Hitherto, an investor interested in subscribing to a mutual fund had to identify a distributor of the mutual fund and submit all documents along with payment instrument where applicable to the distributor or directly to Mutual Fund/AMC/RTA. The subscription/redemption request would thereafter get processed and investor would know about status of the request only in the form of direct communication from Mutual Fund/AMC/RTA.
In the MFSS, investor will have an opportunity to deal with SEBI registered NSE member who is eligible to participate in MFSS for subscription/redemption of units. Members would enter the order into MFSS. Investor would be able to know the order details and
modify his order details till the order acceptance time ends i.e. up to 3.00 pm. By end of the day investor would also get to know about the validity of his order and the value at which the units would get credited/redeemed to his account.
