Depository A/c. details and PAN details of the investor is captured on the order on the MFSS front-end. Along with this information the investor also needs to provide the following information for SIP:




• Frequency of SIP (Monthly, Quarterly)


• SIP Period ( in Months)


• Date for Investment


• Investment Amount




3. Once the SIP registration is completed on MFSS system will generate a unique Registration Number for the SIP registered. The first installment of SIP would be due on the date of SIP registration on MFSS. MFSS shall generate the subscription order for the first installment of SIP along with the SIP registration.





4. The investor will receive a confirmation slip (which will contain unique SIP Registration number and date and time stamp of SIP registration) both for the SIP registration and the Subscription order for the first installment of SIP. Till the Participant provides allotment details to the investor the confirmation slip would be the proof of the SIP registration for the investor.





5. Exchange will validate the Subscription order for the SIP installment on T day evening with the RTA and any discrepancy in the transaction details will be informed to the Participant on the same day evening.





6. The Clearing Corporation shall also provide the Participants with funds obligation report end of day for all the valid transactions.

7. The Clearing Corporation of the Exchange shall debit the designated clearing bank account of the Participants for the required funds obligation on T+1 morning for the Subscription order for the SIP installment.





8. In case of shortage if any, the concerned Participant will be provided an opportunity to identify transactions and provide details of the transactions for which payments have been received and transactions for which payment have not been received.





9. The funds collected from the bank account of the Participant shall be compared with the details provided by the Participant on the payment received status as per above. If the funds collected from the bank account of the Participant covers the details of the payments received as provided by the Participant, the same shall be further processed. Wherever the funds collected from the bank account falls short of the amount indicated in the details provided by the Participant, the details shall be considered defective and shall not be further processed. In such cases, the funds collected, if any, shall be returned to the designated bank account of the Participant.





10. The Exchange / Clearing Corporation shall take appropriate action including penalty on participants who fail to fulfil their funds obligation as required.





11. The Exchange will notify RTA for all such defective transactions and rejections due to non payment of funds. The RTA will reverse such transactions for respective Participants and transactions for other Participants who have fulfilled their funds obligations will be processed by the RTA. The RTA will intimate the allotment details for the accepted transactions.





12. Allotment information shall be provided to the Participants so that they can provide allotment details to the investor. In the case of demat transaction, demat statement given by depository participant shall be considered as fulfilling the requirement of Statement of Account.




13. RTA will also credit the depository account of the investor directly end of day through credit corporate action process.

The following rules will be applicable for each subsequent SIP installment (second installment onwards):

1. NSE MFSS will generate subscription order for SIP installment on the day the SIP transaction becoming due as per the Frequency of SIP, SIP Period, Date for Investment and Investment Amount chosen by the Participant on the SIP registration. In case a SIP installment becomes due is not a business day (holiday, weekend), the subscription order for SIP installment will be generated and become due on the next business day.





2. In case 2nd SIP installment for SIP registered becomes due within ‘30’ days of the SIP registration, then the generation of the subscription order for the 2nd SIP installment will be skipped to the next cycle for the SIP.





3. The system will generate unique confirmation number for each of the subsequent subscription order for SIP installments. The investor will receive a confirmation slip for each of the subsequent subscription order for SIP installment.





4. In case the first installment of SIP registration is rejected either by the RTA or depository, the SIP registration will be marked as ‘Invalid’ and will be rejected for further processing.





5. The clearing and settlement process for Subscription order for subsequent SIP installment will be same as the clearing and settlement process for Subscription Order except that the SIP Subscription order is generated automatically by NSE instead of the Participant required to enter the order.





6. MFSS will stop generating the subscription order for SIP installments once the SIP period is completed as provided on the SIP registration.