Description

Updates to the NOM_STRUCTURE file format for Non-Financial Transactions on BSE StAR MF Platform, including field specifications for nominee updation and related processes.

Summary

BSE has issued an update to the Non-Financial Transactions (NCT) facility on the BSE StAR MF Platform, specifying the revised NOM_STRUCTURE file format. The circular details 34 fields required for processing non-financial transactions, particularly nominee updation requests, including mandatory and conditional mandatory fields for different transaction scenarios.

Key Points

  • Updated NOM_STRUCTURE file format with 34 fields for non-financial transactions
  • Supports multiple NCT types including nominee updation for different RTAs (Kfin and CAMS)
  • Three document type options: Wet Signature (W), eSign (E), and 2FA (O)
  • Separate field requirements for 2FA authentication modes (Mobile, Email, or Both)
  • Mandatory fields for ARN holders and RIAs with specific broker and RIA code requirements
  • Conditional mandatory fields based on mode of holding (single/joint holders)
  • Support for up to 3 nominees with detailed information requirements
  • Declaration flags required for matching contact details across holders
  • Specific validation rules for PAN, Aadhaar, Driving License, and Passport for nominee identification

Regulatory Changes

The circular introduces refined field specifications for the NOM_STRUCTURE format:

  • NCT_TYPE field now distinguishes between Kfin types (NCTCF01 for opting out, NCTCF02 for update/change) and CAMS (NOM)
  • Enhanced 2FA authentication requirements with separate email and mobile fields for primary and joint holders
  • New declaration fields (PH_EMA_DEC, PH_MOB_DEC, J1_EMA_DEC, J1_MOB_DEC, J2_EMA_DEC, J2_MOB_DEC) for matching contact details
  • Declaration values limited to: SE (Self), SP (Spouse), DC (Dependent Children), DS (Dependent Siblings), DP (Dependent Parents)

Compliance Requirements

For BSE Members and Mutual Fund Distributors:

  • Update systems to comply with the revised 34-field NOM_STRUCTURE format
  • Ensure proper validation of mandatory fields based on transaction type
  • Implement conditional validation logic for 2FA transactions based on mode of holding
  • ARN holders must provide Broker Code (Field 24)
  • RIAs must provide RIA Code (Field 27)
  • Validate nominee details including PAN/Aadhaar/other ID types based on selection
  • Ensure declaration flags are provided when contact details match across holders

Field-Specific Requirements:

  • DOC_TYPE must be W, E, or O
  • TWOFA_AUTH must be M, E, or B (mandatory for 2FA transactions)
  • Email and mobile fields conditionally mandatory based on 2FA mode selection
  • Nominee percentage must be whole numbers (no decimals)
  • Nominee identification based on type: PAN (10 alphanumeric), Aadhaar (last 4 digits), DL (max 20), Passport (max 9)

Important Dates

  • Circular Date: November 7, 2025
  • Implementation timeline not specified in the provided content

Impact Assessment

Operational Impact:

Medium impact on BSE StAR MF platform users. Members and distributors processing non-financial transactions must update their systems to accommodate the revised file structure with additional fields and validation rules.

Market Participants Affected:

  • Mutual fund distributors using BSE StAR MF platform
  • BSE trading members facilitating mutual fund transactions
  • ARN holders and RIAs
  • RTAs (Kfin and CAMS) processing nominee updation requests

Technical Requirements:

System modifications needed to handle:

  • Extended field set (34 fields)
  • Conditional mandatory field logic
  • Enhanced validation for 2FA authentication modes
  • Declaration flag processing for duplicate contact details
  • Multiple nominee information capture and validation

Impact Justification

Technical update affecting mutual fund distributors and members using BSE StAR MF platform for non-financial transactions. Requires system updates to comply with revised file structure.