Mu. SEBI prohibits use of pool account for fund transactions

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MUMBAI: To protect investors from misuse of the money they hold, the Indian capital market, SEBI, on Monday issued a notice to stockbrokers, mutual fund distributors and investment advisers from April 1. The use of a pool account for transactions in the fund is prohibited. However SEBI-registered portfolio managers are exempt from this restriction.

SEBI issued various circulars in 2009 and 2010 to Mu. Units of fund schemes were allowed to transact through stock brokers and clearing members, respectively, using the stock exchange infrastructure. Also previously Mu. Allowed fund distributors and investment advisers to use the infrastructure of stock exchanges to purchase and redeem mutual fund units on behalf of their clients.

Now this new order of SEBI clearly means that stock brokers or clearing members facilitating mutual fund transactions will not be able to accept the directive for Systematic Investment Plans (SIPs) or Lumsum transactions.

Moreover, from April these intermediaries will not be able to accept or manage investors' money or units in their own accounts or pool accounts.

The market regulator on Monday issued a notification to Asset Management Companies (AMCs) for subscriptions, directly from investors' accounts. The funds are directed to ensure that the money is deposited in the scheme account without any intermediary pooling.

For ease of transaction, funds can be forwarded through payment aggregators authorized by clearing corporations approved by the Reserve Bank or SEBI. In case of redemption, funds from April without any intermediary pooling Mu. The funds should be credited directly from the scheme account to the investor's registered bank account.


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