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WF: Can you please take us through how m-Invest will work?
Ajit: m-Invest will enable investors who have a registered folio with DSP BlackRock Mutual Fund to purchase or redeem their investments with us by sending an SMS or by calling from their mobile phone number registered with us.
Investors will first need to fill in the "m-Invest Registration cum Debit Mandate Form". Once they receive a confirmation on their registration, they can send the SMS "INV space < Amount >" to 567672855 to invest; and the SMS "RED space < Amount >" to 567672855 to redeem. They can also call us on our toll-free number 1800 200 4499 and speak to us to transact. However, if they wish to redeem via the calling-in facility, investors will need a Personal Identification Number (PIN) as well.
WF: Is there a need for a PIN if an investor uses only the SMS facility? Can transactions be done solely on the basis of the registered mobile number or is any other password required?
Ajit: No, investors do not need a PIN to use the SMS facility to transact, once they receive the m-Invest registration confirmation from DSP BlackRock. Transactions via SMS will be fairly simple and will not require any further PIN or password.
WF: You have presently limited the SMS facility to only your Money Manager fund. Are there plans to expand the product coverage?
Ajit: Yes, while currently the Facility to transact via SMS is available only for DSP BlackRock Money Manager Fund, we may further extend this Facility for other schemes at a later stage. Investors will be able to modify the choice of Schemes in future by submitting the designated form for this purpose as decided by the AMC.
WF: Is there any maximum amount that can be invested / redeemed on the basis of this SMS facility?
Ajit: Currently, this Facility is available for purchases for amounts less than Rs 1 crore, redemptions for any amount (However, this can be modified by the AMC at a later stage). Investors should also note that Purchase or Redemption transactions in 'units' terms cannot be requested using this Facility and requests will be accepted in 'Amount' terms only. The minimum purchase/redemption amount in the respective plan/option of the Schemes of the Fund will be applicable for each transaction.
WF: Which are the banks that you have tied up with for crediting redemption proceeds from the SMS facility?
Ajit: Investors can avail this facility if they have a bank account with any bank which has branches participating in RBI's Electronic Clearing System ('ECS') / National Electronic Clearing System ('NECS')/ Regional Electronic Clearing System ('RECS') facility.
Additionally, investors can hold an account with the Core Banking branches of following Banks: Allahabad Bank, Axis Bank, Bank of Baroda, Bank of India, Citibank, Corporation Bank, Federal Bank, IDBI Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, UCO Bank, Union Bank of India.
Investors should note that this list of banks and branches may be modified in the future.
WF: In what ways will your call-and-invest facility be different from the SMS facility, within the overall package of m-Invest?
Ajit: Under DSP BlackRock's m-Invest facility, once the registration is completed, investors can send an SMS to transact (purchase or redeem) in DSP BlackRock Money Manager Fund without requiring any additional PIN or password to invest. However, for the calling in facility, investors can transact in any DSP BlackRock scheme (and not just DSP BlackRock Money Manager Fund). Also, while purchase transactions will not require an additional PIN or password, for redemptions, investors will need a PIN and will be bound by the relevant terms and conditions.
WF: How will distributors' interests be protected in this mechanism?
Ajit: All transactions under the m-Invest facility will be processed with the ARN code of the distributor through whom last transaction was received in the folio and consequently, investors may be charged with transaction charges if the distributor has opted for the same.
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