Frequently Asked Questions

Folio Based TransactEezz FAQs

  • What is Folio Based TransactEezz?

    Folio Based TransactEezz is a feature using which, Distributors and RIAs will be able to initiate electronic Folio based transactions (without opening a Common Account Number) and upon approval by the respective investors, the transaction will be taken forward for further processing.

  • Does this mean I can also initiate electronic transactions for my clients who have not opened a CAN?

    Yes. For all those clients who has not opened a CAN in MFU you can initiate electronic transactions for that client.

  • Which email id and mobile number of the customer will receive the transaction message for approval?

    The transaction approval message will be sent to the email address and mobile number that is registered in the folio.

  • What are the payment options available under this feature?

    Currently, this feature supports the following modes of electronic payment:

    1. NEFT
    2. RTGS
    3. Net Banking

    It may be noted that in case of Net Banking payments, MFU’s Escrow Account is credited at the earliest on T+1 business /working day, where T refers to the payment confirmation day.

    NEFT / RTGS payments shall be made to the Virtual Account Number (VAN), which will be the Bank Code suffixed with the PAN Number of the Sole / First Holder or the Guardian in case of Minor. For example, if the PAN of the First holder is AAAAA1234B and if the funds are being transferred to Kotak Bank, then the VAN shall be MFKKAAAAA1234B.

    It is strongly recommend that funds are transferred through NEFT/RTGS for transactions where NAV applicability is based on the "Fund Realisation Basis" so that we will be able to receive funds and the amount shall be transferred to AMC on the same day.

  • What are the restrictions in this feature?

    In the following cases, system will throw an error message and transactions cannot be submitted under this feature:

    1. Non Individual Folios are not supported.
    2. Folios with multiple holders with holding mode as “Joint” are not supported.
    3. Both email id and mobile number shall exist under the given Folio. Folios where either Mobile Number or email id is not registered are not supported.
    4. Folios where PAN is not available for any of the holder are not supported.

    For the purpose of the above validations, MFU System depends on the RTA system and for whatever reason if the RTA system doesn’t respond for such requests, the transaction cannot be put through.

    ALL OTHER TERMS AND CONDITIONS AS APPLICABLE TO TransactEezz will apply.

  • What are the transaction types supported under this feature?

    Purchase, Redeem and Switch are the transaction types supported.

  • Is this option available in goMF app?

    Yes.

  • Is this option available in Investor login?

    No.