Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

NSE Launches Paperless E-mandate Facility on its Mutual Fund Platform

Currently, trading members and mutual fund distributors register paper-based mandates for their investors which is time consuming as it involves obtaining signature of an investor on the form and submission of physical form at service centre for processing.

PTI

Updated:December 21, 2017, 6:04 PM IST
facebookTwitterskypewhatsapp
NSE Launches Paperless E-mandate Facility on its Mutual Fund Platform
A NSE (National Stock Exchange) building is seen in Mumbai, India, July 11, 2017. (Photo: Reuters/Danish Siddiqui)

New Delhi: Leading stock exchange NSE on Thursday announced the introduction of e-mandate facility on its mutual fund platform, a move that will facilitate SIP registrations in 2-3 days as compared to 2-3 weeks earlier.

Currently, trading members and mutual fund distributors register paper-based mandates for their investors which is time consuming as it involves obtaining signature of an investor on the form and submission of physical form at service centre for processing.

"NSE has taken a step towards 'digital India' by announcing an e-mandate facility on its mutual fund platform. Implementation of e-mandates is a very significant step towards digitisation of transactions in mutual funds.

"The objective is to offer simple and hassle free alternative to the members, MF distributors in form of e-mandate wherein members/MF distributors can register mandate of an investor online, which will be digitally signed based on Aadhaar based OTP validation," NSE Managing Director and CEO Vikram Limaye said in a statement.

e-Mandate, available for individuals with single mode of holding, is an Aadhaar based functionality, accordingly, registration of mobile number with UIDAI is mandatory for e-signing of mandate. Currently, maximum limit for e-mandate is Rs 1 lakh.

As per UIDAI website, there are about 119 crore Aadhaar numbers, which hold a huge potential for mutual fund industry that currently has 6.2 crore folios only.

NSE has implemented e-mandates through HSBC (sponsor bank for the initiative) along with e-Mudhra as an e-sign service provider.

The National Stock Exchange (NSE) has witnessed a very encouraging growth in the mutual fund transactions routed through its Platform. In the current financial year till December 15, about 48 lakh transactions aggregating to Rs 23,345 crore have been processed through its MF platform. In last two years, the exchange has registered a growth of more than 600 per cent in number of transactions, routed through its MF platform.

Further, the number of Systematic Investment Plan (SIP) accounts on the platform have increased from 0.85 lakh as on March 31, 2015 to 4.45 lakh as on December 15, 2017.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Bijaya Das
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 47.40 15.47
Indiabulls Hsg 197.95 14.39
Reliance 1,396.50 1.76
SBI 265.45 3.67
Zee Entertain 264.45 1.85
Company Price Change %Gain
Yes Bank 47.40 15.19
Indiabulls Hsg 197.15 14.03
RBL Bank 289.85 12.32
Tata Motors 138.15 9.82
HUL 2,107.80 1.74
Top Gainers
Company Price Change %Gain
Yes Bank 47.40 15.47
Tata Motors 139.50 10.85
Eicher Motors 20,491.85 6.61
IndusInd Bank 1,340.10 5.15
SBI 265.45 3.67
Company Price Change %Gain
Yes Bank 47.40 15.19
Tata Motors 142.60 13.35
IndusInd Bank 1,340.50 5.18
Bajaj Auto 3,138.30 3.89
Tata Steel 360.00 3.61
Top Losers
Company Price Change %Gain
Vedanta 148.30 -1.07
Grasim 724.55 -0.86
TCS 2,030.95 -0.75
HCL Tech 1,093.05 -0.71
UltraTechCement 4,260.45 -0.58
Company Price Change %Gain
HCL Tech 1,089.45 -1.04
Vedanta 148.50 -0.80
Power Grid Corp 197.45 -0.63
ONGC 141.35 -0.18
Kotak Mahindra 1,601.00 -0.31

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results