SEBI directs registrar and share transfer agents (RTAs) to develop inter-operable platform.

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The Securities and Exchange Board of India vide its notification dated 26th July 2021 has directed the mutual fund (MF) and registrar and transfer agents (RTAs) to develop a common industry-wide platform for purchase and sale of mutual funds and to handle service requests.

The Assets Management Companies and Depositories shall facilitate the RTAs for the development of the proposed platform. The Platform shall enable a user-friendly interface for investors for execution of mutual fund transactions viz. purchase, redemption, switch, etc., initiation and tracking of  service requests viz. change of email id/contact number/bank account details etc.

The platform may also over time, provide services to the distributors, registered investment advisors,  AMCs, Stock Exchange platforms and digital platforms for transacting in mutual funds to further augment ease of investing and servicing of investors through the above stakeholders in consultation with SEBI.

The RTAs shall make the aforesaid platform operational in a phased manner (starting with non-financial transactions) and shall be fully operational by December 31, 2021.

The RTAs are jointly and severally responsible for compliance with all the applicable regulations including system audit and  cyber security audit.

Further, RTAs shall ensure that the platform complies with the guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) specified by SEBI from time to time to “MIIs ( Market Infrastructure Institution).

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