The process for redemption of demat units involves the delivery of the redeemed units in the ICCL demat pool account on the day of placing the order. For this the client holding units in either of the depositories need to follow the below mentioned process:
- Clients holding their account in CDSL are required to provide a Delivery Instruction Slip (DIS) from their registered demat account, to their DP by 4.30 p.m. to initiate an On Market, delivery, with the Market type 15 (111015) followed by the settlement number corresponding to today's date, the ISIN which has been redeemed and the quantity as per the transaction placed on BSE StAR MF platform. It may be clarified here that the quantity mentioned in the DIS should exactly match with that of quantity mentioned in the transaction on the platform till the last decimal. The clients should not club the quantity placed in two different orders in the same ISIN from the same account.
- Clients holding their account in NSDL are required to provide a Delivery Instruction Slip from their registered demat account, to their DP by 4.30 p.m. to initiate an On Market instruction, to transfer the ISIN and quantity for which redemption order has been placed on the StAR MF platform so as to transfer them to the following pool account of ICCL:
| CMBP-ID |
IN620031 |
| CM Name |
Indian Clearing Corporation Ltd. |
| Market Type |
Mutual Fund - R |
| Settlement No. |
As applicable |
It may be noted that the quantity mentioned in the DIS should exactly match with that of quantity mentioned in the transaction on the StAR MF platform till the last decimal. The clients should not club the quantity placed in two different orders in the same ISIN from the same account.
The settlement of funds for the redemption, in demat transactions of a Investor is completed in the settlement bank account of the client by ICCL on the TAT day of the scheme in which the redemption has been placed for the client.
The settlement of funds for non-demat transaction is credited in the Investor's bank account by the funding unit of the AMC on the TAT day of the scheme in which the redemption transaction has been placed.