DSP BlackRock Mutual Fund does not accept mutual fund subscriptions with Third Party Payments.
We advise investors to issue subscription payments only from the bank account of the first unit holder or submit additional documents as enumerated in specific situations.
Any application accompanied with third party payment is liable for rejection without any recourse to the applicant or investor.
What is a 'Third Party' payment?
- When a payment is from a bank account other than that of the beneficiary investor, the same is referred to as a "Third Party Payment".
- In case of mutual fund subscriptions, the first unit holder is considered as the beneficiary investor, even if there are joint unit holders.
- In case of payments from a bank account jointly held, the first holder of the mutual fund subscription has to be one of the joint holders of the bank account from which the payment is made.
Will DSP BlackRock accept subscriptions with 'Third Party' payment?
- In compliance with AML/KYC requirements and AMFI Best Practice Guidelines Circular No.16/2010-11, DSP BlackRock Mutual Fund has taken adequate steps and does not accept subscription applications accompanied with Third-Party payments.
- Avoidance of such applications also mitigates the risks associated with such transactions in the interest of investors.