Procedures for making subscription through cash
In accordance with SEBI Circular No-CIR/IMD/DF/21/2012 dated September 13, 2012 to help enhance the reach of mutual fund products, regulator has allowed cash transactions in mutual funds to the extent of Rs 50,000/- per investor, per mutual fund, per financial year (revised as per SEBI Circular dated 22nd May 2014)
This facility is available for non-corporate investor's viz. Resident individuals, sole proprietors, HUF, minors (through guardians) who are:
- KRA-KYC compliant
- Have a bank account
- And whose address as per KRA-KYC records fall in the Beyond Top 15 locations.
Note: Top 15 locations as defined by Association of Mutual Funds in India (AMFI) include: Mumbai (includes Thane and Navi Mumbai), New Delhi (includes NCR Region), Bangalore , Kolkata ,Chennai, Pune, Ahmedabad, Hyderabad, Baroda, Panjim, Jaipur, Lucknow, Surat, Kanpur and Chandigarh.
Cash acceptance towards subscription shall not be accepted from investors residing at any of the above mentioned Top 15 locations.
All schemes of Birla Sun Life Mutual fund shall be available for investment under this facility. NAV shall be applicable based on the time-stamping of the physical application at the designated ISC centre or electronic recording of transaction submission time as prescribed by BSLAMC.
In case of subscriptions received through cash into Liquid schemes, the applicable NAV would be allotted based on the sighting of credit into the Bank Account of the respective scheme corresponding to the cash paid for the transaction.
a) Cash Limit exhausted
As per regulation an investor can subscribe to the extent of Rs 50,000/- per investor, per mutual fund, per financial year. This is tracked based on the First Applicants PAN or PEKRN issued by the KRA-KYC entity.
Post acceptance of cash, if the cash limit is found to have been exhausted for the First Applicant for the financial year, the amount shall be refunded back into the investors' bank account as available on records with Birla Sun Life Mutual Fund.
b) Subject to application being complete in all aspects
Processing and NAV applicability of all transactions accepted at the Official Point of Acceptance of Birla Sun Life AMC / Birla Sun Life Mutual Fund are subject to verification at the time of final processing. Rejections, if any, would result in the amount being refunded into the investors' bank account as available on records.
Mode of Acceptance
There are two modes enabled for accepting cash through designated cash collecting centre.
1. Through Registrar & Transfer Agent (RTA) Branches (w.e.f. from 7th July 2013) enabled for new and existing investors
2. Through partner bank Business Correspondent outlets (wef from 1st January 2014) enabled for existing investors
Please click on either of the two Tabs above to get further details.