The BSE on Thursday said the delay in processing some of the refund transactions on its StARMF platform was due to incomplete information being received from some of the payment aggregators.
During July, BSE StARMF processed around 1.84 crore transactions. Usually, transactions for which refunds are to be processed and money credited to the client account happen within three days.
“While processing the transactions and refunds, it was observed that incorrect or incomplete information was received from some of the payment aggregators, which resulted into delay in processing some of the refund transactions. As and when the requisite information is being received, the refunds are being processed, and currently refunds of nearly 0.3% value of transactions are still under process,” the exchange said in a note.
Since July 1 this year, the process for accepting orders on the platform from brokers has undergone a change. Funds and units from clients are now received directly by the Indian Clearing Corporation, a wholly owned subsidiary of the BSE. Similarly, units and funds are also transferred to investors directly by ICCL.
Earlier, such transactions used to happen bilaterally between ICCL and brokers on a pooled basis.
“We are working with the brokers and payment aggregators to finish processing those refund transactions, and we would like to reassure the investors that their money is safe with BSE/ICCL and that they would get the pending refunds immediately directly into client accounts on confirmation of mapping of bank account of client,” the exchange said.
BSE StARMF is the largest aggregator for mutual fund transactions in India.