{"id":255265,"date":"2021-10-06T18:30:20","date_gmt":"2021-10-06T13:00:20","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=255265"},"modified":"2021-10-06T18:22:55","modified_gmt":"2021-10-06T12:52:55","slug":"sebi-issues-circular-on-discontinuation-of-usage-of-pool-accounts-for-transactions-in-mutual-fund-unit","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/06\/sebi-issues-circular-on-discontinuation-of-usage-of-pool-accounts-for-transactions-in-mutual-fund-unit\/","title":{"rendered":"SEBI issues circular on discontinuation of usage of pool accounts for transactions in Mutual Fund unit"},"content":{"rendered":"<p style=\"text-align: justify;\">The Securities and Exchange Board of India has banned the usage of pool accounts for mutual fund transactions on October 6, 2021.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key points of the circular are:<\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">The asset management companies (AMCs) shall ensure that intermediate pooling of funds or units in any manner by MFDs, IAs, MFU, channel partners or any other service providers\/ platforms are discontinued for Mutual Fund transactions.<\/li>\n<li style=\"text-align: justify;\">This requirement shall not apply to the SEBI registered Portfolio Managers subject to compliance with SEBI (Portfolio Managers) Regulations, 2020. The AMCs shall put in place necessary systems to ensure that transactions of funds and units pertaining to subscription as well as redemption are directly done between the accounts of the investors and the mutual fund scheme accounts concerned. There will not be any intermediate pooling.<\/li>\n<li style=\"text-align: justify;\">In order to ensure that the folio and source bank account belong to the same person, AMCs shall make sure that payment for MF transactions are accepted through only such modes where independent traceability of end investor can be ensured and source account details are available as audit trail without relying on any other intermediary\u2019s records.<\/li>\n<li style=\"text-align: justify;\">AMC would be liable to compensate for losses, where unauthorised transaction(s) occur(s) in unit holder\u2019s folio due to fraud\/ negligence\/ deficiency on the part of the AMC, employee of AMC or persons\/ entities whose services have been availed by the AMC including the platform providers, MFDs, RTAs, MFU, and channel partners, irrespective of whether or not the fraud is reported by the unit holder.<\/li>\n<\/ul>\n<hr \/>\n<p><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Board of India has banned the usage of pool accounts for mutual fund transactions on October 6, 2021. <\/p>\n","protected":false},"author":121,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[47315,2563,43290],"class_list":["post-255265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-mutual-fund","tag-SEBI","tag-transactions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI issues circular on discontinuation of usage of pool accounts for transactions in Mutual Fund unit | SCC Times<\/title>\n<meta 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2021","format":false,"excerpt":"The Securities and Exchange Board of India has issued a Circular on Mutual Funds on December 10, 2021. The representations were received from the industry highlighting the instances where pool accounts are used for mutual funds. The issue was discussed in Mutual Funds Advisory Committee (MFAC) & based on the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":263769,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/16\/sebi-issues-clarification-regarding-on-discontinuation-of-usage-of-pool-accounts-for-transactions-in-units-of-mfs\/","url_meta":{"origin":255265,"position":1},"title":"SEBI issues clarification on discontinuation of usage of pool accounts for transactions in units of MFs","author":"Bhumika Indulia","date":"March 16, 2022","format":false,"excerpt":"On March 15, 2022, the Securities and Exchange Board of India (SEBI) has issued clarification on discontinuation of usage of pool accounts for transactions in the units of Mutual Funds. This shall come into force on April 1, 2022. \u00a0 Key points: Existing mandates being used for Mutual Fund transactions\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":252085,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/31\/sebi-issues-circular-on-intra-day-net-asset-value-nav-for-transactions-in-units-of-exchange-traded-funds-directly-with-asset-management-companies\/","url_meta":{"origin":255265,"position":2},"title":"SEBI issues circular on Intra-day Net Asset Value (NAV) for transactions in units of Exchange Traded Funds directly with Asset Management Companies","author":"Bhumika Indulia","date":"July 31, 2021","format":false,"excerpt":"SEBI in view of the feedback of the industry and recommendations of the Mutual Fund Advisory Committee, clarified that intra-day NAV, based on the executed price at which the securities representing the underlying index or underlying commodity(ies) are purchased \/sold, shall be applicable for the transactions in units of Exchange\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122401,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/11\/requirements-for-mutual-funds-investment\/","url_meta":{"origin":255265,"position":3},"title":"Requirements for Mutual Funds Investment","author":"Saba","date":"April 11, 2017","format":false,"excerpt":"The Securities and Exchange Board of India (SEBI) is mandated to protect the interests of investors in securities, and to promote the development of and to regulate the securities market. In pursuance of the same, SEBI has framed Regulations for the securities market, inter alia, to ensure that the interest\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":295381,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/26\/sebi-proposes-institutional-mechanism-asset-management-companies-market-abuse\/","url_meta":{"origin":255265,"position":4},"title":"Strengthening Oversight: SEBI Proposes Institutional Mechanism for Asset Management Companies to Combat Market Abuse and Fraud","author":"Bhumika Indulia","date":"June 26, 2023","format":false,"excerpt":"by Sumit Agrawal\u2020 and Pratham Darad\u2020\u2020 Cite as: 2023 SCC OnLine Blog Exp 56","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"asset management companies to combat market abuse","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/asset-management-companies-to-combat-market-abuse.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/asset-management-companies-to-combat-market-abuse.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/asset-management-companies-to-combat-market-abuse.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/asset-management-companies-to-combat-market-abuse.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":268518,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/16\/sebi-issues-circular-on-nomination-for-mutual-fund-unit-holders\/","url_meta":{"origin":255265,"position":5},"title":"SEBI issues circular on nomination for mutual fund unit holders","author":"Bhumika Indulia","date":"June 16, 2022","format":false,"excerpt":"On June 15, 2022, SEBI has issued a circular on nomination for mutual fund unit holders in order to bring uniformity in practices across all constituents in securities market. 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