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Frequently Asked Questions

1. About NMF

1.1 What is NMF Platform?

Securities and Exchange Board of India has allowed the mutual fund distributors to use the Exchange infrastructure for facilitating mutual fund transactions for their clients. In order to allow distributors and members of the Exchange to access our infrastructure, for executing mutual fund transactions, NSE has developed an online platform NMF. This is an online platform which facilitates subscription, redemption, Systematic Investment Plan (SIP), Systematic Withdrawal Plan (SWP), Systematic Transfer Plan (STP), Switch and other transactions of mutual fund units.

1.2 Is NMF platform different from Mutual Fund Services System (MFSS)

SEBI had allowed use of Exchange infrastructure by members of the Exchange for transacting in mutual fund. NSE had launched the MFSS platform for facilitating mutual fund transactions by its members. Subsequently, SEBI in October 2013 allowed use of Exchange infrastructure by distributors. NMF is a platform for facilitating transactions in mutual fund by distributors. At present, MFSS and NMF are different platforms. At a later stage, once all the key features of MFSS are made available in NMF, the MFSS platform may get merged into the new NMF.

1.3 What kind of infrastructure would be required at distributor end for accessing the NMF?

NMF is a web application and it can be accessed online from anywhere using a standard internet connection.

2. Access to NMF Platform

2.1 Who can get access to NMF platform?

NMF platform can be accessed by distributors and trading members. All trading members and distributors having valid registration with AMFI can transact on NMF platform.

The distributors have to obtain limited purpose membership with the Exchange for transacting in mutual funds on NMF platform.

2.2 Are all the trading members of the Exchange automatically eligible for accessing NMF?

All trading members of the Exchange who are already enabled on the MFSS platform of the Exchange are automatically eligible for accessing NMF platform. All other trading members will have to apply for enablement on the NMF platform.

2.3 Who can obtain limited purpose membership for accessing NMF?

Individuals, HUF, partnership firms, corporate entities, banks and all other entities granted registration by AMFI can apply for limited purpose membership for accessing NMF.

2.4 What are the eligibility conditions for obtaining limited purpose membership?

The eligibility conditions for obtaining limited purpose membership for accessing NMF are:

  • Registration with AMFI having valid ARN.
  • Consent for abiding by code of conduct defined by AMFI for distribution of mutual fund.

2.5 Should the application for limited membership be made in any standard format and what are the documents to be submitted along with application?

For obtaining limited membership of the Exchange to transact in Mutual Fund schemes the applicant has to submit below given documents:

  • Application Form – Annexure 1
  • Undertaking to be submitted Mutual Fund distributor – Annexure 2
  • Certified true copy of ARN certificates
  • Certified true copy of PAN Card
  • Board Resolution in case of Corporates,Banks,institutions.
    • Mandate Form – 3
    • AMC empanelment declaration – 3B
  • Authorised Signatory List
  • Partnership Deed in case of Partnership
  • LLP Deed in case of a LLP and Trust Deed in case of a Trust

2.6 Are there any charges for getting limited purpose membership of the Exchange?

Currently there are no charges levied for limited purpose membership of the Exchange

2.7 On admission as limited member, would any certificate or authentication issued by Exchange or SEBI?

On granting of limited membership to access NMF platform, NSE would issue a certificate containing details of membership. Distributor would be required to display the certificate so issued at all the centers from where the customers are getting serviced.

3. Enablement Process

3.1 What is the process to access the NMF platform?

Trading Members - All trading members of the Exchange who are already enabled on the MFSS platform of the Exchange are automatically eligible for accessing NMF platform. All other trading members will have to apply for enablement on the NMF platform.

Distributors – Distributors have to submit an application form and undertaking to the Exchange along with certified true copy of ARN certificates and PAN Card along with requisite documents to the Exchange for obtaining limited purpose membership. Once the Exchange grants him such membership, the distributor shall be enabled on the Exchange MF platform. Also refer Point 2.5 for the requisite documents

User creation and management during enablement

Exchange will issue a Super User login and password to the member/distributor to access the platform. The member / distributor can create user ids for his employees, agents through the Super User login issued to them. The platform facilitates creation of different types of users with varying rights and privileges. The below given table states rights and privileges for various types of users.


Data Entry User

Super User

Branch User




Create Customer NO YES YES YES YES YES
Portfolio Statement NO YES YES YES YES YES
Systematic Registration YES YES YES NO NO NO
Systematic Ceasure YES YES YES NO NO NO
Manage Transaction NO YES YES YES YES YES
Transaction Status YES YES YES YES YES YES
Investor Transaction Status YES YES YES YES YES YES
Transaction Import YES YES YES NO NO NO
Transaction Import YES YES YES NO NO NO
Non-Financial Request YES YES YES NO NO NO
NFT Packing List Scan YES YES YES NO NO NO
NFT Transaction History YES YES YES YES YES YES
Transaction Listing NO YES YES YES YES YES
Systematic Registration Report YES YES YES YES YES YES
Systematic Ceasure Report YES YES YES YES YES YES
Generate Payin-slip YES YES YES NO NO NO
Transaction slip YES YES YES NO NO NO
Family Wrap Creation NO YES YES NO NO NO
Family Wrap ID Status NO YES YES NO NO NO
Family Portfolio Statement NO YES YES YES YES YES

3.2 What is the procedure in case access of the platform is required to be given across different branches of the member / distributor?

In case of members/ distributors having multiple branches, they have to submit the details of their branches in below given format to the Exchange for creation of branches in the system. Post creation of branches in the system by the Exchange, member / distributor can create users under respective branches. (The below given table is a dummy branch creation request provided for understanding.)






ARN-1234 Bandra Mumbai West West
ARN-1234 Andheri Mumbai West West
ARN-1234 Fort Mumbai West West
ARN-1234 Thane Mumbai West West
ARN-1234 Vashi Mumbai West West
ARN-1234 Nagpur Mumbai West West
ARN-1234 Pune Mumbai West West
ARN-1234 Nasik Mumbai West West
ARN-1234 Indore Indore West West
ARN-1234 Baroda Gujarat West West
ARN-1234 Surat Gujarat West West

3.3 What facilities are available for the members / distributors on the platform?

NMF platform facilitates following activities:-

  • Creation of user ids for branches, sub-agents, employees
  • Registration of client
  • Registering eKYC and checking KYC for investor
  • Facility to enquire about investor’s transaction / Product summary
  • e-mandates
  • Creation of a family wrap i.e. clubbing of family accounts in a single login.
  • Incorporating financial transactions
  • Updating non financial information
  • White labeling of reports to investors.
  • Generation of reports (Transaction listing, EOD Report, Packing List, Systematic Reg report and ceasure report).

3.4 What is the procedure to onboard clients on the platform?

The distributor has a provision to register the investor online in 2 ways:- single entry one at a time and through bulk upload facility. Post the IIN is created, for individual category investor will get a mail and SMS for approving the link where account opening form is signed digitally with link approval and in case of non-individual investor, the account opening form needs to be signed and sealed along with supporting documents as per the Tax status. For the IIN activation we do a penny drop to validate the bank account added in the IIN to auto validate the same. In case of Penny drop failure, we validate the bank via a bank proof. As a result, the IIN gets activated only on the bank validation and IIN link validation for individual category and for non-individual category clients, post upload of documents provided.

3.5 Can an investor have multiple registrations on the platform?

The investor can register on this platform only once i.e. he will have a unique registration on this platform The investor registration is a combination of his PAN number and mode of holding, accordingly, an investor can have only one registration on this platform based on his PAN + mode of holding.

3.6 Can an investor transact on this platform through more than 1 distributor?

Yes, an investor can transact with multiple distributors on this platform. In case of an already registered investor, he needs to provide his unique identification number (IIN) to the distributors for transacting on the NMF platform.

3.7 Will investors be allowed to access the NMF platform?

The distributors can grant online transactional rights to their clients at the time of registration. While registering an investor if the distributor has availed online mode of transaction for a client, the client will receive his login id and password for NMF platform.

3.8 What facilities will investor have on the NMF platform?

The NMF platform facilitates the investors to do the following:-

  • Check KYC status
  • Facility to enquire about investor’s transaction / Product summary
  • To incorporate financial transactions on the platform i.e. Purchase, redemption (non demat only), switch
  • To view the transaction status
  • To Generate reports i.e. Transaction listing, EOD report, View Broker

4. Transaction Process

4.1 What types of transactions are supported on the NMF platform?

NMF platform supports financial transactions such as:

  • Purchase (NFOs, fresh purchase, additional subscription)
  • Redemptions
  • Systematic Transactions (SIP, STP & SWP)
  • Switch Transactions

4.2 What type of updations or modification in the IIN registration details are facilitated through the platform?

Non Financial information updation is facilitated for:-

  • Change in Name
  • Change in Address
  • Change of Broker
  • Change of Dividend payout option
  • Change of Redemption payout option
  • Change of Tax status
  • Consolidation of Folios
  • Lien Marked
  • Lien Removed
  • NFO Trades reject
  • PAN Change
  • Registration of nominee

The platform has a provision to enter details pertaining to non financial information updations on the platform; however the request for updations of non financial information along with relevant documents has to be submitted at the service centre for onward submission to RTAs. Investor login does not have provision for updation of non financial information.

4.3 What is a mandatory pre-requisite for entering a transaction on the platform?

The investor has to be KYC compliant to be able to transact on the platform. For all new investors with fresh KYC, for whom the KYC status is not verified or submitted (as reflected on the KRA system which is separate from MF platform), the distributor shall do the initial due diligence / In-person verification and upload the KYC information and supporting scanned documents on the KRA system directly. KRA shall process the KYC application, verify documents and provide the KYC acknowledgement to the investor. The investor will be eligible to invest subsequent to the receipt of the KYC acknowledgement from the KRA, Further if KYC status shows registered on KRA website then MFD can proceed.

4.4 Can only demat transactions be executed on the NMF platform?

NMF supports all types of Non Demat transactions and only subscription transactions in demat mode

4.5 What documents are required to be submitted in case of Systematic Registration transactions?

For SIP (Systematic Investment Plan) registrations, completely filled and signed ACH debit mandate form needs to be uploaded in the NSE Portal. In case of E-mandate SIPs, no additional documents required. For STP (Systematic Transfer Plan) and SWP (Systematic Withdrawal Plan) no documents are required. Registration can be only done in the existing folios.

4.6 In case of cheque transactions the cheque has to drawn in which name?

In case of cheque transactions the payment shall be drawn in favour of “ “ and made payable at Mumbai.

4.7 What are the different modes of making payment available to the investor?

NMF supports payment of subscription amount by cheque, demand draft, online payment through RTGS/ NEFT, internet banking and UPI.

4.8 How many banks are enabled for online payment?

Currently, 39 banks are enabled for online payment which shall be increased over a period of time.

4.9 In case of online payments what is the process?

In case of online payments through net banking the member / distributor can enter the order on the platform on behalf of the investor and forward payment link to the investor to make payment through his login. Alternatively the investor can initiate the transaction from his login and make payment from his net banking. In case of RTGS / NEFT transactions the investor must register Virtual Account No. to make the payment.
Process of Virtual Account

4.10 The online payment link is valid till when?

The online payment link is valid for 48 hours and the transaction is valid for 5 days.

4.11 Can Investor make online payment from only his account registered on the platform or any other account also?

The investor can make online payment through all the banks registered under said IIN on the platform

4.12 In case of online payment when are the funds credited to AMC account for NAV allotment?

For online payments in case of all banks except HDFC the credit will be received on T+1 basis. In case of HDFC bank the credit will be received on T day.

4.13 What is the process of NAV applicability?

Effective Feb 01, 2021, as per SEBI circular dated Sept 17, 2020, the applicable NAV in respect of purchase of units of mutual fund scheme shall be subject to realization and availability of the funds in the bank account of mutual fund before the applicable cut off timings for purchase transactions, irrespective of the amount of investment, under ALL mutual fund schemes.

4.14 What is the cut-off time for all transactions?

The cut-off time for all transactions are as under:

Liquid cut off 12:30 PM
Equity & Debt 2:00 PM
All redemption and switch cut off for all scheme is 3:00 PM

4.15 When will amount be received by investors in case of Redemptions?

For redemption orders placed through the MF platform on T-day before 3 pm the funds will be credited in the investor account as per the settlement timelines mentioned in the scheme.

4.16 How does the redemption happen when the investor registers with multiple bank accounts? Where do the proceeds get credited?

Redemption credit goes to Bank account which is registered with AMC in the specific folio.

4.17 Whether investor can submit single cheque for multiple orders submitted either for the same mutual fund or across mutual funds?

Transactions on NMF platform are spread between normal transactions and systematic transactions. The investor can submit single cheque for multiple investments across AMCSs for normal transactions and similarly the investor can submit a separate cheque for multiple investments across AMCs for systematic transactions. Investor can submit single cheque for 10 regular schemes. For NFO, one separate cheque is required for every single NFO investment.

4.18 Does Platform support switch transaction between AMCs?

To start with the platform will support switch transactions only within the same AMC which shall be upgraded to introduce switch between AMCs.

4.19 How is systematic investment transaction incorporated on the platform?

To execute systematic investment transaction on the platform, in case of existing folio, Systematic Registration must be selected in transaction menu. However, in case of new folio the Purchase option must selected in transaction menu and the type of transaction has to be selected as systematic for "purchase cum SIP"

4.20 What is “manage transactions” option on the platform used for?

In case of maker/ checker arrangement, the manage transactions options lists transactions pending for authorization by the checker, which can be either approved or rejected by the checker.

4.21 How does the distributor/ member or investor know the status of their transaction?

The transaction status option under the transaction tab will show the status of transactions executed on the platform by the distributor i.e. transaction is completed or not and if pending it is at which stage. The member / distributor can also enquire on status of transactions entered by the investors through a tab investor transaction status, for investors mapped under him.The status is also available in the transaction detailed report

4.22 Bulk upload facility is available on the platform for what all purposes?

Bulk upload facility is available for following:
Investor creation
Execution of financial transaction

4.23 What are the reports that the member /distributor can generate in the platform?

The platform will provide all key investor statements like the:

  • Transaction detailed report
  • Systematic Registration report
  • SIP pause Report
  • ACH mandate registration report

These statements can be generated daily or for specified period. This will facilitate distributor to service the investors from their desk.

4.24 Is there any provision to receive mail back reports on the platform?

Yes, the distributor will maintain the uniform email id across all channels to receive the mail back reports for necessary updates in the NMF platform. The mail back report pertaining to the transactions placed through NSE MF platform would only be available in his login.

4.25 What is the process to redeem units held in demat form through the NMF platform?

In case of redemption of units held in demat form, the investor needs to submit a redemption request slip to the depository participant. On submission of redemption request slip depository participant shall do extinguishment of units and transfer proceeds in account inked to the demat account of the investor and no request flows to the distributor.

4.26 Are they any restrictions on maximum or minimum value or quantity for a single order on NMF platform?

The restrictions in terms of minimum amount or maximum amount as specified by AMC shall apply, there are no platform level restrictions.

4.27 What will be the process in case an investor submits multiple purchase requests through a single cheque and one of the transactions gets rejected?

In case of multiple transactions through a single cheque, if one of the transactions is rejected, the amount will be refunded by the respective AMC to the investor directly. The other transactions would get processed by the respective AMCs.

4.28 Does Exchange facilitate disbursement of commission / brokerage to members / distributors?

Exchange does not facilitate disbursements of commissions to members or brokers, the commission is paid by AMC/RTA to members/ distributors directly as per the industry practice.

4.29 Once a transaction is submitted on the platform, is there any scope for cancellation of the same.

Before transaction (purchase, redemption and switch) is approved by the investor it can be cancelled by the MFD.

5. Benefits of Platform - Members / Distributors and investors

5.1 What are the features available on this platform?

The features available on NMF platform are:-

  • Multiple transactions through single cheque or single fund transfer.
  • Multiple modes to make payment i.e. cheque, net banking, RTGS/NEFT, UPI.
  • Demat as well as non demat transactions facilitated through the platform.
  • Access to investor KYC through the platform.
  • Real time tracking of order status.
  • Sms / email intimation to the investors.
  • Mail reports from RTA, facilitated on platform.
  • Facility of Purchase, redemptions, Switch/SIP/SWP/STP available on the platform.
  • Register eKYC through the platform

5.2 What are the benefits available to distributors/ members on this platform?

  • Digital client onboarding made easy.
  • E-Mandate registration through net banking/debit card.
  • Multiple banks registration with various payment options.
  • Ease of transactions (Purchase, Redemption,Switch, SIP, SWP, STP, NFO & SGB).
  • Transact in the special products of AMCs like SIP Step-Up, SIP Top-Up etc.
  • Real-time tracking of transaction status
  • Transaction Reports & MIS.

6. Contact Details





Western Regional Office (WRO)

Mumbai, Raigad, Ratnagiri, Sindhudurg, Nagpur Division & Goa Shri. Priyad Tadkod 9619497908 ptadkod@nse.co.in
Mumbai, Kolhapur, Solapur, Sangli & Satara Shri. Ashish K. Gyani 7304535688 agyani@nse.co.in
Pune & Aurangabad Division Shri. Prithun Roy Chowdhury 9987991765 proychowdhury@nse.co.in
Thane Shri. Mithilesh Mouriya 7304494598 mmouriya@nse.co.in
Mumbai, Palghar, Nashik & Amravati Divisions Shri. Shashi Bhushan Mishra 8433913366 shashibhushanm@nse.co.in
WRO (Sales Support Manager) Shri. Pranish Shah 8655647435 pranishs@nse.co.in

Northern Regional Office (NRO)

North India Shri. Abhishek Dave 9582230061 adave@nse.co.in
Delhi & Rest of North India Shri. Niladri Chatterjee 8826269496 nchatterjee@nse.co.in
Rajasthan Shri. Shiv Chauhan 8655647567 schauhan@nse.co.in
UP (except Noida, Greater Noida and Ghaziabad) Shri. Pankaj Dixit 7897387877 pdixit@nse.co.in
NRO (Sales Support Manager) Smt. Deepika Bisht Bhoriya 7303738684 dbhoriya@nse.co.in

Ahmedabad Regional Office (ARO)

Gujarat & MP Shri. Prashant Shah 8655647521 shahp@nse.co.in
Gujarat & MP Shri. Chetan Bhardwaj 8655647568 chetanb@nse.co.in
ARO (Sales Support Manager) Smt. Palak Patel 8655647565 palakp@nse.co.in

Kolkata Regional Office (KRO)

WB, Bihar, Odisha, Jharkhand, Chattisgarh & North East Shri. Prashant Mishra 7003222327 prashantm@nse.co.in
KRO (Sales Support Manager) Shri. Debdipta Dasgupta 9903492781 ddasgupta@nse.co.in

Chennai Regional Office (CRO)

TN & Kerala Shri. Rakesh Raman 8655647482 rraman@nse.co.in
Karnataka Smt. Prerna Malik 8655647542 pmalik@nse.co.in
AP & Telengana Shri. Kommanapally Kishore 8655647584 kkishore@nse.co.in
CRO (Sales Support Manager) Kri. J Kalpana Reddy 8655647572 jreddy@nse.co.in