This is with reference to Notice No. 20240516-17 regarding Launch of NFO with SIP facility of SBI Mutual Fund on BSE StAR MF Platform.
We are pleased to inform that SMART switch feature under SBI AUTOMOTIVE OPPORTUNITIES FUND during NFO period shall be enabled on BSE StAR MF platform with effect from May 17, 2024 till May 29, 2024.
Further, MFIs/MFDs/RIAs are advised to take note of below points for their clients who wish to avail the SMART switch feature under SBI AUTOMOTIVE OPPORTUNITIES FUND during NFO.
- Smart Switch feature is available through manual entry, web interface, APIs and bulk upload options.
- This feature is available only for “SBI Overnight Fund” as per the plan & option provided below.
1. SBI OVERNIGHT FUND REGULAR GROWTH
2. SBI OVERNIGHT FUND DIRECT GROWTH
Please refer annexure provided herewith for scheme credentials to have clear identification.
- If the investor has invested in Regular plan Growth option of overnight scheme, then those units will be switched only into the growth option of NFO scheme & same will be applicable for Direct plan Growth option too. Switch processing understanding provided below:
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Subscription received scheme
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Switch In transaction reporting scheme
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SBI AUTOMOTIVE OPPORTUNITIES FUND - NFO SMART SWITCH - SBI OVERNIGHT FUND - REGULAR GROWTH
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SBI AUTOMOTIVE OPPORTUNITIES FUND - GROWTH
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SBI AUTOMOTIVE OPPORTUNITIES FUND - NFO SMART SWITCH - SBI OVERNIGHT FUND - DIRECT GROWTH
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SBI AUTOMOTIVE OPPORTUNITIES FUND - DIRECT PLAN - GROWTH
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- To accept subscription under Smart Switch feature we have enabled new schemes in scheme master as provided below.
1. SBI AUTOMOTIVE OPPORTUNITIES FUND - NFO SMART SWITCH - SBI OVERNIGHT FUND - REGULAR GROWTH
2. SBI AUTOMOTIVE OPPORTUNITIES FUND - NFO SMART SWITCH - SBI OVERNIGHT FUND - DIRECT GROWTH
- All purchase transactions received in system under NFO Smart Switch schemes will be processed as normal purchase as per the scheme name provided in below table and will be reported to RTA on transaction day itself subject to fund confirmation uploaded/received.
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Subscription received scheme
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Transaction reporting scheme to AMC/RTA
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SBI AUTOMOTIVE OPPORTUNITIES FUND - NFO SMART SWITCH - SBI OVERNIGHT FUND - REGULAR GROWTH
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SBI OVERNIGHT FUND REGULAR GROWTH
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SBI AUTOMOTIVE OPPORTUNITIES FUND - NFO SMART SWITCH - SBI OVERNIGHT FUND - DIRECT GROWTH
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SBI OVERNIGHT FUND DIRECT GROWTH
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- Members using direct APIs / API based platforms / bulk upload options are requested to use the proper scheme credentials depending on the investor’s investment requirement for the above-mentioned scheme.
- Smart Switch feature is available only for lumpsum subscription and shall be allowed for Non-Demat mode.
- Transactions under Smart Switch feature shall be allowed up to 2:30 pm on May 29, 2024.
- All purchase orders received in schemes under Smart Switch feature and allotted successfully shall be automatically considered for ‘Switch -In’ to “SBI AUTOMOTIVE OPPORTUNITIES FUND” as per Switch processing understanding provided above. All these switch transactions shall be reported to RTA on May 31, 2024.
- Members can identify the orders under Smart Switch in the Remarks column of Provisional order and Order status report at BSE StAR MF platform.
Process for 'Switch out' transactions under the NFO Smart Switch scheme at AMC/RTA end are provided as below.
- If an investor is already having existing units in the eligible scheme & done additional purchase under " NFO Smart Switch" plan then particular purchase units will be considered for Switch out and Switch out will be processed on FIFO logic.
Example: Investor A (having existing 50,000 units) in SBI OVERNIGHT FUND REGULAR GROWTH, done additional purchase of Rs 1 Lac (75000 units appx) then, switch out will be processed only for 75,000 units and not for 125,000 that to in FIFO order i.e. 50,000 units from existing investment and 25,000 units from 75,000 units irrespective of valuation (Gain/Loss) on switch out date.
- If an investor done fresh purchase under " NFO Smart Switch" plan then particular purchase units will get considered for Switch out irrespective of valuation (Gain/Loss) on switch out date.
Example: Investor B done purchase of Rs 1 Lac (75000 units appx) then, switch out will be processed only for 75,000 units irrespective of valuation (Gain/Loss) on switched out date.
- If the orders are rejected or pending for final allotment from RTA, such orders shall not be considered for switch reporting.
- If an investor has done partial/full redemption or switch out prior to SMART NFO switches triggered to AMC/RTA & investment balance amount under switch out scheme fallen below the SMART switch amount triggered to RTA on May 31, 2024 i.e. on last day of NFO closure then same shall not been considered for processing at AMC/RTA end.
For any query on the BSE StAR MF platform you can reach us through our service centre on 022-45720450 & 022-45720650 on business days between 8.00 a.m. to 7.00 p.m. You can also raise your queries on our CRS portal:- https://bsecrs.bseindia.com
Ketan Jantre Zeeta Eustace
Head - Trading Operations Additional General Manager – Mutual Funds |