Q1. How is Elite Online MF different from the existing process for subscription to and redemption of mutual funds?
Ans. Till now, an investor who wanted to subscribe to a mutual fund had to identify a distributor of the mutual fund and submit all documents along with the payment instrument where applicable, to the distributor. The subscription/redemption request would then get processed and the investor would know about the status of the request only in the form of a direct communication from Mutual Fund/AMC/RTA. In Elite Online MF, the investor deals with a SEBI-registered BSE member for subscription / redemption of units. Elite Online MF would enter the order into StAR MF. Investors would be able to know the order details and modify their order details till the order acceptance time ends i.e. up to 3.00 pm. By the end of the day, the investor would also get to know about the validity of his order and the value at which the units/proceeds would get credited/redeemed to his account.
Q2. What are the benefits of investing in mutual funds online?
Ans. Elite Wealth Advisors Ltd online mutual fund platform offers the following benefits:
- No Paper work
- Online Buy / Sell of Mutual Funds
- No need to worry about Account Statements
- Your systematic investment plan (SIP) can be altered as per your convenience or done at the click of a button
- Integrate your banking account with your mutual fund account ensures seamless transactions with instant confirmation.
- Research to help you make the right decision.
- Regularly review and update your portfolios.
- Switch your Investments between Mutual Funds schemes.
Q3. Who all can use this new electronic platform?
Ans.All mutual fund investors who get registered with Elite Online MF can use this electronic platform. This platform is an additional facility and the existing physical route will continue as before. Individuals, HUF and Corporate Body can participate in Elite Online MF subject to completing the KYC procedure. In case of a minor, the guardian would have to be KYC compliant.
Q4. Can an investor invest in any and all Mutual Fund schemes?
Ans. An investor would be able to deal in MF units of only those Mutual funds that have signed up with BSE STAR MF for availing this facility.
Q5. What are the days and time of availability of the platform?
Ans. Elite Online MF is available on all business days of the Equity Cash Market segment. The Elite Online MF is open between 9 a.m. and 3 p.m. – however on a need basis such as NFO, etc. it may be kept open longer.
Q6. If an investor is already an existing investor with an eligible member of BSE , what is the additional documentary requirement for Elite Online MF?
Ans. If you are already using the services of a BSE member for your other investment needs and you already hold units of one or more mutual fund, then you are required to sign up a letter (one page form) consenting to participate on Elite Online MF. Thereafter, you could place a subscription/redemption order by meeting the requirements applicable for placing such an order.
Q7. What are the features available?
Ans. The Invest Online section allows financial and non- financial transactions.
- New Purchase
- Additional Purchase
- Online SIP Registration
- Online STP Registration
Q8. How can I register for transact online facility? What are the documents/agreement required to use the online transaction facility?
Ans. a) If you are an existing client with Elite Wealth Advisors Ltd. then for the Elite Online MF A/c, you may contact to your respective RM.
- b) If you are new to Elite Wealth Advisors Ltd, then you may write to us in Sales@elitewealth.in or can call us on 42445800 or place your request on our website elitewealth.in/contact-us.
Following documents shall be required for Elite Online MF A/C
- For KYC-Compliant:-
- copy of pan card
- Address proof (like Voter Id Card, Aadhaar Card, Driving License, Bank passbook with latest transactions)
- Cancel cheque leaf
- For Non-KYC-Compliant:All the documents as said above in (1) along with KYC documents*.
*please refer our KYC section of Mutual Fund for KYC doucments.
Q9. Should mutual fund units be held in Physical form or Demat form?
Ans. Investors have a choice of holding units either in Physical form or in Demat. However, for convenience of operations and ease of entry and exit it would be advisable to hold the units in Demat form.
Q10. When an investor wishes to subscribe for a mutual fund through Elite Online MF, what are the details investor needs to give to the Member for placing the order?
Ans. For placing a subscription order, an investor would need to give transaction details such as the name of the Mutual Fund, Name of the Scheme, the value i.e. money that investor intends investing, whether investor would like units in Physical form or Demat form, whether his/her subscription is fresh first time investor for a Mutual Fund scheme or additional.
Q11. What will be the number of units that an investor would get for the value that they decides to invest?
Ans. For all orders received in equity schemes up to 3.00 p.m Net Asset Value NAV of the business day will be the rate at which units would be allotted to the investor. For liquid and debt schemes in Normal Category, the NAV applicability will be based on the date of receipt of funds by the AMC, i.e. normally T+1. For liquid schemes in L0 Category, the NAV applicability would be T-1 and in Debt/Equity schemes in L1 Category, the NAV applicability would be T day.
Q12. When and how will an investor get the credit of units to his/her Demat account?
Ans. After closure of order acceptance time, the Exchange would provide details to Mutual Fund / AMC / RTA and to the Depository in case of NFOs for validation. On receipt of the valid order information from both of these entities, on T+1 day as per the settlement calendar, the Exchange would debit the Settlement account of the Member towards all valid orders and then transfer the money to the concerned AMC/Mutual Fund Company. Thereafter the AMC/Mutual Fund/RTA would process the subscription request and credit Brokers Pool account on T+1 for onward transmission of units to investors Demat account/physical form. In case of L0 Category, units are credited to the Member on T day.
Q13. How can I login into Elite Online Mutual Fund Platform?
Ans. Please follow the instructions
- Login to our website elitewealth.in. The below screen will show you. Click on login-> MF Login.
- It will take you to another screen showing below. Click on “click here to login”.
- Now you will see the below screen. Enter into Elite Online MF platform by login using your user id and password which you received on your mobile and email id registered with us at the time of registration for our online platform.
- After login you will see our Elite Online MF platform home page. Now you can make any transactions in our online platform.
Q14. Once the investors subscription/redemption order is placed on the Elite Online MF, what confirmation would the investor get?
Ans.By the end of the day, Elite Online MF platform would be able to issue order confirmation notes containing particulars like Mutual Fund, Scheme, value of subscription, Physical/Demat mode and service tax applicable. In cases of rejection of the order, reason for rejection would also be communicated.
Q15. What are the application modes on Elite Online MF?
Ans. Elite Online MF is configured to accept and process, applications for Mutual Fund units in both Physical and Demat form.
Q16. How many AMCs are available in your online mutual fund?
Ans. Following are the list:
- AXIS Mutual Fund
- Baroda Pioneer Mutual Fund
- Birla Sunlife Asset Management Company Ltd
- BNP Paribas Asset Management India Pvt.Limited
- BNP Sundaram Mutual Fund
- BOI Axa Mutual Fund
- CanaraRobeco Mutual Fund
- DHFL Pramerica Mutual Fund
- DSP Blackrock Mutual Fund
- Edelweiss Mutual Fund
- Franklin Templeton Mutual Fund
- HDFC Asset Management Company Ltd
- HSBC Asset Management (India) Pvt Ltd.
- ICICI Prudential Asset Management Company Ltd
- IDBI Mutual fund
- IDFC Asset Management company Ltd
- IIFL Mutual Fund
- Indiabulls Mutual Fund
- Invesco Mutual Fund
- JM Financial Mutual Fund
- Kotak Mahindra Mutual Fund
- L & T Mutual Fund
- LIC Mutual Fund
- Mahindra Mutual Fund
- Mirae Asset Global Investments(India) Pvt Ltd
- MotilalOswal Asset Management Company Ltd
- Peerless Mutual Fund
- PPFAS Mutual Fund
- Principal Mutual Fund
- Quantum Asset Management Company Ltd
- Reliance Capital Asset Management Ltd
- Sahara Mutual Fund
- SBI Funds Management Pvt Ltd
- Shriram Mutual Fund
- Tata Asset Management Ltd
- Taurus Mutual Fund
- UTI Asset Management Company Ltd
Q17. How can I purchase units through Elite Online MF platform.
Ans. Firstly login into our website www.elitewealth.in follow the instruction of Question no 12.After login into Elite Mutual Fund Online Platform, click on “Invest Online BSE” tab on home page. You will reach on the below screen.
Then click on NEW PURCHASE. You will see the following screen
Now fill the details like AMC, scheme type, scheme name, amount you want to invest etc then click on add transaction. It will take you to your bank account payment portal that is registered with us. Now choose online payment mode and make payment and confirm your order. After purchasing units, you will receive confirmation on your mobile and email id registered with us.
Q18. What is difference between Fresh purchase and Additional purchase?
Ans. ‘Fresh’ purchase indicates the purchase Orders that are placed for the selected scheme for the very first time. ‘Additional’ purchases means any incremental purchase of units of the same scheme, which is already available in your demat account. Validation of Fresh and additional purchase is done at the Exchange level. In this case, the acceptance & rejection of transaction type-fresh and additional purchase-is also done by exchange.
Q19. How can I go for Additional Purchase?
Ans. Firstly login into our website www.elitewealth.in follow the instruction of Question no 12. After login into Elite Mutual Fund Online Platform, click on “Invest Online BSE” tab on home page. You will reach on the below screen.
Then click on Additional Purchase, you will see the following screen
Fill the details like AMC, scheme type, scheme name, amount you want to invest etc then click on add transaction.
Q20. Can I cancel or modify the order?
Ans. Yes you can cancel or modify the mutual order by 3 pm on the same trading day.
Q21. What is the payment procedure for mutual funds bought online?
Ans. Order placement in mutual fund transaction is facilitated through the existing online mechanism. After the selection of appropriate mutual fund and scheme, investment amount and the nature of purchase you will be asked to make payment by using the following option
- Net Banking.
You can place a purchase order only if you hold sufficient funds in your account. In case of redemption order placement, the quantity to be redeemed is marked as hold in the respective demat account/ physical form.
Q22. How do I get the confirmation and track the status of Order through Elite Online MF?
Ans. Once you place Purchase/Additional Purchase or Redemption order, your order is placed with the exchange. The screen will display an order reference number. Alternatively, you will also get emails for all transactions placed i.e. order placement purchase/redeem/modification and cancellation. This alert would be sent to your registered email address.
Q23. How long does the allotment process take?
Ans. Once you place the order (before 3 pm), it will be processed at the NAV as on the same trading day, assuming the investment amount is less than 2 lacs otherwise NAV applicable would be the day funds are realized for investment of 2 lacs or above. However, the units will be allotted to your account on T+1 basis.
In case of liquid schemes the cut off time for placement of order is 2 p.m. For all other schemes the cut off time is 3.00 p.m. For details refer question no29 .
Q24. How will I receive the confirmation on allotment of units in case of purchase transactions?
Ans. Confirmation note containing the purchase transaction details would be generated and emailed to your registered email id on T+1 day i.e. after the allotments of units.
Q25. What will be the applicable NAV if I redeem my units today?
Ans. If you redeem the mutual fund units before 3 pm, the NAV for the day would be applicable to compute the redemption proceeds.
Q26. How can I redeem my units through Elite Online MF platform?
Ans. Firstly login into our website www.elitewealth.infollow the instruction of Question no 12. After login into Elite Mutual Fund Online Platform, click on invest online BSE
Then click REDEMPTION you will see the following screen
Now fill the details like AMC, folio, scheme name, redeem type, redeem value etc then click on order.
Q27. When would the redemption proceeds get credited to my account?
Ans. The credit of redemption proceeds into your bank account depends on the settlement type of the scheme in which you have placed a redemption order. For example: in case the settlement is of T+1, the proceeds will be credited into the account on T+1 day.
Q28. How can I invest in SIP through your online platform?
Ans.If you want to invest in SIP first login into our Online MF platform by your User Id and Password then click on Invest Online BSE like below in image :-
then click on SIP, the following page will show you
Fill your details like AMC name, scheme type, scheme name, start date etc then click on order. Hence your SIP is registered and confirmation email is sent on your registered email address.
Q29. What is the NAV applicable for my transaction?
Ans. The number of units allotted or redeemed will be calculated based on the cut-off time and Applicable NAV as per SEBI guidelines. All transactions performed after the cut-off time will be deemed to have been performed on the next Business Day and processed accordingly.
- NAV applicability in case of Non-Liquid Schemes –
1.aPurchase / Switch-In for Less Than Rs. 2 Lakhs – For non-liquid schemes the cut-off time for same day NAV is 3.00 pm for purchase transactions submitted online. All transactions submitted online before 3.00 pm will be eligible for same day’s NAV (except Saturday, Sunday and Holidays).
Purchase transactions submitted online after 3.00 pm on business days or on Saturday, Sunday and Holidays will be eligible for the applicable NAV of the next business day.
1.bPurchase / Switch-In for More Than Rs. 2 Lakhs – With respect to the purchase of units of mutual fund schemes (other than liquid schemes), the closing NAV of the day on which the funds are available for utilization shall be applicable for application amount equal to or more than Rs. 2 lakh, irrespective of the time of receipt of such application.
- NAV applicability in case of Liquid Scheme –
Where the application is received up to 2.00 p.m. on a day and funds are available for utilization before the cut-off time, the applicable NAV shall be closing NAV of the day immediately preceding the day of receipt of application.
In case of Quantum Liquid Fund the applicable NAV for allotment will be based on submission of purchase transaction online before cut-off time of 2.00 pm and availability of funds for utilization before cut -off time. Units will be allotted upon receipt of funds only i.e. approximately T+2 business days, where T is the date of transaction and hence the applicable NAV will be determined accordingly.
As regards all commercial transactions, the time after successful payment and transaction being confirmed before applicable cut-off time will be considered as final and there cannot be any changes there-of. Hence you are requested to be very careful in the selection of schemes/option/amount etc. before submitting the transactions online.
Q30. What happens if I do a purchase transaction after the cut-off time? What happens when I start a transaction before cut-off time but the same is confirmed after the relevant cutoff time?
Ans. For online transactions, server time at the instance of confirmation of the transaction is being considered as the final time to determine transaction time, cut-off time and consequent applicable NAV. As regards purchases, the time after successful online payment confirmation and transaction being confirmed within cut-off time will be considered as final time for the transaction.
Q31. How will I receive the redemption proceeds?
Ans. After your redemption transaction has been successfully processed for the applicable NAV, the redemption proceeds will be paid out to the bank selected by you while placing your online redemption request. The redemption amount will be electronically credited to your bank account registered with us in case the core banking account details and valid IFSC (Indian Financial System Code) of your registered bank are available with us for the above mentioned folio. You will receive the redemption amount in your Bank account on the third working day from the transaction day in case of redemption done in any of our Equity/FOF schemes and on the subsequent day from the transaction day in case of Liquid Funds.
Q32. Can I make multiple redemptions/switches in same/ different folios at the same time?
Yes. Investor can make multiple redemption/switches in the same/different folio(s) only if the balances are available. Inter folio transactions are not allowed.
Q33. Do I require a DEMAT account to invest online in Mutual Funds?
Ans. No, you do not require a DEMAT account.
Q34.CananNRI eligible for online mutual fund facility?If yes then how can an NRI use this facility?
Ans. Yes. The process is the same as for resident individuals. However, instead of a savings bank account, NRI’s will require an NRE/NRO bank account.
Q35.Can I avail nomination facility in Mutual Fund online platform?How many nominee details I can give?
Ans. Yes. Only one nominee detail you can give.
Q36.Who can make a nomination?
Ans. Investors in the Category of “Individuals” are permitted to make a nomination for their mutual fund units. Non-individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family and a holder of Power of Attorney are not allowed to nominate.
Q37.Can I nominate a Non Resident Indian as my nominee?
Ans. Yes. A non-resident Indian can be a nominee subject to the exchange controls in force, from time to time.
Q38. Can I nominate a minor as my nominee?
Yes. You are permitted to nominate a minor. However, if you nominate a minor, do provide the name and address of the minor’s guardian in the nomination request.
Q39. Can I change my nominee?
Ans. Yes. You can cancel your existing nomination at any time before you redeem your mutual fund units.
Q40. Can I invest in mutual funds in joint holder mode?
Q41. Can I add joint holder in my account?
Q42. How many joint holder can be in a single account?
Ans. Maximum three are permitted.
Q43. Can minor avail this online facility?
Q44. How can I switch my folio through Elite Online MF platform?
Ans.For switching your portfolio from one scheme to another within the same AMC you may login on our Elite Online MF platform using your User Id and Password. On the home page click the tab “INVEST ONLINE BSE”. It will open the below window:-
Now click on SWITCH, the below window will be opened:-
Select respective information and click on the “ORDER” tab. After clicking order tab, for order confirmation you will receive a pop-up confirming the request along with order no. Further you will receive second level of authentication on your registered mobileno/email id in which you will be requested to further confirm for final execution of the order.
Q45. How can I view my transactions?
Ans. Just click on “A/C Statement” in our mutual fund online platform, you can see your all transaction. You can also see your dividend report, capital gain, your portfolio etc.
Q46. How can I request for new password if I forgot my password?
Ans.To reset your password kindly contact your RM or you may write us on email@example.com stating your User Id, Name and Pan number.