BSE Extends Downtime for Mutual Fund services | 31st March 2023, 2PM – 2nd April 2023, 2PM2 min read
As per BSE’s latest circular, the ongoing downtime for Mutual Fund Services has now been extended, due to which Mutual Fund services will be available after 2PM, 2nd April 2023.
Why is there a scheduled downtime?
As informed through our previous communications, SEBI has mandated 2-Factor Authentication for Mutual Fund purchases. Since we use BSE StAR mutual fund platform for mutual fund transactions, customers will need to validate all types of Subscription transactions with an OTP from April 1, 2023.
To make this two-factor authentication service functional in our systems, BSE and Paytm money have scheduled this downtime on 31st March 2023, 2PM till 2nd April 2023, 2PM,
Which services are affected during downtime?
The following services will be affected temporarily till 2nd April 2023, 2PM
1. SIP Registration: Users will not be able to register and start new SIPs
2. Lumpsum Purchase: Users will not be able to place lumpsum purchase orders of Mutual Fund units.
3. SIP Payment: SIP payments cannot be executed.
4. Unit Redemption: Users cannot place redemption requests can not be executed.
5. SIP Delete/Pause: Users cannot delete or pause an existing SIP.
However, the services not listed above (like Portfolio, Statement, and Fund Search) will be functional as usual.
We understand that this maintenance activity may cause inconvenience to our users. However, it is essential to ensure compliance with the governing body and ensure that the platform is safe and secure for all our users. We are committed to providing the best services to our customers and will ensure that all services are back up and running as soon as possible.
We apologize for any inconvenience this may cause and thank you for your cooperation.
Updated BSE notice – https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20230401-9
FAQs
1. Why is there a downtime on 31st March?
As per SEBI’s regulatory requirement, 2-Factor Authentication has been mandated for Mutual Fund purchases. Since we use BSE StAR mutual fund platform for mutual fund transactions, customers will need to validate all types of Subscription transactions with an OTP from April 1, 2023.
To make this two-factor authentication service functional in our systems, BSE and Paytm money have scheduled this downtime on 31st March, starting at 2 PM.
2. Which services will not be functional during the downtime?
The following features and services will be affected during the downtime:
- SIP Registration
- Lumpsum Purchase
- SIP Payment
- Units Redemption
- SIP Delete/Pause
3. Which services will remain functional during the downtime?
Any services not listed above (like Portfolio, Statement, and fund search) will be functional as usual.
4. What is the duration of downtime?
The downtime will start on 31st March 2023 at 2 PM and last till 2nd April 2023, 2PM
