This chapter contains the following sections:
This section contains the following topics:
This screen can be used to associate entities with a fund. You can maintain either a list of ‘restricted’ entities, or an ‘allowed’ list.
If you maintain a restrictive list as ‘Yes’, only the entities that you maintain in the list in the Fund Entity Maintenance screen for a fund are restricted from transacting in the selected fund. If you maintain a restrictive list as ‘No’, only the entities that you maintain in the list in the Fund Entity Maintenance screen are allowed to transact in the selected fund. If you maintain neither a restrictive nor an allowed list, all entities of a type are allowed to transact in the fund.
Agents
In the case of agents, mapping can be carried out for only those Agents and their branches as have been created using the Agent and Agency Branch screens. Only those agents and their branches that have been mapped to a fund as part of an ‘allowed’ list will be able to accept transactions related to that particular fund. Agents and their branches maintained as a ‘restrictive’ list will not be able to accept transactions for the fund.
Distributor agents can also be mapped to the fund. This would be required in a scenario where the Distributor markets certain funds of the AMC, or in cases where a service agent performs back office processing for an AMC as well as a Distributor.
Customer Categories
Your AMC may wish to restrict investment in a fund based on investor categories, allowing only investors of certain categories to invest. Also, your AMC may wish to restrict or allow use of a fund to certain unit holders. You can maintain lists of such allowed / restricted investor categories (or unit holders) in the Fund Entity Maintenance screen in the Fund Manager component of the system.
At the transaction entry or upload (including adjustment transactions), standing instructions entry or upload, or income distribution setup, the unit holders in a restricted list or belonging to the restricted categories cannot be specified. For an allowed list, at the transaction entry or upload (including adjustment transactions), standing instructions entry or upload, or income distribution setup, the unit holders in the allowed list or belonging to the allowed categories can be specified.
If you maintain neither a restrictive nor an allowed list, all customers are allowed to transact in the fund.
CIFs
You might need to restrict certain CIFs from a restricted category from transacting in a fund. You can maintain such restrictions in the Fund Entity Maintenance screen.
You can disallow CIFs belonging to a restricted category (a restrictive list); or, you might require maintaining a list of CIFs that are allowed to transact in a fund (a positive list).
The system checks the CIF number specified for any transaction that is entered in the Transaction Detail screens as well as in the Standing Instructions Detail screen, to see if any restrictions have been maintained that would entail disallowing the specified CIF from transacting into the fund. The restrictions, if any, applicable at the following levels, would be enforced:
Check Vendors
Using this screen, you can also associate a check vendor that is maintained as an entity in the system, with those funds for which the vendor is designated to print check books that are requested by investors availing the check writing facility.
To map entities to a fund, use the ‘Fund Entity Mapping Detail’ screen. You can invoke this screen by typing ‘UTDFNENT’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The ‘Fund Entity Mapping Detail’ screen is displayed.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the fund and entity that you wish to map.
You can only map entities to a fund for which the latest rule is effective, and all fund rules have been authorized.
When you enter a fund entity mapping in this screen, you can save it by selecting the save option from the action menu.
You can specify the following fields in this screen:
Umbrella Fund
Optional
Select ‘Yes’ from the drop-down list if the fund for which you wish to maintain the fund entity association is an umbrella fund.
Fund ID
Alphanumeric; 6 Characters; Mandatory
Select the fund for which you want to map entities, from the options provided. If you specify the fund, the ISIN Code of the selected fund is displayed in the ISIN Code field. You can also map all the funds to an entity by selecting ‘All’ option from the option list.
If you have selected the ‘All’ option, then any new fund created in the system will be automatically mapped to this entity. You will not be able to map individual fund to this entity. Similarly, if individual fund is mapped to an entity, then the system will not allow you to map all the funds to the same entity.
Fund Name Short
Display
The system displays the description for the selected fund ID.
ISIN Code
Display
The system displays the ISIN Code for the selected fund ID.
Entity Type
Alphanumeric; 2 Characters; Mandatory
You can use this field to indicate the type of entity that is to be associated with the selected fund. You can associate any of the following entities:
If you are maintaining a restrictive / positive list of CIFs that you wish to disallow / allow to transact into the specified fund, you must select the CIF Number option in this field.
If you select the CIF Number option, you can also specify the appropriate restriction category and any remarks, in the Restriction Category and Remarks fields.
Description
Display
The system displays the description for the selected entity type.
Entity ID
Alphanumeric; 12 Characters; Mandatory
Select the code of the entity that is to be allowed to operate this fund, from the options provided. It could be an agent, or a check vendor who is designated to print check books that are requested by investors availing the check writing facility; it could also be a unit holder, individual or corporate investor category, or a clearing agent.
Entity Name
Display
The system displays the name of the selected entity ID.
Restrictive List
Optional
Use this field to indicate whether you are maintaining a list of ‘allowed’ entity associations for the fund, or a ‘restrictive’ one. Select ‘Yes’ from the drop-down list to indicate a restricted list; leave it unchecked to indicate an allowed list.
If you maintain a ‘restrictive list’, only the entities that you specify are restricted from transacting in the selected fund. If you maintain an ‘allowed’ list, only the entities that you specify are allowed to transact in the selected fund.
Based on the installation setup, the system validates Broker fund mapping in one the following ways:
Restriction Category
Alphanumeric; 2 Characters; Optional
If you are maintaining a restrictive / positive list of CIFs that you wish to disallow / allow to transact into the specified fund, you can select the appropriate restriction category in this field.
Remarks
Alphanumeric; 255 Characters; Optional
If you are maintaining a restrictive / positive list of CIFs that you wish to disallow / allow to transact into the specified fund, you can specify any appropriate remarks in this field.
Transaction Type
Alphanumeric; 2 Characters; Optional
Specify the transaction type. Alternatively, you can select transaction type from the option list. The list displays all valid transaction type maintained in the system.
Transaction Name
Display
The system displays the description for the selected transaction type.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of Fund Entity Mapping that you have already entered into the system, provided it has not subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Fund Entity Mapping Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Fund Entity Mapping must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Fund Entity Mapping is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Fund Entity Mapping maintenance must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Fund Entity Mapping with the same attributes of an existing maintenance, you can copy the attributes of an existing Fund Entity mapping to a new one.
To copy the attributes:
This section contains the following topics:
This fund rule facilitates the maintenance of the back dating limits for a particular transaction type for an agency branch in a fund. The backdating limit applicable for every transaction type can also be specified in the Transaction Processing Rules profile for the fund, but if it is necessary to handle exceptions for a few agency branches for specific transaction types, the same can be maintained here. The information entered here will then supersede the information in the Transaction Processing Rules profile for the fund, and for that agency branch.
To set up the backdating options for a transaction type for a fund, use the ‘Fund Agency BackDating Limit Setup Detail’ screen. You can invoke this screen by typing ‘UTDFALMT’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the backdating limits that you wish to maintain.
Before you set up an Agency Branch Backdating limits profile record for a fund, it is desirable to ensure that the following information is already setup in the system:
You can specify the following fields in this screen:
Fund ID
Alphanumeric; 6 Characters; Mandatory
The Fund ID is a unique identification for each Fund as defined in Fund Demographics. Choose the fund from the list for which the Agency Branch backdating is being set up.
ISIN Code
Alphanumeric; 12 Characters; Optional
Select the ISIN Code of the fund for which you want to set up agency branch backdating, from the options provided. If you specify the ISIN Code of a fund, the ID of the fund is displayed in the Fund field and vice versa.
Fund Name Short
Display
The system displays the description for the selected fund ID.
Agent Code
Alphanumeric; 12 Characters; Mandatory
Enter the code of the agent who is allowed to operate this fund and for whom backdating is to be done.
Agency Branch Code
Alphanumeric; 12 Characters; Mandatory
Enter the branch code of the specified Agent for whom backdating is to be done.
Transaction Type
Alphanumeric; 2 Characters; Mandatory
Enter the Transaction Type for which backdating is to be done.
Backdating Period
Numeric; 22 Characters; Mandatory
Enter the number of days allowed in Backdating for that Agency Branch for the transaction type specified above.
The section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Invoke the summary screen and specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of Fund Agency Backdating Limit that you have already entered into the system, provided it has not subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Fund Agency Backdating Limit Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Fund Agency Backdating Limit must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Fund Agency Backdating Limit is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Fund Agency Backdating Limit must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Fund Agency Backdating Limit with the same attributes of an existing one, you can copy the attributes of an existing Fund Agency Backdating Limit to a new one.
To copy the attributes:
This section contains the following topics:
Switch transactions are governed by the switching policy indicated for the AMC. Accordingly, switch transactions could either be allowed between funds within the AMC, or between funds within the same fund family.
In the case of Distributors, no switching logic might be indicated.
For a fund, you might require to disallow switch transactions into a few selected funds (a restrictive list); or, you might require maintaining a list of funds into which switch transactions are allowed (a positive list).
Typically, a restrictive list could be required if the switching logic indicated for the AMC entails no restrictions on switch transactions.
You can maintain such restrictive or positive lists for a fund in the ‘Fund Switch Restrict Detail’ screen. You can invoke this screen by typing ‘UTDFNSWR’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the lists on switch transactions.
Before you maintain switch restrictions in the Fund Switch Restrictions screen, you must ensure that:
Maintenance of switch restrictions is not a fund rule, and can be done after the fund rules have been maintained.
Note
For a fund, you cannot maintain both a positive as well as a restrictive list.
You can specify the following fields in this screen:
Restriction Level
Optional
Select the restriction level from the drop-down list. The list displays the following values:
Entity ID
Alphanumeric; 12 Characters; Mandatory
Specify the entity ID. Alternatively, you can select the entity ID form the option list. The list displays all valid entity ID maintained in the system.
Entity Name
Display
The system displays the entity name for the selected entity ID.
Restrictive List
Mandatory
For a fund, you might require to disallow switch transactions into a few selected funds (a restrictive list); or, you might require maintaining a list of funds into which switch transactions are allowed (a positive list)
You can indicate that you are maintaining a restrictive list, by choosing ‘Yes’ from the drop-down list. To indicate that the list is a positive list, choose ‘No’ from the drop-down list.
If you indicate a restrictive list, switch transactions into any of the selected funds in the list will not be allowed. If you indicate a positive list, switch transactions are allowed only into any of the selected funds in the list. For a fund, only a restrictive list OR a positive list can be maintained, not both.
Limit Restrictive List To
Mandatory
If you have indicated a restrictive list, you can indicate the range of funds for which the restrictive list applies from the drop-down list. The list displays the following values:
Indicating the range of funds in this field is dependant on the switching logic applicable for the AMC (also in the case of Distributors), as given below:
This field is not applicable for positive lists; the switching logic of the AMC is defaulted here and cannot be changed.
Units Classification
Alphanumeric; 1 Character; Optional
Specify the units classification details. Alternatively, you can select units classification code from the option list. The list displays all valid unit classification code maintained in the system.
Units Classification Description
Alphanumeric; 60 Characters; Optional
Specify the units classification description.
To Entity
Alphanumeric; 12 Characters; Mandatory
Select the To Entity ID into which switch transactions from the selected ‘from fund’ are disallowed (if you are maintaining a restrictive list) or allowed (if you are maintaining a positive list). When the restrictive / positive list is applied, the fund you select here is considered the ‘To Fund’.
To select the fund, you can either indicate the Fund ID or the ISIN Code of the fund. When you select the fund, the short name of the fund is also displayed.
The funds available for selection in this field depend on the option selected in the Limit Restricted Funds To field:
To Entity Name
Display
The system displays the To Entity name for the selected To Entity ID.
To Fund Units Classification
Alphanumeric; 1 Character; Optional
Specify the To funds units classification details. Alternatively, you can select To funds units classification from the option list. The list displays all valid To fund units classification code maintained in the system.
Units Classification Description
Alphanumeric; 60 Characters; Optional
Specify the units classification description.
The following example illustrates how restricted lists for switch transactions would be applied.
For the Royal Trust AMC, no restrictions for switch transactions have been indicated in the switching logic (the Switching Logic in the Entity Maintenance is ‘No Restrictions’). The following funds are maintained:
Fund |
AMC |
Fund Family |
Fund 1 |
Royal Trust AMC |
Growth Funds |
Fund 2 |
Carling Finance AMC |
Equity Funds |
Fund 3 |
Elton Trueblood AMC |
Equity Funds |
Fund 4 |
Carling Finance AMC |
Growth Funds |
Fund 5 |
Carling Finance AMC |
Equity Funds |
The switch restriction lists are maintained as follows:
Fund |
Restrictive / Positive List |
Limit Restricted List To |
Restricted / Allowed Funds |
Fund 1 |
Restrictive |
No Restrictions |
Fund 2 (Restricted) |
Fund 2 |
Restrictive |
Within AMC |
Fund 4 (Restricted) |
Fund 3 |
Restrictive |
Within Fund Family |
Fund 5 (Restricted) |
Fund 4 |
Positive |
No Restrictions |
Fund 1 (Allowed) |
The lists would apply as follows:
From Fund |
To Funds Allowed |
To Funds Disallowed |
Fund 1 |
All funds except Fund 2 |
Fund 2 |
Fund 2 |
Fund 5 |
Fund 4 |
Fund 3 |
Fund 2 |
Fund 5 |
Fund 4 |
Fund 1 |
All funds except Fund 1 |
This section contains the following sections:
You can retrieve a previously entered record in the Summary Screen, as follows:
Invoke the summary screen and specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of a Fund Switch Restrict record that you have already entered into the system, provided it has not subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Fund Switch Restrict Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Fund Switch Restrict record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Fund Switch Restrict record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Fund Switch Restrict record with the same attributes of an existing maintenance, you can copy the attributes of an existing Fund Switch Restrict record to a new one.
To copy the attributes:
This section contains the following topics:
You can maintain the lag for the combination of two funds or for two Fund Families. You can derive Pseudo switch date based on cut off time. fund cut off time, then the system will derive the transaction date of Switch Out fund based on Switch Out fund cut off time and the transaction date of Switch In fund based on Switch In fund cut off time.
The transaction date will be derived based on the application received date and time recorded at the transaction level.
For Non Daily pricing frequency funds, in case when derived transaction date falls on a holiday and trade is received before cut-off time then the system will arrive previous or next working day of current transaction cut-off day cycle depending on holiday rule is prior or after. If trade is received after cut-off time then the system should arrive previous or next working day of next cycle transaction cut-off day depending on holiday rule is prior or after.
If the Pseudo switch lag is maintained for the funds and between the families of those funds then the system will give precedence to the Fund. If there is no pseudo switch lag maintenance for the fund then the system will consider the lag maintained for the fund family.
Based on the maintenance at AMC level, the to fund/fund family can be within the AMC or across AMC
Settlement of Pseudo Switch In leg Transaction will be automatic when Switch Out leg is settled manually either through ‘Switch Screen’ or via ‘Confirm Redemption Screen’.
If Switch Out leg transaction is settled using ‘Switch’ screen, then the system will automatically initiate the settlement process for subscription (Switch In Leg) transaction.
If Switch Out leg transaction is settled using ‘Confirm Redemption’ screen, then the system will automatically initiate the settlement process for subscription (Switch In Leg) transaction.
If you try to manually settle the Switch IN leg transaction, then the system will display an error message as ‘The Switch IN leg Transaction cannot be settled manually since Auto Switch In Settlement is turned ON’.
Also the system will allow settlement of Switch OUT only when Switch out leg is allotted. If you try settlement before the allocation, then the system will display an error message as ‘Settlement of Switch OUT cannot be allowed before allocation’.
If ‘Auto Settle Switch Transactions’ field is checked, then only the system will perform the above validations.
You can use ‘Pseudo Switch Lag Maintenance’ screen to maintain the lag maintenance at Fund or Fund Family level. As per the maintenance, the transaction date of switch in transaction will be derived in the respective calendar maintained. The system derives Price date and settlement date based on the fund level lag maintenances. If in Pseudo switch lag maintenance, switch lag option is selected as Settlement Date and Switch Lag as 2, then the system will derive pseudo switch in leg transaction date as (out leg Settlement Date) + 2.
Example for Pseudo switch-in transaction date derivation
Example 1
The system will use Pseudo Switch Lag Maintenance screen for the following setup for switch in transaction date derivation logic (Assumption is No fund holiday for the month November):
Fund Preference Switch-in Generation Level |
Switch Out Fund |
Switch In Fund |
Switch Lag Option |
Switch Lag |
Calendar Basis |
Settlement |
FundA |
FundB |
Settlement Date |
2 |
Actual |
FundB |
FundC |
Price Date |
2 |
Actual |
|
FundD |
FundA |
Transaction Date |
3 |
System |
With the above maintenance, pseudo switch in transaction date will be as follows:
Switch Out Fund ID |
Switch In Fund ID |
Switch Out Txn Date |
Switch Out Price Date |
Switch Out Settlement Date |
Switch In Txn Date |
Switch in Generation on |
FundA |
FundB |
7-Nov-16 |
8-Nov-16 |
9-Nov-16 |
11-Nov-16 |
9-Nov-16 |
FundB |
FundC |
7-Nov-16 |
8-Nov-16 |
9-Nov-16 |
10-Nov-16 |
9-Nov-16 |
FundD |
FundA |
7-Nov-16 |
8-Nov-16 |
8-Nov-16 |
10-Nov-16 |
8-Nov-16 |
Example 2
The following examples cover the following cases:
Fund Level setup
Fund ID |
Transaction Date |
Price Lag |
Payment Lag |
Fund A |
T |
T+1 |
T+5 |
Fund B1 |
T |
T+1 |
T+5 |
Fund B2 |
T |
T+1 |
T+5 |
Fund C |
T |
T+1 |
T+5 |
In Fund Preference Level, Switch-in Generation Level = Allotment
Pseudo Switch Lag Maintenance
Switch Out Fund |
Switch In Fund |
Switch Lag Option |
Switch Lag |
Calendar Basis |
Fund A |
Fund B1 |
Price Date |
0 |
Fund Calendar |
Fund A |
Fund B2 |
Price Date |
0 |
Fund Calendar |
Fund A |
Fund C |
Settlement Date |
0 |
Fund Calendar |
Pseudo Switch in Transaction attributes as follows:
From Fund |
To Fund |
Transaction |
Transaction Date |
Price Date |
Settlement Date |
Fund Holiday |
Fund A |
Fund B1 |
PS-Out |
30-Oct |
31-Oct |
4-Nov |
|
PS-In |
31-Oct |
1-Nov |
5-Nov |
|
||
Fund A |
Fund B2 |
PS-Out |
30-Oct |
31-Oct |
4-Nov |
|
PS-In |
31-Oct |
2-Nov |
6-Nov |
1-Nov |
||
Fund A |
Fund C |
PS-Out |
30-Oct |
31-Oct |
4-Nov |
|
PS-In |
4-Nov |
5-Nov |
9-Nov |
|
You can maintain the lag for the combination of two funds or for two Fund Families using ‘Pseudo Switch Lag Maintenance’ screen. You can invoke this screen by typing ‘UTDSWLAG’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can specify the following details:
AMC ID
Alphanumeric; 12 Characters; Mandatory
Specify the AMC ID. Alternatively, you can select the AMC ID from the option list. The list displays all valid AMC ID maintained in the system.
AMC Name
Display
The system displays the description for the selected AMC ID.
Fund/Fund Family
Mandatory
Select the fund or fund family from the drop-down list. The list displays the following values:
From Fund/Fund Family
Alphanumeric; 6 Characters; Optional
Specify the from fund or fund family details. Alternatively, you can select the from fund or fund family details from the option list. The list displays all valid from fund or fund family details maintained in the system.
Description
Display
The system displays the description for the selected from fund or fund family.
To Fund/Fund Family
Alphanumeric; 6 Characters; Optional
Specify the To fund or fund family details. Alternatively, you can select the To fund or fund family details from the option list. The list displays all valid To fund or fund family details maintained in the system.
Description
Display
The system displays the description for the selected To fund or fund family.
Switch Lag Option
Optional
Select the switch lag option from the drop-down list. The list displays the following values:
Switch Lag
Alphanumeric; 2 Characters; Optional
Specify the switch lag details.
Calendar Basis
Optional
Select the calendar basis from the drop-down list. The list displays the following value
During Transaction Upload Process, the Switch Transaction date will be calculated as follows:
This section contains the following topics:
You can view pseudo switch lag details using ‘Pseudo Switch Lag Summary’ screen. To invoke this screen, type ‘UTSSWLAG’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can retrieve previously entered Pseudo Switch Lag as follows:
To view a record that you have previously entered, you must retrieve the same in the ‘Global Order Maintenance Summary’ screen, as follows:
You can modify the Pseudo Switch Lag that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
Note
The maker of the record can only delete the unauthorized record.
Apart from the maker, someone else must authorize an unauthorized Pseudo Switch Lag deal in the system for it to be processed. To authorize a record:
After a Pseudo Switch Lag record is authorized, it can be modified using the Unlock operation from Action list. To make changes to a record after authorization:
This section contains the following topics:
The Real NAV for the fund for a specific date must be declared, according to the frequency specified for this declaration.
To set up the fund prices, use the ‘Fund Price Detail’ screen. You can invoke this screen by typing ‘UTDFPRIC’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The ‘Fund Price Detail’ screen is displayed.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the new fund price.
After you have set up and authorized a fund, you may enter the Fund Price on the Next Price Declare Date that you have specified in the General Operating Rules. Subsequently, you can enter the Fund Price according to the price declare frequency that you have specified in the General Operating Rules for the fund.
You can specify the following fields in this screen:
Fund ID
Alphanumeric; 6 Characters; Mandatory
Select the fund for which the price is being set, from the options provided.
Effective Date
Date Format; Mandatory
Specify the effective date.The price entered in this screen is effective from the system date.
Fund Base Currency
Display
When the fund is selected, the Fund Base Currency for the selected fund is picked up from the Fund Demographics profile and displayed here.
ISIN Code
Display
The system displays the ISIN Code of the selected fund ID
You need to select the option based on which the Fund Price is to be calculated. The following options are available for calculation of Fund Price:
Net Asset Value
Optional
If you choose this option, you must specify the Real NAV per unit, and the system will compute the fund price per transaction, based on whether the fund is formula-based.
Total Assets
Optional
If you choose this option, you must specify the Total Assets, and based on the outstanding units, the system computes the net asset value.
Formula Builder
Optional
If you choose this option, you must specify values for all the user input fields, and the system computes the Net Asset Value.
Real NAV/Lot
Numeric; 22 Characters; Mandatory
Enter the Real NAV per Unit for the period when the price is being set.
This is applicable only if NAV is selected in the Total assets/ NAV / Formula Builder option. If Total Assets is selected, then this is calculated by the system.
If entered, the system validates this value against the fluctuation limits set for the selected transaction type, in the selected fund, in the Transaction Processing Rules. If the limit is exceeded, an override is sought while saving the price.
Floor Price
Numeric; 22 Characters; Mandatory
Enter the Floor Price for the fund. The floor price is to indicate the lowest price that the fund can offer. Based on the loads, if the net transaction price happens to be lower than this floor price then, the floor price would be considered as net transaction price. This will typically be in case of a redemption or a switch transaction.
FI Outstanding Units
Display
The system displays the number of Foreign Investors’ Outstanding Units for the fund that is also calculated by the system. The units displayed prior to allocation are of the previous period and post-allocation, the Foreign Investors’ units will form the balance for the effective day.
The Foreign Investors Outstanding Units should always be below the figure of one hundred trillion, at any point of time.
Outstanding Units
Display
This displays the number of Total Outstanding Units for the fund that is calculated by the system. The units displayed prior to allocation are of the previous period. Post-allocation, the outstanding units will become the balances for the effective day.
The Total Outstanding Units should never exceed or be equal to the figure of ten thousand trillion, at any point of time.
Reflect in Trading
Optional
Select ‘Yes’ option from drop-down option if you wish to make this fund price applicable for an investor who maintains a trading account under this fund.
Swinging Price Basis
Display
The system displays whether mid/offer/bid price is applied for the fund.
Swinging Price
Numeric; 30 Characters; Optional
Specify the swinging price which is applied for allocating transactions.
The Swinging Price Basis and Swinging Price fields are populated on running the Mini EOD for swinging price computation, only if the fund is swinging or semi swinging price basis fund. For non swinging/non semi swinging fund these fields will be blank.
NAV Lot
Numeric; 22 Characters; Optional
Enter the NAV lot amount.
Total Net Assets
Display
The system displays the Total Net Asset Value or Fund Corpus for the fund. This is applicable only if Total Assets is selected in the Total Assets / NAV / Formula Builder option. If NAV is selected then this is calculated by the system.
This should never exceed or be equal to the figure of ten thousand trillion, at any point of time.
No. Of Unit Holders
Display
This displays the Total Number of unit holders holding a balance in the fund. This number will be the actual number for any given effective date. This is also calculated by the system.
Declared NAV/Lot
Numeric; 22 Characters; Mandatory
Specify the declared NAV per lot.
Ceiling Price
Numeric; 22 Characters; Mandatory
Enter the Ceiling Price for the fund. The Ceiling price is to indicate the highest price that the fund can offer. Based on the loads, if the net transaction price happens to be greater than the Ceiling Price then, the Ceiling Price would be considered as the net transaction price. This will typically be in case of a subscription or IPO transaction.
The Floor Price should be less than the Fund Price and the Ceiling Price should be greater than the Fund Price i.e., Fund Price should be between Floor Price and the Ceiling Price.
Amend Transactions
Optional
This option allows you to reverse and recreate transactions affected by amending the Fund Price or merely updating the price. Only after you select this option, the transactions included during authorization of the Fund Price are affected.
The system will not reverse and recreate the transactions if any underlying child transaction has been created from the old transaction.
The details specified below are displayed if the related fund is a ‘Hedge Fund’.
High Water Mark (HWM)
Numeric; 22 Characters; Optional
Specify the high water mark, as per the price date.
Hurdle Rate
Numeric; 22 Characters; Optional
Specify the hurdle rate as per the price date.
HWM + Hurdle
Numeric; 22 Characters; Optional
Specify the sum of High Water Mark (HWM) and the hurdle rate, rounded based on the price rounding method.
After specifying the necessary details, clicking ‘Ok’ button.
You can maintain fund base currency details by clicking ‘Fund Base Currency Details’ tab in ‘Fund Price Detail’ screen.
After specifying the mandatory details, click ‘Ok’ button. The system displays the following details:
Click ‘Compute’ button to process the request.
Label Code
Display
The system displays the label of the additional information field.
Field Value
Display
The system displays the value in this field.
Based on the entity add info mapping, all mapped additional information is displayed here.
You can maintain fund price currency details by clicking ‘Fund Price Currency Button’ tab in ‘Fund Price Detail’ screen. You can capture the various price details for Fund Price Currency’s for various transaction types and component details for a COE fund in this screen..
The system will validate if the price is maintained for the fund in fund price currencies. if not the system will display an error message as ‘Prices for all currencies are not maintained. Do you wish to continue?’
During the pre EOD, the system will check if price in FPC have been maintained for the day. If the price in currency of expression is not found, then the transaction entered in currency of expression will not be allotted.
The Units will be allocated using respective currency of expression or fund price if the transaction is done in currency of expression. If the transaction is done in fund base currency then the allocation will take place by taking the fund price captured in fund base currency. If the transaction is done in a currency which is other than FBC or currency of expression then the allocation of units will be done using exchange rate of FBC.
For project allocation, the system will take the latest available price and show the project allocation. For menu allocation if the price is not available then system will not allocate the transactions.
NAV Correction for fund price currencies
The system will be impacted for NAV corrections for fund price currencies. In case the NAV is corrected for fund price currency, for instance, if GBP and the amend transaction is set to Yes, then all the transactions will be corrected with the new NAV price for the fund price currency (GBP). In case the amend transaction is set to No, the system will not correct the new price at transaction level.
For more details on field explanation, please refer ‘Fund Price Currencies Button’ section in Fund Rule’ screen in this User Manual.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of Fund Price record that you have already entered into the system, provided it has not subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Fund Price Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Fund Price record must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Fund Price record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Fund Price record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Fund Price record with the same attributes of an existing maintenance, you can copy the attributes of an existing Fund Price record to a new one.
To copy the attributes:
This section contains the following topics:
You can maintain fund preferences using ‘Fund Preference Maintenance’ screen. For multi switch transactions, based on the maintenance the system will generate pseudo switch-In transactions at allotment or settlement of PS-Out leg.
You can invoke ‘Fund Preference Maintenance’ screen by typing ‘UTDFPMNT’ in the field at the top right corner of the Application tool bar and click the adjoining arrow.
You can invoke the following details:
Fund ID
Alphanumeric; 6 Characters; Mandatory
Specify the fund ID for which the preference needs to be captured. Alternatively, you can select fund ID from the option list. The list displays all valid fund ID maintained in the system.
The system will validate the fund ID for the unique record.
Fund Name
Display
The system displays the name of the fund for the selected fund ID.
Fund Domicile
Display
The system defaults the fund domicile based on the fund ID selected.
Short Trade Days
Numeric; 22 Characters; Mandatory
Specify the short trade days.
Average Cost Computation Basis
Optional
Select the average cost computation basis from the drop-down list. The list displays the following values:
By default, Net option will be selected.
For off-shore fund, the system will not consider the values selected in this field for average cost computation. For off-shore fund, it is always Gross Amount.
DRSP Allowed
Mandatory
Select if DRSP is allowed for a fund or not from the drop-down list. The list displays the following values:
Investor Risk Check for RIS Generation
Optional
Select if investor risk is checked for RIS generation from the drop-down list. The list displays the following values:
Switch-In generate at
Optional
Select the pseudo switch-in transaction generate at option from the drop-down list. The list displays the following values:
DRSP Minimum Amount
Numeric; 18 Characters; Optional
Specify the DRSP minimum amount required for a DRSP transaction.
DRSP Maximum Amount
Numeric; 18 Characters; Optional
Special the DRSP maximum amount allowed for a DRSP transaction.
You can maintain transaction details applicable for short trade using ‘Short Trade Applicable Transaction’ tab in ‘Fund Preference Maintenance’ screen.
You can specify the following details:
Transaction Type
Alphanumeric; 2 Characters; Mandatory
Specify the transaction type. Alternatively, you can select transaction type from option list. The list display all valid transaction type maintained in the system.
Ref Type
Alphanumeric; 3 Characters; Mandatory
Specify the reference type. Alternatively, you can select reference type from option list. The list display all valid reference type maintained in the system.
The maintained Transaction type and Ref type alone will be applicable for short trade load. You need to map only the applicable inflow transaction type.
You can maintain aging order sequence details applicable for short trade using ‘Aging Order Sequence’ tab in ‘Fund Preference Maintenance’ screen.
You can specify the following details:
Transaction Type
Alphanumeric; 2 Characters; Optional
Specify the transaction type. Alternatively, you can select transaction type from option list. The list display all valid transaction type maintained in the system.
Ref Type
Alphanumeric; 3 Characters; Optional
Specify the reference type. Alternatively, you can select reference type from option list. The list display all valid reference type maintained in the system.
Ageing Order
Numeric; 22 Characters; Optional
Specify the ageing order.
Ageing Group Description
Alphanumeric; 20 Characters; Optional
Specify the description for the selected ageing order.
Aging Sequence in Fund Preference Maintenance is mandatory only for the Funds for which Aging Logic is maintained as USERMNTFIFO.
If you try to maintain aging sequence for funds with Aging Logic different than USERMNTFIFO, the system will display an error message.
Fund Preference maintenance is applicable for all rule effective dates for that fund.
The system will perform a mandatory pre-EOD check to validate the availability of authorized active fund preference record for all the funds.
You can disallow special discounts for transactions applicable for short trade using ‘Special Discount Disallowed Transactions’ tab in ‘Fund Preference Maintenance’ screen.
Transaction Type
Alphanumeric; 3 Characters; Optional
Specify the transaction type for which the special discount is to be disallowed. Alternatively, you can select transaction type from option list. The list display all valid transaction type maintained in the system.
Ref Type
Display
The system displays the reference type for which the special discount is to be disallowed.
Note
If you have not maintained Special Discount Disallowed Transaction, then the system will apply the special discount for all the transaction type.
You can maintain special discounts for load entities based on From entity type and To entity type using ‘Special Discount Applicable Load Entities’ tab in ‘Fund Preference Maintenance’ screen.
You can specify the following details:
From Entity Type
Alphanumeric; 3 Characters; Optionals
Specify the From entity type details for which the special discounts to be applied. Alternatively, you can also select From Entity Type from the option list. The list displays all valid entity types maintained in the system.
From Entity Type Description
Display
The system displays description for the selected From entity type.
To Entity Type
Alphanumeric; 3 Characters; Optionals
Specify the To entity type details for which the special discounts to be applied. Alternatively, you can also select To Entity Type from the option list. The list displays all valid entity types maintained in the system.
To Entity Type Description
Display
The system displays description for the selected To entity type.
From entity and To entity values are to be valid values as in the system.
If Special Discount Applicable Load Entities are not maintained, then the system will apply special discounts for all loads.
All fund will use Net/ Gross amount of the transaction. Net amount or Gross amount will be set at fund level in ‘Fund Preference Maintenance’ screen.
Off- shore fund will use weighted average method to calculate average cost and use Net/Gross amount of the transaction.
Only the current unit holder units holding will be shown.
On-Shore Average Cost (Transaction Cost Level)
The system will calculate the average cost for on-shore fund based on Net/ Gross amount.
For showing the unit holder’s Unit Holding Statement, units will be mainly classified into two group as follows:
Total cost of subscription is calculated as follows:
Total cost of RSP is calculated as follows:
where,
NAV is linked inflow transactions unit price at the time of allocation.
Total number of subscription units is the current unit balance of all inflow transactions units excluding Regular Saving Plan (RSP).
Total number of RSP units is the current unit balance of all Regular Saving Plans.
The system will calculate the average cost per unit as follows:
((Total cost of subscription) + (Total cost of RSP))
((Total no. of subscription units) + (Total no. of RSP units))
In case of Transfer Gross/ Net Amount, the system will consider the cost of the transfer-in units based on the preference of the Transfer out Leg.
In case of transfer, you need to use Base Cost to enter NAV for the change of beneficiary.
For 100% transfer, you should capture 2 transactions one for each FEL and CDSC. For Fund Merger, the system will generate 2 Normal switch transactions one each for FEL and CDSC.
For Fund Merger cost of the switch-in fund units will be the units that got switched In multiplied by the NAV as of that date.
Off-Shore Average Cost (Weighted Average Cost)
Calculation of average cost for off-shore fund will be based on Net/ Gross amount. The system will calculate the average cost based on the weighted average method.
For showing the unit holder’s unit holding statement units will be mainly classified into two group as follows:
Total cost of subscription is calculated as total sum of Gross amount of all inflow transactions excluding Regular Saving Plan (RSP).
Total cost of RSP is calculated as total sum of Gross amount of all inflow transaction of Systematic Investments.
Total Units is the sum all inflow units corresponding to Subscription or RSP
Average cost of subscription is calculated as (Total cost of subscription)/ (Total sum of Inflow units for subscription)
Average cost of RSP is calculated as (Total cost of RSP)/ (Total sum of Inflow units for RSP).
In case of Transfer without Base Cost entered, the system will consider the Gross/ Net Amount based on preference of the Transfer out Leg as cost of the Transfer In units.
The system uses Base Cost in Transfer screen to capture NAV (the cost of transferee refers to the market value stated on the tax certificate).
In case of Transfer or Fund Merger, the system will classify all Transfer In units or Switch In units as Subscription units irrespective of the out units are from Subscription or RSP.
The system will calculate the capital gain or loss for all the Outflow transactions during allocation for offshore funds only.
The client country flag ‘PLCOMPUTE’ should be enabled to compute capital gain/ loss based on below unit classifications
Linked Inflow Units * (OutFlow Transaction NAV – Average Cost of that Linked Inflow Lot)
This will be happening during allocation.
Aging sequence is common for all investor account type including Nominee account type.
Aging Sequence in Fund Preference Maintenance is mandatory only for the Funds for which Aging Logic is maintained as USERMNTFIFO.
If you try to maintain aging sequence for funds with Aging Logic different than USERMNTFIFO, the system will display an error message.
In USERMNTFIFO Aging Policy, link transactions are aged out based on the following values:
The aging order will have 5 bits namely,
For On-shore fund the system will use the following logic to derive the 5 bit Aging order:
Example
Txn Type |
Ref Type |
5 Bit value |
2 |
2 |
1 |
2 |
PS |
1 |
2 |
RE |
1 |
2 |
41 |
3 |
2 |
F1 |
2 |
2 |
F2 |
2 |
For Off-shore fund, the system will use the following logic to derive the 5 bit aging order:
Param Code |
Param Description |
Max Length (Param Value) |
Maintainable |
Param Value |
TXNCUTTOFFDATE |
Off Shore Transaction cutoff date |
12 |
Yes |
31-Dec-09 |
The system will set short trade bit to 1, if the transaction date is more than short trade period. It will be set to 2 if the transaction date is within short trade period.
Example:
Txn Type |
Ref Type |
4 Bit value |
ALL |
ALL |
1 |
2 |
41 |
2 |
This aging new bit Aging Order will be used in the order clause alone with Transaction date and Transaction Number.
For On-shore fund
For Off-shore Fund
In case of block transaction, the transaction Aging will not consider Transaction currency. It will link transaction as per the Aging sequence maintained.
Example of deriving AgingOrder:
Txn Number |
Fund Ccy |
Transaction Date |
Units Type |
Units |
RED02 |
USD |
21-Aug-16 |
FEL |
20 |
On-Shore
Txn Number |
Fund Ccy |
Transaction Date |
Units Type |
TXN TYPE |
REF TYPE |
Units |
AgingOrder (RED02) |
SUB01 |
USD |
12-Aug-08 |
FEL |
2 |
2 |
10 |
11111 1st Bit: 1- out flow for FEL so it is set to 1 2nd and 3rd Bit: 1 since this are not applicable for on-shore fund 4th Bit: Short Trade Bit 5th Bit: 1 for this transaction aging order derived is 1 |
SUB02 |
USD |
12-Aug-08 |
FEL |
2 |
41 |
10 |
11113 1st Bit: 1- out flow for FEL so it is set to 1 2nd and 3rd Bit: 1 since this are not applicable for on-shore fund 4th Bit: Short Trade Bit 5th Bit: for this transaction aging order derived is 3 |
On - shore: Unity type not specified
Transaction Number |
Fund Currency |
Transaction Date |
Units Type |
Units |
RED03 |
USD |
21-Aug-16 |
NULL |
50 |
Txn Number |
Fund Ccy |
Transaction Date |
Units Type |
TXN TYPE |
REF TYPE |
Units |
AgingOrder (RED03) |
SUB01 |
USD |
12-Aug-08 |
FEL |
2 |
2 |
10 |
11111 |
1st Bit: 1- since Out flow is set to NULL |
|||||||
2nd and 3rd Bit: 1 since this are not applicable for on-shore fund |
|||||||
4th Bit: 1 – trade is not within short trade |
|||||||
5th Bit: transaction aging order derived is 1 |
|||||||
SUB21 |
USD |
12-Nov-08 |
CDSC |
2 |
2 |
10 |
11111 |
1st Bit: 1- since Out flow is set to NULL |
|||||||
2nd and 3rd Bit: 1 since this are not applicable for on-shore fund |
|||||||
4th Bit: 1 – trade is not within short trade |
|||||||
5th Bit: transaction aging order derived is 1 |
|||||||
SUB14 |
USD |
20-Aug-16 |
CDSC |
2 |
2 |
10 |
11121 |
1st Bit: 1- since Out flow is set to NULL |
|||||||
2nd and 3rd Bit: 1 since this are not applicable for on-shore fund |
|||||||
4th Bit: 2 – trade is within short trade |
|||||||
5th Bit: transaction aging order derived is 1 |
|||||||
SUB15 |
USD |
20-Aug-16 |
FEL |
2 |
2 |
10 |
11121 |
1st Bit: 1- since Out flow is set to NULL |
|||||||
2nd and 3rd Bit: 1 since this are not applicable for on-shore fund |
|||||||
4th Bit: 2 – trade is within short trade |
|||||||
5th Bit: transaction aging order derived is 1 |
|||||||
SUB96 |
USD |
15-May-16 |
CDSC |
2 |
F1 |
10 |
11112 |
1st Bit: 1- since Out flow is set to NULL |
|||||||
2nd and 3rd Bit: 1 since this are not applicable for on-shore fund |
|||||||
4th Bit: trade is not within short trade |
|||||||
5th Bit: transaction aging order derived is 2 |
Off-Shore Fund Base Currency: USD
Txn Number |
Txn Ccy |
Transaction Date |
Units Type |
Units |
RED01 |
USD |
21-Aug-16 |
CDSC |
50 |
Txn Number |
Txn Ccy |
Transaction Date |
Units Type |
TXN TYPE |
REF TYPE |
Units |
AgingOrder (RED02) |
SUB01 |
TWD |
12-Aug-08 |
CDSC |
2 |
2 |
10 |
11111 |
1st Bit: will be always set 1 |
|||||||
2nd Bit: 2 transaction currency TWD and out flow transaction currency TWD |
|||||||
3rd Bit: 1 transaction date is before 31-Dec-2009 |
|||||||
4th Bit: Short Trade Bit 1 |
|||||||
5th Bit: 1 for this transaction aging order derived is 1 |
|||||||
SUB23 |
TWD |
12-Nov-08 |
CDSC |
2 |
41 |
10 |
11112 |
1st Bit: will be always set 1 |
|||||||
2nd Bit : 2 transaction currency TWD and out flow transaction currency TWD |
|||||||
3rd Bit: 1 transaction date is before 31-Dec-2009 |
|||||||
4th Bit: Short Trade Bit |
|||||||
5th Bit: 2 for this transaction aging order derived is 2 |
|||||||
SUB62 |
USD |
1-Jan-10 |
CDSC |
2 |
2 |
10 |
12211 |
1st Bit: will be always set 1 |
|||||||
2nd Bit: 2 transaction currency USD and out flow transaction currency are TWD |
|||||||
3rd Bit: 2 transaction date is after 31-Dec-2009 |
|||||||
4th Bit: Short Trade Bit 1 |
|||||||
5th Bit: for this transaction aging order derived is 1 |
|||||||
SUB63 |
TWD |
1-Jan-10 |
CDSC |
2 |
2 |
10 |
11211 |
1st Bit: will be always set 1 |
|||||||
2nd Bit: 1 transaction currency TWD and out flow transaction currency are TWD |
|||||||
3rd Bit: 2 transaction date is after 31-Dec-2009 |
|||||||
4th Bit: Short Trade Bit |
|||||||
5th Bit: 1 for this transaction aging order derived is 1 |
|||||||
SUB82 |
USD |
11-Apr-16 |
CDSC |
2 |
41 |
10 |
12212 |
1st Bit: will be always set 1 |
|||||||
2nd Bit: 2 transaction currency USD and out flow transaction currency are TWD |
|||||||
3rd Bit 2 transaction date is after 31-Dec-2009 |
|||||||
4th Bit: Short Trade Bit |
|||||||
5th Bit: 2 for this transaction aging order derived is 2 |
On-shore ageing logic for short trade period is as follows:
On-shore ageing logic for short trade Units is as follows:
Off-shore ageing logic for short trade is as follows:
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Invoke the ‘Fund Preference Summary’ screen by typing ‘UTSFPMNT’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button and specify any or all of the following details in the corresponding details.
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value
You can modify the details of fund preference record that you have already entered into the system, provided it has not subsequently authorized. You can perform this operation as follows:
Click Save to save your changes. The Fund Preference screen is closed and the changes made are reflected in the Fund Preference Summary screen.
To view a record that you have previously input, you must retrieve the same in the Fund Preference Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
When a checker authorizes a record, details of validation, if any, that were overridden by the maker of the record during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the record.
After a Fund Preference record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Fund Preference record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
This section contains the following topics:
You can view short trade counter at unit holder fund level using ‘Short Trade Counter Details’ screen. You can invoke this screen by typing ‘UTDSTCNT’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can specify the following details:
Unit Holder ID
Alphanumeric; 12 Characters; Mandatory
Specify the unit holder ID. Alternatively, you can select unit holder ID from the option list. The list displays all the unit holder ID maintained in the system.
You can also click ‘Find UH’ button to invoke ‘UnitHolder Find Options’ screen. You can search for the unit holder ID from this screen.
Unit Holder Name
Display
The system displays the name of the unit holder for the selected unit holder ID.
From Date
Date Format; Mandatory
Select the From Date from the adjoining calendar.
To Date
Date Format; Mandatory
Select the To Date from the adjoining calendar.
After specifying the necessary details, click ‘Execute Query’ option. the system displays the fund ID, fund name and short trade count for the given criteria.
The system will display the fund with count greater than zero. Also, the system will count only the transaction for which short trade are applicable.
You can query the details of the transaction for which short trade are applicable. Clicking ‘View’ button, the system displays the outflow transaction for which short trade are applicable.
You can specify the following details:
Transaction Number
Display
The system displays the transaction number for which the short trade transactions happened.
Transaction Date
Display
The system displays the transaction date on which the short trade transactions occurred.
Short Trade Applicable
Optional
Select if the short trade is applicable or not from the drop-down list. The list displays the following values:
By default, the transaction will be set to ‘Yes’.
If you change the status to ‘No’, the system will not perform any validation.
Once the Short Trade Applicable field is set to No, the system will reset the Short Trade counter while re-querying the given criteria.
Marking the Short Trade Applicable to No, the system will not reverse or recalculate Short trade penalties.
Remarks
Alphanumeric; 255 Characters; Optional
Specify remarks, if any on changing the short trade to Yes or vice versa.
The system will increment the unit holder fund level short trade counter during successful outflow allocation process, when the linked transaction meets any one of the following criteria.
During the reversal of outflow transaction linked to short trade, corresponding unit holder fund counter will be decremented.
This section contains the following topics:
You can capture investor risk rating to fund risk rating mapping. This mapping will be done at an AMC level. The system will validate transactions wherever applicable based on this mapping to check if an investor can invest into a selected fund or not.
You can configure investor risk rating and fund risk rating in ‘Parameter Setup’ screen where ‘Param Value’ will be numeric ranging from 0-100 with 1 as the lowest risk rating and 100 as the highest risk rating.
If risk rating for an investor is 0 (Not Applicable), the validation for investor fund risk rating will not be applicable. Param Value ‘0’ should not be used for any other risk rating maintenance.
Note
You can configure Fund risk level and investor risk level at param maintenance for FUNDRISKPROFILE and INVRISKPROFILE param codes respectively. The system will validate the fund risk for an investor in ‘Investor Fund Risk Rating Mapping’ screen.
The parameters for investor and fund risk ratings are as follows:
Investor Risk Rating
Param Value |
Description |
0 |
Not Applicable |
10 |
Low (Conservative) |
20 |
Medium (Moderate) |
30 |
High (Aggressive) |
Fund Risk Rating
Param Value |
Description |
10 |
Risk Level 1 |
20 |
Risk Level 2 |
30 |
Risk Level 3 |
40 |
Risk Level 4 |
50 |
Risk Level 5 |
You can add more risk rating levels to Investor Risk Rating and Fund Risk Rating parameter maintenance as required.
Example for Parameter maintenance:
Investor risk rating
Param Value |
Description |
10 |
Low (Conservative) |
20 |
Medium (Moderate) |
30 |
High (Aggressive) |
Fund Risk Rating
Param Value |
Description |
10 |
Risk Level 1 |
20 |
Risk Level 2 |
30 |
Risk Level 3 |
40 |
Risk Level 4 |
50 |
Risk Level 5 |
Mapping is done as follows:
Param Value |
Description |
10 |
Risk Level 1 |
20 |
Risk Level 2 |
30 |
Risk Level 3 |
40 |
Risk Level 4 |
50 |
Risk Level 5 |
You can capture investor risk rating to fund risk rating mapping using ‘Investor Fund Risk Rating Mapping’ screen. You can invoke this screen by typing ‘UTDINFRR’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can invoke the following values:
Entity Type
Optional
Select the entity type from the drop-down list. the list displays the following values:
AMC/ Product ID
Alphanumeric; 12 Characters; Mandatory
Specify the AMC ID for which the mapping is done. Alternatively, you can select AMC ID from the option list. The list displays all valid AMC ID maintained in the system.
Investor Risk Rating
Alphanumeric; 16 Characters; Mandatory
Specify the investor risk rating level for which the mapping to be done. Alternatively, you can select the investor risk rating level from the option list. The list displays all valid investor risk rating maintained in the system.
Risk Rating From
Alphanumeric; 16 Characters; Mandatory
Specify the lowest fund risk rating for the selected investor risk rating eligible to invest. Alternatively, you can select the lowest fund risk rating from the option list. The list displays all valid lowest fund risk rating maintained in the system.
Risk Rating To
Alphanumeric; 16 Characters; Mandatory
Specify the highest fund risk rating for the selected investor risk rating eligible to invest. Alternatively, you can select the highest fund risk rating from the option list. The list displays all valid highest fund risk rating maintained in the system.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
You can invoke the ‘Investor Fund Risk Rating Mapping Discount Summary’ screen by typing ‘UTSINFRR’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button and specify any or all of the following details in the corresponding details.
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
Note
The status field in the Records pane of the summary screen displays the bulk operation results.
You can modify the details of investor fund risk rating mapping record that you have already entered into the system, provided it has not subsequently authorized. You can perform this operation as follows:
Click Save to save your changes. The Investor Fund Risk Rating Mapping Detail screen is closed and the changes made are reflected in the Investor Fund Risk Rating Mapping Summary screen.
To view a record that you have previously input, you must retrieve the same in the Investor Fund Risk Rating Mapping Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
When a checker authorizes a record, details of validation, if any, that were overridden by the maker of the record during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the record.
After a Investor Fund Risk Rating Mapping record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Investor Fund Risk Rating Mapping record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
This section contains the following topics:
To set up adhoc price dates for any transaction types mapped to a fund, use the ‘Ad Hoc Price Detail’ screen. The system allows you to maintain adhoc price date as any back date provided this back-date is greater than the last fund price date.
Note
You will be allowed to enter adhoc price dates for funds for which you have maintained a specific fund price date. This is irrespective of whether or not you have indicated Forward Pricing is applicable.
You can invoke the ‘Adhoc Price Detail’ screen by typing ‘UTDAHPRM’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the adhoc price maintenance.
You can specify the following details:
Fund ID
Alphanumeric; 6 Characters; Mandatory
Select the fund id of the fund for which ad-hoc price dates have to be maintained, from the option list provided.
Fund Identification Number
Display
Select the fund identification number of the fund for which ad-hoc price dates have to be maintained, from the option list provided
The Fund Identification Number of the fund you have chosen will be displayed when you choose the Fund ID.
You could, alternatively, choose the Fund Identification Number of the fund and the Fund ID will be displayed.
Fund Name
Display
The system displays the description for the selected fund ID.
Adhoc Price Date
Date Format; Mandatory
Select the adhoc price date from the adjoining calendar.
The date you enter cannot be earlier than Application Date, and the Next Price Date maintained in the General Operating Rules screen.
Transaction Type
Alphanumeric; 2 Characters; Mandatory
Choose the transaction type for which you want to maintain adhoc price dates.
Transaction Name
Display
The system displays the name of the selected transaction type.
Cut Off Days
Numeric; 5 Characters; Optional
Enter the number of days after the price date beyond which the price date is moved to the next specific pricing cycle.
For Reporting?
Optional
Check this box to indicate the date entered is to be used for reporting purposes only. In this case, this date will not be used for the subsequent price date calculation.
Note
If the new back dated price date is a fund/ fund price holiday, the system will automatically mark this day as a working day during the authorization of the adhoc price. The case will be applicable in a case where the adhoc price is a fund/fund price holiday only and not AMC/system holiday.
Any un-allotted transactions in the system for which price date is greater than the new back-date price date, the system will re-compute the following information for those trades price date, settlement date and dealing date.
Due to this price date change the impact is propagated to dealing date and settlement date in the system.
For the new back dated price date, the system will consider the cut off days if maintained and this will be on calendar as maintained in the fund rules (price date calendar basis)
If multiple back date adhoc prices are maintained, the system will consider the first adhoc price date irrespective of the price sequence maintenance.
For cases where there is auto generation of prices if there is a back dated adhoc price maintenance, then on authorization of the back dated adhoc price date (UTDAHPRM), the system will delete the auto generated prices from the adhoc price date. On authorization of the new price (using UTDFPRIC) for the back dated adhoc price date; the system will re- generate the deleted prices.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Invoke the summary screen and specify any or all of the following details in the corresponding fields:
You can invoke the ‘Ad Hoc Price Summary’ screen by typing ‘UTSAHPRM’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of an Adhoc Price record that you have already entered into the system, provided it has not subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Adhoc Price Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Adhoc Price record must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After an Adhoc Price record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Adhoc Price record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Adhoc Price record with the same attributes of an existing one, you can copy the attributes of an existing Adhoc Price record to a new one.
To copy the attributes:
This section contains the following topics:
You may search for a record and indicate whether or not the Adhoc price entered for a transaction should be applied, in the ‘Price Date Change Maintenance Detail’ screen.
You can invoke the ‘Price Date Change Maintenance Detail’ screen by typing ‘UTDPRDTC’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The ‘Price Date Change Maintenance Detail’ screen is displayed. Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the new price date change.
You can search for a record using any of the following criteria:
Reference Number
Display
The system displays the reference number.
Fund ID
Alphanumeric; 6 Characters; Optional
Specify the fund ID.
Fund Name
Display
The system displays the name of the selected fund ID.
Transaction Number
Alphanumeric; 16 Characters; Optional
Specify the transaction number.
Transaction Type
Alphanumeric; 2 Characters; Optional
Specify the transaction type.
Transaction Name
Display
The system displays the name of the selected transaction type.
Ref Type
Alphanumeric; 2 Characters; Optional
Specify the ref type.
Reftype Description
Display
The system displays the description for the selected ref type.
AMC ID
Alphanumeric; 12 Characters; Optional
Specify the AMC ID.
AMC
Display
The system displays the AMC name.
When you click ‘Find’ button, records satisfying the search criteria that you have entered are displayed.
Note
Only Unallotted transactions will be displayed.
You will be able to view the following details for the records that are displayed:
You would have indicated the scheduled and adhoc price dates for a transaction. If, for a certain transaction, you would like to indicate the adhoc price should be used and not the scheduled price, check the box ‘Use Adhoc Pricing?’
Click ‘Ok’ button to save any information.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Invoke the summary screen and specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Reference Number by using the combination of % and alphanumeric value as follows:-
You can use the Summary screen for authorizing or deleting in bulk. Select the records and authorize using the ‘Authorize’ button or delete using ‘Delete’ button.
You can modify the details of Price Date Change Maintenance that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Price Date Change Maintenance Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
You can also delete in bulk by selecting the records you wish to delete and clicking the Delete All button.
An unauthorized Price Date Change Maintenance must be authorized in the system for it to be processed. To authorize a record:
You can also authorize in bulk by selecting the records that you wish to authorize and clicking on the Authorize button.
When a checker authorizes a record, details of validation, if any, that were overridden by the maker of the record during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the record.
After a Price Date Change Maintenance is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Price Date Change Maintenance must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Price Date Change Maintenance with the same attributes of an existing maintenance, you can copy the attributes of an existing Price Date Change Maintenance to a new one.
To copy the attributes:
This section contains the following topics:
You can indicate the non availability of a fund price in the ‘Fund Price Holiday Maintenance Detail’ screen.
You can invoke the ‘Fund Price Holiday Maintenance Detail’ screen by typing ‘UTDFPHOL’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The ‘Fund Price Holiday Maintenance Detail’ screen is displayed.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the holiday maintenance you wish to maintain for a fund price.
Enter the following information in this screen:
Fund ID
Alphanumeric; 6 Characters; Mandatory
Select the ID of the fund for which you want to specify the day on which the price will not be available.
Fund Name Short
Display
The system displays the short fund name for the selected fund ID.
ISIN Code
Alphanumeric; 12 Characters; Mandatory
The Fund ISIN of the fund you have chosen will be displayed. You could, alternatively, choose the ISIN Code and the corresponding Fund ID will be displayed.
Fund Price Holiday
Date Format; Mandatory
Specify the date on which the fund price will not be available.
Note
The system will allow you to capture two prices in a same cycle if the previous cycle price date falls on a holiday and holiday rule is after. This will be applicable for all pricing frequencies. For instance, if Friday is set up as holiday, the price date will follow on the next Working Date, say, Monday if Monday is a working date (even if Monday belongs to next cycle/week).
Bulk upload of fund prices will exclude all funds for which fund price is not available for the day. The price for these funds will be accepted on the next working day and the effective date will be reflected as shown above.
The following batch processes will exclude all funds for which fund price is not available for the day:
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Invoke the Fund Price Holiday Maintenance Summary screen. Specify any or all of the following details in the corresponding fields:
Click 'Search' to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of Fund Price Holiday record that you have already entered into the system, provided it has not subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Fund Price Holiday Maintenance Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Fund Price Holiday record must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Fund Price record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
If an incorrect price has been entered in the Fund Price Holiday Maintenance screen, for a particular date, the system allows you to make correction through an amendment operation. Through this, prices entered on any previous working day can be amended, if necessary, to make corrections.
Amendment of a fund price is only possible under the following circumstances:
Note
This feature is only available if your installation has specifically requested for it.
An amended Fund Price Holiday record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
This section contains the following topics:
CPMF tax is deducted by the some banks and the money is transferred from current/savings account to the investment account.
For a few selected investment products such as funds or term deposits the bank could decide to return a part of the CPMF Tax that has been deducted as an incentive for having invested. This is referred to as CPMF Bonus.
Invoke the ‘Fund CPMF Detail’ screen by typing ‘UTDFCPMF’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The ‘Fund CPMF Detail’ screen is displayed.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of CPMF preferences for the fund.
Fund ID
Alphanumeric; 6 Characters; Mandatory
Select the ID for the fund for which the CPMF rule is applicable.
CPMF Bonus Applicable
Optional
Select ‘Yes’ from the drop-down list if the CPMF bonus is applicable to investment made in this fund.
Lag for CPMF Bonus Credit
Numeric; 4 Characters; Optional
If Lag basis is transaction date or trigger based, lag will not be captured. If Lag basis is user defined, then the 'Lag for CPMF Bonus Credit' will be captured.
IRRF Load for CPMF
Alphanumeric; 5 Characters; Optional
Indicate the IRRF load to be applied to the CPMF bonus, in which case the net amount will be credited to the investor after taking into consideration the tax amount.
CPMF Bonus Type
Optional
Select the type of CPMF Bonus, the options being:
If the type selected is fixed then no changes can be made to the bonus at the transaction level.
Load Description
Display
The system displays the description for the selected IRRF Load ID For CPMF.
Default CPMF Bonus Percentage Value
Numeric; 30 Characters; Optional
Specify the default percentage value of the CPMF bonus. In case the CPMF bonus type is fixed, this value will be the value used and it can not be changed.
Minimum Transaction Amount
Numeric; 30 Characters; Optional
Specify the minimum amount that is required to be available for the CPMF bonus to be considered, in case the application amount is less than the amount specified here the bonus will not be calculated.
Note
The minimum transaction amount should be specified in the fund base currency.
Fund Identification Number
Display
The system displays the description for the selected fund ID. However, you can amend this value.
Lag Basis
Optional
Select the lag basis from the drop down provided, the options being;
Credit Bonus on Outflow
Optional
Select ‘Yes’ from drop-down list to ensure that the CPMF credit takes place even if the subscribed units have been redeemed partially or fully.
Account Types
Alphanumeric; 25 Characters; Optional
Select the account types from the list of available account types for which the CPMF bonus will be applicable.
Account Types Description
Display
The system displays the description for the selected available account type.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of Fund CPMF record that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Fund CPMF Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Fund CPMF record must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Fund CPMF record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Fund CPMF record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Fund CPMF record with the same attributes of an existing maintenance, you can copy the attributes of an existing Fund CPMF record to a new one.
To copy the attributes:
This section contains the following topics:
Each of the funds floated by the AMC must maintain bank accounts that operate in the fund base currency and any or all of the fund transaction currencies. These fund accounts can be maintained through the Fund Account Maintenance screen.
You can capture multiple bank accounts for a fund in the same currency; however, a default fund account must be designated for a particular currency. You can also specify the account categories for each bank details.
To set up the bank accounts for a fund, use the ‘Fund Account Input’ screen. You can invoke this screen by typing ‘UTDFNDAC’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The ‘Fund Account Input’ screen is displayed.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the new fund account you wish to maintain.
Before you set up a fund account for a fund, it is desirable to ensure that the following information is already setup in the system:
You can specify the following fields in this screen:
Fund ID
Alphanumeric; 6 Characters; Mandatory
Select the fund for which the fund account is to be set up, from the drop down list. This list contains the names of all the authorized funds in the system.
When you select the fund, the Fund Base Currency is picked up from the Fund Demographics profile for the selected fund and displayed in the Fund Base Currency field.
Fund Identification Number
Alphanumeric; 25 Characters; Mandatory
The system displays the fund identification number. However, you can amend this value.
Fund Name
Display
The system displays the fund name for the selected fund ID.
Fund Base Currency
Display
The currency in which the fund is denominated is defaulted here.
Description
Display
The system displays the fund base currency description.
Bank Code
Alphanumeric; 12 Characters; Mandatory
Specify the name of the bank where the account is to be set up.
Branch Code
Alphanumeric; 12 Characters; Mandatory
Specify the name of the branch of the bank where the account is to be set up. When you select the bank name, the branches that have been set up for the selected bank are populated in the drop down list.
Account Number
Alphanumeric; 20 Characters; Mandatory
Enter the number of the account that will be operative for this fund.
IBAN
Alphanumeric; 40 Characters; Optional
Specify the IBAN (International Bank Account Number) of the account holder.
Account Currency
Alphanumeric; 3 Characters; Mandatory
Select the currency that the account is to operate in, from the drop down list provided. When the fund is selected, all the currencies that are permitted for the fund as transaction currencies are populated in this list, along with the fund base currency. This information is picked up from the Fund Demographics profile and the Fund Transaction Currency profile for the selected fund.
As mentioned earlier, multiple accounts can be set up for a Fund ID and an account currency. An account must be maintained for the Fund Base Currency, and if this is not done, the system prompts for this on usage of the Save option.
Account Name
Alphanumeric; 60 Characters; Mandatory
Specify the name of the fund account that is being set up.
Close Account
Mandatory
Select ‘Yes’ from the drop-down list to indicate closure of this fund account. Account closure is only available in Edit Mode.
Direct Debit Applicable
Optional
Select ‘Yes’ from the drop-down list to indicate that direct debits are applicable for the account.
Account Category
Alphanumeric; 2 Characters; Optional
Specify the category to which the account belongs.
Note
Only those accounts that operate in the fund base currency can be specified as an NPI-Trust account. For a given Fund ID and Fund Base Currency combination, only account can be maintained as NPI-Trust account.
Default Account
Optional
Select ‘Yes’ from the drop-down list to default account for each currency.
You must designate one default account for each currency, which would be deemed to be the default fund account in the selected currency, for the fund.
In case of currency of expression fund, while saving the record, the system will check if there is fund account maintenance for all fund base currency and all fund price currencies listed for the fund selected. The system will display an error message as ‘Maintain fund account for the account currency and currency code name’.
If fund account details are not maintained then the system will validate the number of authorized funds for which fund bank accounts have not been maintained for their Fund Base/ Fund Price Currency as part of Pre EOD.
The system will also validate the account currencies at transaction level if accounts for fund price currencies are not maintained.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:
You can modify the details of a Fund Account record that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Fund Account Input Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Fund Account record must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Fund Account record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Fund Account record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Fund Account record with the same attributes of an existing maintenance, you can copy the attributes of an existing Fund Account record to a new one.
To copy the attributes:
This section contains the following topics:
You can associate a share class fund with a non-taxable product. Invoke the ‘Product Fund Mapping Detail’ screen by typing ‘UTDPFMAP’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the mapping you wish for a particular product and fund.
After a share class fund has been mapped to a product, the mapping must be authorized for it to be effective.
Authorization of such a mapping can be done in the Product Fund Mapping screen itself. The mapping cannot be removed or deleted subsequently.
You can specify the following fields in this Screen
Product ID
Mandatory
Select Non Tax product from drop-down list to which the fund is mapped. This specification can be made only once for a fund, and once it is made, it cannot be reversed or deleted.
Fund ID
Alphanumeric; 6 Characters; Mandatory
Select the share class fund that is to be mapped to a non-taxable product.
Fund Name
Display
Upon selection of the fund ID, the associated fund name gets displayed. However you are allowed to modify the same.
This section contains the following topics:
When an investor subscribes into a wrap fund, the investment is channelled into the underlying investment funds that are associated with the wrap fund.
In Oracle FLEXCUBE Investor Servicing, you can maintain details of wrap funds, with the underlying funds and the respective split percentages, using the ‘Wrap Fund Maintenance Detail’ screen. You can invoke this screen by typing ‘UTDWRFND’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the wrap fund you wish to maintain.
Note
You can maintain details of wrap funds in the system for information and reporting purposes only. No processing or validation in respect of the same is performed by the system when there is an investment into the fund or its underlying investment funds.
In this screen, any authorized fund in the system can be designated as a wrap fund, and any authorized funds in the system may be designated as underlying investment funds for the wrap fund. An effective date may also be specified for the wrap fund.
You can specify the following fields in this screen:
Wrap Fund ID
Alphanumeric; 6 Characters; Mandatory
Specify the ID of the wrap fund. The list contains authorized funds in the system.
ISIN No
Alphanumeric; 12 Characters; Optional
The system displays the ISIN number. However, you amend this value.
If you specify the ISIN Code, the ID of the fund is displayed in Wrap Fund ID field and vice versa.
Rule Effective Date
Date Format, Mandatory
Specify the date from which the fund is effective as a wrap fund in the system. This rule effective date is different from the effective date of the actual fund in the system, which is specified in the Fund Demographics profile for the fund.
Fund ID
Alphanumeric; 6 Characters; Mandatory
Specify the ID of the underlying investment fund. The list contains authorized funds in the system.
Fund Name Short
Display
The system displays the short fund name for the selected fund ID.
Split Percentage
Numeric; 5 Characters; Mandatory
Specify the percentage limit for investment into the selected underlying fund. This percentage must not exceed one hundred percent.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Wrap Fund by using the combination of % and alphanumeric value as follows:-
You can modify the details of a Wrap Fund record that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Wrap Fund Maintenance Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Wrap Fund must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were over ridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
After a Wrap Fund record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Wrap Fund record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal transactions.
If you want to create a new Wrap Fund record with the same attributes of an existing maintenance, you can copy the attributes of an existing Wrap Fund record to a new one.
To copy the attributes:
This section contains the following topics:
You can impose restrictions on funds when there is a necessity to control inflows into, outflows from or both with regard to the funds. For example, when you change a fund from an open-ended fund to a close–ended fund or when limits on investment in a fund have been breached, you will need to restrict further subscriptions to the fund.
You can impose restrictions on clients on the basis of the RPO (Restricted Post Office) Code. For example, in case of an investor who is deceased, you may allow redemptions only if his address is known. You can also restrict any further subscriptions to his account.
You can restrict the operations/setup for a fund, broker or a client to specific users. The restrictions and the list of specific users can be maintained through the ‘FBC Access Restriction Detail’ screen. You can invoke this screen by typing ‘UTDFAR’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the restrictions that you wish to maintain.
Note
You can specify the following fields in this screen:
Restriction Type
Mandatory
Select the basis on which you wish to apply restrictions from the drop-down list. The options are ‘Client’ and ‘Fund’.
Restriction
Mandatory
Choose ‘Yes’ from drop-down list if you want to apply restrictions. This prevents the users maintained in the list from performing the operation specified.
Choose ‘No’ if you do not want to apply restrictions. This ensures that only the users maintained in the list are allowed to perform the operation specified.
Fund ID
Alphanumeric; 6 Characters; Optional
Specify the fund ID if you have opted for restriction type ‘Fund’.
Auto Auth
Mandatory
If you want the users maintained in the list to be able to authorize their own transactions, choose ‘Yes’ from drop-down list. Else choose ‘No’.
If you choose ‘Yes’, this selection will take precedence over the Auto Auth maintained in the Security Maintenance System.
RPO Code
Display
The system displays the RPO Code if you have opted for restriction type ‘Client’.
Apply to All Users
Mandatory
The option you choose here will define if all or only particular users can perform the operation that you have specified. Choose ‘No’ from drop-down list if you wish the restriction on operations to be applicable only to the users maintained in the list. Choose ‘Yes’ if you wish the restriction to be applicable to all users. In this case, there will be no users maintained in the list.
Operation
Alphanumeric; 3 Characters; Mandatory
Specify the operation (s) that you wish to restrict. The following are the operations that are allowed for client and fund restrictions:
Operation |
Fund Level |
Client Level |
Subscriptions/ Policy Top Up |
Allowed |
Allowed |
Redemption/ Surrenders |
Allowed |
Allowed |
Subscription SI |
Allowed |
Allowed |
Recurring Premiums |
Allowed |
Allowed |
Redemption SI |
Allowed |
Allowed |
Recurring Annuities |
Allowed |
Allowed |
Switch Out |
Allowed |
Allowed |
Switch In |
Allowed |
Allowed |
Transfers |
Allowed |
Allowed |
View UH profile & Portfolio View |
Not Allowed |
Allowed |
Update of the profile |
Not Allowed |
Allowed |
Correspondence |
Not Allowed |
Allowed |
User ID
Alphanumeric; 15 Characters; Mandatory
List all the users that are allowed or disallowed to perform the operation that you have chosen.
User Name
Display
The system displays the corresponding Names for the User IDs that you select.
Let us assume the following restriction parameters for a Fund:
Restriction Type |
Restriction |
Fund Id |
RPO Code |
Operation |
Apply to All Users |
User List |
Fund |
Yes |
OMGR |
|
Subscription |
No |
User 1 & User2 |
This implies that only User 1 and User 2 are not allowed to do subscription for the fund ‘OMGR’.
Let us assume the following restriction parameters for a Client:
Case |
Restriction Type |
Restriction |
Fund Id |
RPO Code |
Operation |
Apply to All Users |
User List |
Case 1 |
Client |
Yes |
|
UNKNOWN ADDR |
Redemptions |
Yes |
|
Case 2 |
Client |
No |
|
OVERPAID |
View UH Profile &Portfolio View |
No |
User3 |
In Case 1, no user is allowed to do redemptions for investors whose RPO Code has been specified as ‘UNKNOWN ADDR’.
In Case 2, only User 3 will be allowed to do the ‘Unit Holder View’ and ‘Portfolio View’ operations for clients with RPO Code as ‘OVERPAID’.
You can specify the following operations in this field:
You can perform the following operations in the ‘FBC Access Restriction Summary’ screen:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of an FBC Access Restriction that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the FBC Access Restriction Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized FBC Access Restriction must be authorized in the system for it to be processed. To authorize a record:
After an FBC Access Restriction is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended FBC Access Restriction must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module.
The subsequent process of authorization is the same as that for normal records.
If you want to create a new FBC Access Restriction with the same attributes of an existing maintenance, you can copy the attributes of an existing FBC Access Restriction to a new one.
To copy the attributes:
This section contains the following topics:
The holdings of investors in a fund are affected by corporate actions that are declared and processed in respect of the fund such as liquidations, mergers, splits, reverse splits, dividends, capital payouts, side pocket creations, side pocket mergers and so on.
These corporate actions are discussed below:
This corporate action simply means the liquidation of the entire corpus of the fund on a date decided by the fund. The proceeds of such liquidation are paid out to the investors. The date of liquidation is intimated to the investors in advance, so that they may redeem their holdings, prior to the liquidation date, if so desired.
The split corporate action involves the splitting of unit balances of a ‘parent’ fund into a ‘child’ fund. It results in an increase in the total outstanding holdings in the fund. However, both the par value and the price per unit decrease, according to the split ratio.
The reverse split corporate action results in a decrease in the total outstanding holdings in the fund. However, both the par value and the price per unit increase, according to the split ratio.
The split or reverse split ratio could result in fractional balances in the new fund, and in the event of the AMC not allowing such fractional balances, the fractions are redeemed and the proceeds paid out to the unit holders.
A merger involves the merging of unit balances from one or more parent funds into a resultant fund. It can be put through either according to a predetermined user –input ratio or a system-derived ratio of parent fund(s) to the resultant fund
If you wish the system to derive the merger ratio, you should specify the fund(s) being merged (Parent Fund) and the fund into which the merger is happening (Resultant Fund). The system will derive the merger ratio based on the available net asset values of the specified funds.
The merger ratio could result in fractional balances in the new fund, and in the event of the AMC not allowing such fractional balances, the fractions are redeemed and the proceeds paid out to the unit holders.
A capital payout liquidates a preset percentage of unit balances due to transactions in a fund, the proceeds of which are paid out the corresponding unit holders with balances in the fund due to the transactions.
The percentage of balances liquidated, could include units as of the price date of the transaction (all units), transaction date (all or confirmed units) or allocation date (all or confirmed units).
Oracle FLEXCUBE Investor Servicing provides the facility of maintaining the corporate actions mentioned above and processing them in respect of a fund.
Side pockets are special type of accounts used in hedge funds to separate illiquid assets from other more liquid investments. Once an investment enters a side pocket account, only the present participants in the hedge fund will be entitled to a share of it. Future investors will not receive a share of the proceeds in the event the asset's returns get realized.
During side pocket creation, percentage-wise redemption transactions are generated for all unit holders, based on the split percentage specified in the corporate action. Unit-wise subscription transactions, equal to units redeemed from the main fund, are generated for side pocket fund.
During side pocket mergers, 100% redemption happens in the side pocket fund. Subscription transactions, equivalent to the side pocket redemption units, are generated for the main fund.
During ‘Series Fund Merger’, the fund series that are maintained separately in the system are consolidated at period end.
Note
After merger process you need to manually disable the follow-up fund series.
You can maintain details for corporate actions in the ‘Corporate Actions Maintenance Detail’ screen. You can invoke this screen by typing ‘UTDCOACT’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The ‘Corporate Actions Maintenance Detail’ screen is displayed.
Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details of the relevant corporate action.
You can specify the following fields in this screen:
Corporate Action Type
Mandatory
From the drop down list, select the type of corporate action for which you are maintaining the processing parameters, in this screen. The options are as follows:
Corporation Action Date
Date Format; Mandatory
Specify the date on which the corporate action falls due for processing. This must be the same as the current date, or a future date. The implications for the fund in each case are as follows:
Corporate Action Status
Display
The status of the corporate action is displayed in this field.
When you enter a new record, it is marked with the ‘Active’ or ‘Unprocessed’ status. After authorization, the corporate action record can be cancelled through an amendment, before it is processed. In such a case, it acquires the ‘Cancelled’ status.
After the corporate action has been processed, it acquires the ‘Processed’ status.
Fund ID
Alphanumeric; 6 Characters; Mandatory
Select the fund for which you are maintaining a corporate action, from the drop down list. This list contains the names of all the authorized funds in the system.
When you select the fund, the Fund Base Currency is picked up from the Fund Demographics profile for the selected fund and displayed in the Fund Base Currency field.
In the case of liquidation, specify the ID of the fund being liquidated. For splits and reverse splits, specify the ID of the child fund. In the case of mergers, you must specify the ID of the resultant fund in this field.
ISIN Code
Alphanumeric; 12 Characters; Mandatory
Select the ISIN Code of the fund for which you are maintaining a corporate action, from the options provided. If you specify the ISIN Code of a fund, the ID of the fund is displayed in the Fund field and vice versa.
In the case of liquidation, specify the ISIN Code of the fund being liquidated. For splits and reverse splits, specify the ISIN Code of the child fund. In the case of mergers, you must specify the ISIN Code of the resultant fund in this field.
Last Price Date
Date Format; Optional
Specify the last pricing date which should be greater than or equal to the current system date.
Liquidation Price
Numeric; 9 Characters; Optional
For liquidation, specify the price at which the selected fund is to be liquidated. It is the value at which units are redeemed for liquidation.
Liquidation Price/Lot
Numeric; 17 Characters; Optional
Specify the liquidation price per lot based on the liquidation price and the lot size you specify.
New Unit Par Value
Numeric; 17 Characters; Optional
Specify the new par value for units in the new or existing (resultant) fund, to be applicable after the corporate action has been processed.
For Split and Reverse Split actions, the System computes the new par value, and displays the same in this field. You can change this computed value and specify the desired value, if required.
Lot Size
Numeric; 6 Characters; Optional
Specify the lots for liquidation. By default, the lot is considered to be one. You can alter this and specify the applicable lot size. The liquidation price per lot is computed by the system based on the liquidation price and the lot size you specify.
Fractions Allowed?
Optional
In this field, you can specify if fractional balances (as a result of processing the corporate action) are allowable, for the fund. Select ‘Yes’ from drop-down list to indicate that fractional balances are allowed. Select ‘No’ from drop-down list to indicate that fractional balances are not allowed.
If not allowed, the resulting fractions are redeemed and the proceeds paid out to the unit holders.
No. of Decimals
Numeric; 2 Characters; Optional
By default, the number of decimals allowed is zero. If you indicate that fractional balances are allowed, the number of decimals specified for the fund in the Corporate Actions fund rule profile, are applicable.
Holiday Rule
Optional
Select whether the corporate action date must be moved forward (after) or backward (prior) in case it falls on a system, fund or AMC holiday. The drop-down list displays the following values:
Payment Lag (Days)
Numeric; 1 Character; Optional
Specify the payment lag to be applicable for liquidation.
Threshold Amount
Numeric; 30 Characters; Mandatory
Specify the threshold amount for processing of the corporate action.
Auto Initiation?
Mandatory
You can use this field to indicate whether the corporate action must be executed manually or automatically. Select ‘Yes’ from drop-down list to indicate automatic execution; leave it unchecked to indicate manual execution.
If automatic execution is indicated, the Beginning of Day processes execute the corporate action on the corporate action date. If manual execution is indicated, then you can manually trigger the execution on the corporate action date, through the Corporate Action Processing screen.
Book Closing From Date
Date Format; Optional
Specify the book closing dates, between which transactions into the fund are suspended, for processing the corporate action. The corporate action date must fall within the book-closing period.
Book Closing To Date
Date Format; Optional
Specify the book closing dates, between which transactions into the fund are suspended, for processing the corporate action. The corporate action date must fall within the book-closing period.
Exchange Rate Source
Alphanumeric; 6 Characters; Mandatory
Specify the exchange rate source from which the exchange rate would be derived for processing the corporate action, for conversion from fund base currency to unit holder preferred currency.
By default, the first source entry in the list is deemed to be the exchange rate source. You can change this and specify the requisite source by choosing from the list.
Exchange Rate Date
Date Format; Mandatory
Specify the date, the exchange rate prevalent on which, would be used for processing the corporate action, for conversion from fund base currency to unit holder preferred currency.
By default, it is considered to be the same as the corporate action date. You can change this and specify the requisite date.
Units for Corporate Action
Optional
Select the units for corporate action from the drop-down list. The list displays the following values:
The following table depicts the possibilities for each corporate action:
Corporate action type |
Basis for holdings |
Remarks |
Liquidation |
Allocation date |
All available holdings must be liquidated as the fund would cease to exist subsequent to the corporate action. |
Split / Reverse split with ISIN change |
Allocation date |
All available holdings must be processed for split / reverse split as the fund would cease to exist subsequent to the corporate action. |
Split/ Reverse split with no ISIN change |
Transaction date Price date Allocation date |
Basis could be either of the options available. The processing logic is similar to dividend freeze holdings |
Merge |
Allocation date |
All available holdings must be processed for merge as the underlying funds would cease to exist subsequent to the corporate action. |
Capital Payout |
Transaction date Price date Allocation date |
Basis could be either of the options available. The processing logic is similar to dividend freeze holdings |
Payment Currency
Optional
Select whether the capital payout amount is paid in the default currency of the unit holders or the base currency of the fund in respect of which the payout is being processed from the drop-down list. The list displays the following values:
Capital Payout Rate (%)
Numeric; 22 Characters; Optional
For capital payouts, specify the percentage of units in the fund that are to be liquidated as a result of processing the payout.
Include Prior Capital Redeemed Units
Optional
Select ‘Yes’ from drop-down list to redeem prior capital redeemed units redeemed as a result of the capital payout.
Update IDS
Optional
If you choose ‘Yes’ option from the drop-down list, the system updates the income distribution setup of the parent Fund ID with that of the resultant Fund ID. For a successful update, you should choose ‘No’ for the ‘Restrict IDS for the Unit Holder’ option for the resultant Fund ID in the Corporate Actions screen in Fund Rules Maintenance
Update SI
Optional
If you choose ‘Yes’ from drop-down list, the system changes the Fund ID of the following from the parent Fund ID to the resultant Fund ID:
The details you maintain for reverse split corporate actions are similar in every way to those you maintain for a split. However, when you specify the parent – resultant ratio, the parent ratio must exceed the resultant (child) ratio, in the Reverse Split Details screen.
Fund ID
Alphanumeric; 6 Characters; Optional
Specify the parent fund for the corporate action. This list contains the names of all the authorized funds in the system.
ISIN Code
Alphanumeric; 12 Characters; Optional
Select the ISIN Code of the parent fund for the corporate action, from the options provided. If you specify the ISIN Code of a fund, the ID of the fund is displayed in the Fund field and vice versa.
In the case of mergers, you can specify more than one parent fund. Click on the Add link to add a row.
Split Parent Ratio
Numeric; 22 Characters; Optional
Enter the split parent ratio. The parent ratio must be less than the resultant (child) ratio.
Split Resultant Ratio
Numeric; 22 Characters; Optional
Enter the split resultant ratio The parent ratio must be less than the resultant (child) ratio.
Note
For splits and mergers, the parent ratio must not be greater than the child ratio. For reverse splits, the parent ratio must be greater than the child ratio. The ratios you specify cannot be equal to or fall below zero.
Click ‘Merge Details’ tab in ‘Corporate Actions Maintenance Detail’ screen. The following window is displayed:
You can specify the following details:
Fund ID
Alphanumeric; 6 Characters; Optional
Specify the parent fund for the corporate action. This list contains the names of all the authorized funds in the system.
ISIN Code
Alphanumeric; 12 Characters; Optional
Select the ISIN Code of the parent fund for the corporate action, from the options provided. If you specify the ISIN Code of a fund, the ID of the fund is displayed in the Fund field and vice versa.
Ratio Parent :
Numeric; 22 Characters; Optional
Specify the parent ratio.
Child
Numeric; 22 Characters; Optional
Specify the child ratio.
Apply CGT
Optional
Select ‘Yes’ from drop-down list to apply CGT. Else select ‘No’.
The parent – resultant ratio for the merger the parent ratio can either be less than or greater than the resultant ratio.
Example
Fund A merging into Fund B in the ratio of 2:1
Holdings in Fund A are as follows:
|
Advised |
Execution |
Total |
UH1 |
120 |
10 |
130 |
UH2 |
180 |
|
180 |
UH3 |
|
100 |
100 |
Post merger, the Holdings in Fund B will be as follows:
|
Advised |
Execution |
Total |
UH1 |
60 |
5 |
65 |
UH2 |
90 |
|
90 |
UH3 |
|
50 |
50 |
Click ‘InvCategoryMap’ tab n ‘Corporate Actions Maintenance Detail’ screen. The following window is displayed.
You can specify the following details:
Restricted Investor Category
Alphanumeric; 255 Characters; Optional
Specify the restricted investor category.
Click ‘Fund Copy’ tab n ‘Corporate Actions Maintenance Detail’ screen. The following window is displayed.
You can specify the following details:
Fund ID
Alphanumeric; 6 Characters; Optional
Specify the parent fund for the corporate action. This list contains the names of all the authorized funds in the system.
ISIN Code
Alphanumeric; 12 Characters; Optional
Select the ISIN Code of the parent fund for the corporate action, from the options provided. If you specify the ISIN Code of a fund, the ID of the fund is displayed in the Fund field and vice versa.
Fund ID
Alphanumeric; 6 Characters; Optional
Specify the parent fund for the corporate action. This list contains the names of all the authorized funds in the system.
Fund Name
Alphanumeric; 60 Characters; Optional
Specify the fund name.
Fund Short Name
Alphanumeric; 15 Characters; Optional
Specify the short name of the fund.
Fund Tax ID
Alphanumeric; 60 Characters; Optional
Specify the fund tax ID.
ISIN Code
Alphanumeric; 12 Characters; Optional
Select the ISIN Code of the parent fund for the corporate action, from the options provided. If you specify the ISIN Code of a fund, the ID of the fund is displayed in the Fund field and vice versa.
Create Fund as an
Optional
Select ‘Authorised’ option from drop-down list to create fund as an authorized fund. Else select ‘Unauthorised’ option.
Fund Ticker Symbol
Alphanumeric; 25 Characters; Optional
Specify the fund ticker symbol.
After entering the above details, click ‘Create Fund’ button. The system will display the confirmation message.
For fund liquidations, you must maintain the details mentioned below in the ‘Corporate Actions Maintenance Detail’ screen. Select the ‘Liquidation’ option in the Corporate Action Type field.
For fund splits, you must maintain the details mentioned below in the Corporate Actions Maintenance screen. Select the ‘Split’ option in the Corporate Action Type field.
For capital payouts, you must maintain the details mentioned below in the Corporate Actions Maintenance screen. Select the ‘Capital Payout’ option in the Corporate Action Type field.
For side pocket creation, you must maintain related details in the Corporate Actions Maintenance screen. Select the ‘Side Pocket Creation’ option in the Corporate Action Type field.
For side pocket merger, you must maintain related details in the Corporate Actions Maintenance screen. Select the ‘Side Pocket Merger’ option in the Corporate Action Type field.
You can perform merger of side pockets with the main fund by following the instructions specified below:
After merger, you need to manually disable the side pocket funds.
The example given below illustrates the merger of a side pocket fund:
Assume that JPMORG is a Hedge Fund and SIDEP1 is a side pocket of JPMORG. The current holdings of all unit holders are as below:
Unit holder ID |
Units |
UH1 |
1000 |
UH2 |
1500 |
UH3 |
2000 |
UH4 |
2500 |
Side Pocket Creation: Split Ratio 0.1
Units in JPMORG
Unit holder ID |
Units |
UH1 |
900 |
UH2 |
1350 |
UH3 |
1800 |
UH4 |
2250 |
Units in SIDEP1
Unit holder ID |
Units |
UH1 |
100 |
UH2 |
150 |
UH3 |
200 |
UH4 |
250 |
Side Pocket Merger: Merger Ratio .05
Units in JPMORG (before merger)
Unit holder ID |
Units |
UH1 |
900 |
UH2 |
1350 |
UH3 |
1800 |
UH4 |
2250 |
UH5 |
1000 |
UH6 |
2000 |
Units in JPMORG (after merger)
Unit holder ID |
Units |
UH1 |
905 |
UH2 |
1357.5 |
UH3 |
1810 |
UH4 |
2262.5 |
UH5 |
1000 |
UH6 |
2000 |
SIDEP1 fund will be disabled after merger process. There will not be any change in units of the new unit holders who subscribed in JPMORG after side pocket creation.
During series fund merger, the fund series that are maintained separately in the system are consolidated at period end. For series fund merger, you must maintain related details in the Corporate Actions Maintenance screen. Select the ‘Series Fund Merger’ option in the Corporate Action Type field.
The example given below illustrates the corporate action ‘Series Fund Merger’
Assume that Investor A purchases 1,000 units at the launch of the fund GFUND1, at US$1,000 per unit (HWM of GFUND1). This will be the "Lead Series" of Unit. It is also assumed that the incentive fees are being paid quarterly and HWM of fund is Greater of Subscription Price and Previous high water mark.
Also, assume that at the end of the first month the Gross NAV ("GNAV") (the NAV before deduction of incentive fee) for GFUND1 has risen to US$1,100 and therefore the NAV will be US$1,080, net of US$20 / 20% incentive fee (Assuming performance fee is 20%).
After the first pricing period, you need to create one more fund, say ‘GFUND2’, with NAV same as Lead Series. Assume that at this time Investor B subscribes US$1 million for 1,000 Unit (Series II) at, again US$1,000 (HWM of GFUND2) each.
At the end of second month, assuming that value of fund has risen by further 10%:
After second pricing period, you need to create one more fund with NAV same as Lead Series. Let’s say user create ‘GFUND3’ for creation of Series III as below,
Investor C subscribes US$1 million for 1,000 Series III Unit at, again US$1,000 (HWM of GFUND3) each.
At the end of the third month, the GNAV has yet again risen by a further 10%, so that:
Thus, at the end of the first quarter, as a High Water-Mark ("HWM") has been reached and each of the Series of Unit have paid incentive fees, the Series II and Series III Unit can now be consolidated into the Lead Series.
This can be archived by using Corporate Action screen, by choosing the ‘Series Fund Merger’ option to merge GFUND2 (Series II) and GFUND3 (Series III) into GFNUD1 (Lead Series) as below,
Therefore, Investor B's units are worth US$1,168.00, which equates to 923.466 units at the NAV per Lead Series, at US$1,264.80 each.
Investor C will effectively liquidate his 1,000 Unit of US$1,080,000 and invest the proceeds of that liquidation into the Lead Series at US$1,264.80 per share, to receive 853.890 Lead Series Unit.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of a Corporate Actions record that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Corporate Actions Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Corporate Actions record must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
When you authorize a corporate action, you must re-key the liquidation price (for liquidations) or the parent – resultant ratio (for splits, reverse splits and mergers)
After a Corporate Actions record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
When you amend an authorized corporate action after it has been processed, you can only alter the liquidation price, lot size and book closing period (for liquidations) or the new unit par value, book closing period and parent – resultant ratio (for splits, reverse splits and mergers). The original corporate action is marked ‘cancelled’, and a new record is created, with a link to the original action record. Also, the book closing dates can be entered if required.
The exchange rate details, such as the rate source and rate date, can be amended provided the corporate action has not been processed.
When you amend an authorized corporate action before it has been processed, the amendment operation is similar to an edit operation. All the validations performed by the system when a new corporate actions record is initiated, are applicable. In this mode, the corporate action can also be marked as ‘cancelled’, in which case it will not be processed.
An amended Corporate Actions record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module and Agency Branch module.
The subsequent process of authorization is the same as that for normal records.
When you reverse a corporate action that has been processed, the original action record is marked as ‘cancelled’, and the reversal is processed either by the Beginning of Day process (if designated as automatic) or manually, through the Corporate Action Processing screen.
In case of reversal or amendment of a corporate action after original processing, a reversal transaction is generated for all the transactions for the day with reference types indicating Split/ Reverse Split/ Merger/ Rollback/ Capital Payout.
If you want to create a new Corporate Actions record with the same attributes of an existing maintenance, you can copy the attributes of an existing Corporate Actions record to a new one.
To copy the attributes:
This section contains the following topics:
After a corporate action maintained in the Corporate Action Maintenance screen is authorized, it is ready for processing. If the initiation of the corporate action process is designated to be automatic, it is executed by the Beginning of Day processes on the corporate action date.
If automatic execution is not designated, the corporate action must be manually executed. You can use the Corporate Action Processing screen to manually execute the corporate action.
The system performs pre-processing validations before a corporate action can be processed. For automatic execution, the Beginning of Day processes perform the validations.
The system performs pre-processing validations before a corporate action can be processed. For automatic execution, the Beginning of Day processes perform the validations. For manual execution, you can trigger the pre-processing validations, using the ‘Corporate Actions (Fund)’ screen.
You can invoke this screen by typing ‘UTDCORAC’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
In this screen, you can trigger the pre-processing validations for corporate actions that fall due either on the current date or on the next working day.
As of next day?
Optional
Select ‘Yes’ from drop-down list if the online check has to be done as part of next day.
Corporate Actions online check status :
Display
The system displays the status of corporate actions online check.
Click the ‘Fetch Corporate Action’ button to submit the background job that performs the validations, and then click ‘View Corporate Action Results’ button to display the results in the list portion of the screen. The following details are displayed for each check:
Click on the Details button, the Corporate Actions Online Check Details screen is opened
In the Corporate Actions Online Check Details screen you can view information on the following:
For more information about the pre-processing validations, refer the section titled ‘Pre-processing Validations’ in this chapter.
To recall, you can manually execute a corporate action on the corporate action date, in the Corporate Action Processing screen. You can invoke the ‘Corporate Actions (Fund) screen by typing ‘UTDCOAC’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can specify the following details:
Corporate Action Type
Mandatory
Select the type of corporate action from the drop-down list. The list displays the following values:
Fund ID
Alphanumeric; 6 Characters; Mandatory
Specify the fund ID. Alternatively, you can select fund ID from the option list. The list displays all valid fund ID maintained in the system.
Fund Name
Display
The system displays the name of the fund for the selected fund ID.
ISIN Code
Alphanumeric; 12 Characters; Mandatory
The system displays the ISIN code for the selected fund ID. However, you can amend this value.
If you specify the ISIN code, the system displays the fund ID and vice versa.
In this screen, specify the corporate action type you wish to manually execute and the ID and ISIN of the fund (resultant fund in the case mergers, and the source funds in case of split and reverse splits), and click ‘Ok’ button.
The details of the corporate actions falling due on the current date, which are either in ‘unprocessed’ or ‘error’ status, for the selected fund, are displayed as follows:
To trigger the pre-processing validations before you execute the corporate action, click ‘Online Check’ button. You can click on the ‘Execute’ button to actually execute the corporate action.
Unauthorized fund-related static maintenances
This check reports the unauthorized fund-related static maintenances, with respect to any of the maintenances mentioned below. It is a mandatory check and processing cannot continue till the check is successful.
Broker Commission Processing
This check reports any pending commission (commission accrued but not adjusted). It is an optional check; the information is for reporting only, and will not block further processing of the corporate action.
Pending Transactions
This check reports transactions pending processing at any stage of the transaction life cycle, such as the following:
All such transactions must be either allotted and settled, or, alternately, reversed. Alternately, they would need to be reversed. Limit orders must be reversed; if not, processing of the corporate action marks these as ‘EXPIRED’. All SWIFT transactions must also be processed or deleted.
This is a mandatory check and processing cannot continue till the check is successful.
Unprocessed dividend or reinvestments
This check reports unprocessed dividend or reinvestments, which would include dividends declared but not processed, so that appropriate action can be taken. It is an optional check; the information is for reporting only, and will not block further processing of the corporate action.
Trailing Commission
This check reports any accrued trail commission (trail commission for the period between the last processed date to the corporate action date), so that it can be cleared manually. The load id of the trailing commission is reported. It is an optional check; the information is for reporting only, and will not block further processing of the corporate action.
Standing Instructions
This check reports the following:
This is a mandatory check and must be successful for processing of the corporate action to continue.
Unconfirmed redemption transactions
This check reports the number of redemption transactions for which confirmations are due. It is a mandatory check and must be successful for processing of the corporate action to continue.
Funds that do not retain ageing to subscription
For a corporate action triggered from an existing ISIN to a different ISIN, the ageing of units is based on the parameter ‘Retain Ageing to Subscription’ set in the Transaction Processing Rules for the fund. If this parameter is not indicated as true for the resultant fund for the ‘Switch In’ transaction type, a warning is displayed.
Funds those are not active for corporate action processing
For a corporate action triggered from an existing ISIN to a different ISIN, the system checks that the resultant ISIN is effective as of the corporate action date. If not, an appropriate message is displayed. This is a mandatory check and must be successful for processing of the corporate action to continue.
Number of special deals for the fund
If any unit holder deals exist for the fund, a warning is displayed. This is an optional check.
Number of Letters of Intent (LOI) for the fund
If any Letters of Intent (LOI) exists for the fund, a warning is displayed. This is an optional check.
Number of Income Distribution Setups (IDS) in the fund
This check reports the number of reinvestments set up into the fund. This is an optional check.
Number of Interface Definitions to which the fund belongs
If the fund belongs to any of the parameters defined for any interface definition in the system, a warning is displayed. This is an optional check.
Number of jobs to which the fund belongs
If the fund belongs to any one or many of the job parameters defined for any job definition in the system, a warning is displayed. This is an optional check.
Funds for which holding period is applicable
If a holding period has been designated as applicable for the fund, a warning is displayed. This is an optional check.
Funds with minimum registered capital greater than zero
If the minimum registered capital of the fund exceeds zero, an appropriate message is displayed. his is a mandatory check and processing of the corporate action cannot continue if it is unsuccessful.
Maintenance of Switch Out transaction type for the ‘From’ fund
For corporate actions involving different parent and resultant funds, the system checks that the Switch Out transaction type has been maintained and is allowable for the ‘From’ fund. This is a mandatory check and processing of the corporate action cannot continue if it is unsuccessful.
Maintenance of Switch In transaction type for the ‘To’ fund
For corporate actions involving different parent and resultant funds, the system checks that the Switch In transaction type has been maintained and is allowable for the ‘To’ fund. This is a mandatory check and processing of the corporate action cannot continue if it is unsuccessful.
Funds for which fractional balances are not allowed, with rounding rules other than ‘truncate’
In case fractional units need to be paid out in the resulting fund, the system checks that the rounding options in the General Operating Rules must be set to ‘truncate’. If this has not been set for the resultant fund for the Switch In transaction type, an appropriate warning message is displayed. This is a mandatory check and processing of the corporate action cannot continue if it is unsuccessful.
According to the checks listed above, the appropriate messages that would be displayed as a result of performing the pre-processing checks are shown in the table below. A severity level of ‘Warning’ indicates an optional check, which would not impede the processing of the corporate action if the check fails. A severity level of ‘Critical’ indicates a mandatory check, which must succeed in order to continue with the processing of the corporate action.
Message |
Severity |
Unauthorized Fund |
Critical |
Unauthorized Fund Price |
Critical |
Unauthorized Fund Dividend record |
Critical |
Unauthorized Fund Account |
Critical |
Unauthorized Fund Agency Branch Backdating Limit Setup |
Critical |
Unauthorized Fund Sub Account record |
Critical |
Unauthorized Fund GL record |
Critical |
Unauthorized WH Tax Setup record |
Critical |
Unauthorized Periodic Load record |
Critical |
Unauthorized Switch Privilege Setup record |
Critical |
Unauthorized Fund Holiday record |
Critical |
Unauthorized Group Definition |
Critical |
Unauthorized Fund Sale Restriction record |
Critical |
Unconfirmed Global Order |
Critical |
Unauthorized Incoming SWIFT message |
Warning |
Unprocessed/Repaired Incoming SWIFT message |
Warning |
Unauthorized Outgoing SWIFT message |
Warning |
Unprocessed/Repaired Outgoing SWIFT message |
Warning |
Unauthorized Overridden Loads |
Critical |
Unprocessed Dividends |
Warning |
Unprocessed Reinvestments |
Warning |
Standing Instructions for which Action is not taken after generating the First Reminder or Last Reminder |
Warning |
Redemptions which are due for Confirmation |
Critical |
Unauthorized Transactions |
Critical |
Transactions which are either unallotted, unsettled or partially allotted |
Critical |
Unexecuted valid Limit Orders |
Warning |
SIs generating on corporate action date |
Warning |
Brokers for whom the Commission is pending due |
Warning |
Periodic loads for the fund for which trailing commission is pending due |
Warning |
Fund(s) which do not retain ageing to subscription |
Warning |
Fund(s) which do are not active for corporate action processing |
Critical |
Number of Special Deals in which the fund belongs to |
Warning |
Number of LOI(s) in which the fund belongs to |
Warning |
Number of Income distribution(s) in the fund |
Warning |
Number of Reinvestment set up into the fund |
Warning |
Number of Interface Definition(s) in which the fund belongs to |
Warning |
Number of Job(s) in which the fund belongs to |
Warning |
Fund(s) in which Holding Period is applicable |
Warning |
Fund(s) in which Minimum Registered Capital > 0 |
Critical |
Fund(s) in which minimum number of Unit Holders is greater than 0 |
Critical |
Fund in which Switch Out transaction type should be maintained |
Critical |
Fund in which Switch In transaction type should be maintained |
Critical |
Fund in which fraction is not allowed but rounding rules for units is not TRUNCATE |
Critical |
Liquidation
During execution, the corporate actions procedure picks up all liquidations whose corporate action date is the same as the current date, and with status as ‘unprocessed’ or ‘error’. Subsequently, the pre-processing checks are performed. The liquidation procedure is then executed, which performs the following actions:
Fund Split / Reverse Split
During execution, the corporate actions procedure picks up all splits (or reverse splits, as applicable) whose corporate action date is the same as the current date, and with status as ‘unprocessed’ or ‘error’. Subsequently, the pre-processing checks are performed.
A 'Fund Split' results in change of unit holders balance quantity based on the change in face-value of the fund. This is based on Split Parent Ratio and Split Resultant Ratio defined in the Corporate Action Maintenance Detail. The holdings in a fund post split will be ‘Execution Only Business’ and ‘Advised Business’ based on the classification in the source fund. Same is the case for Reverse Split.
Note
If RDR and MIFID regulation co exists and corporate action is declared, the transaction category will continue in the individual transaction category for MIFID and RDR for each of the CA types. For instance, if there are holdings in legacy as per RDR, the system will move the holding accordingly.
The split (or reverse split, as applicable) procedure is then executed, which performs the actions as shown below, in the appropriate scenario:
Note
When units resulting from processing of a corporate action are redeemed, the computation of capital gains tax (CGT) in respect of them takes the corporate action into account.
Fund Merger
During execution, the corporate actions procedure picks up all mergers whose corporate action date is the same as the current date, and with status as ‘unprocessed’ or ‘error’. Subsequently, the pre-processing checks are performed. In case of the merger ratio not being specified, the system derives the parent-child ratio based on the respective net asset values of the funds in the merger.
The merge procedure is then executed, which performs the actions as shown below, in the appropriate scenario:
Note
When units resulting from processing of a corporate action are redeemed, the computation of capital gains tax (CGT) in respect of them takes the corporate action into account.
In case of Fund Merger, the system will modify RSP and DRSP based on the preference set at Corporate Actions:
In the system, you can obtain the following reports displaying details of corporate actions processed in respect of funds:
You can print reports that you would need to send to investors listing details of either:
To obtain such announcement/ confirmation reports, click on Corporate Actions in the Queries/ Reports menu, and Announcement / Confirmation Reports under it. The Announcement/ Confirmation Report screen is opened.
In this screen, you must specify the following as mandatory sorting parameters for report generation:
You could also print or view it as required, by making appropriate specifications in the remaining fields of the generation screen, as follows:
After making your specifications, click the Run Report button. The report details are displayed in the Report Data Viewer screen.
Liquidation Announcement Report Details
The following details are displayed for liquidation announcement reports:
Liquidation Confirmation Report Details
The following details are displayed for liquidation confirmation reports:
Split Announcement Report Details
The following details are displayed for split announcement reports:
Split Confirmation Report Booking Details (Debit or Credit)
The following details are displayed for split confirmation reports:
Reverse Split Announcement Report Details
The following details are displayed for reverse split announcement reports:
Reverse Split Confirmation Report Booking Details (Debit or Credit)
The following details are displayed for reverse split confirmation reports:
Merger Announcement Report Details
The following details are displayed for merger announcement reports:
Merger Confirmation Report Booking Details (Debit or Credit)
The following details are displayed for merger confirmation reports:
This report details the results of pre-processing validations performed before execution of a corporate action.
To obtain this report, click Corporate Actions in the Queries / Reports menu and Check Report under it. The Corporate Actions Check Report screen is opened.
You must specify the ID and ISIN code of the fund for which you wish to generate the report. Check the ‘As of next day’ box to indicate that you wish to generate the report for a fund for which the checks prior to corporate actions processing would be performed the next day.
If you wish to view the details of changes in unit holder balances due to amendment of a corporate action, you can use this report. The changes in the unit holder balance could be due to any of the following factors:
The pre-amendment and post-amendment balances are displayed.
To obtain this report, click on Corporate Actions in the Queries / Reports menu, and Amendment Report under it.
The Corporate Actions Amendment Report screen is opened. You must specify the corporate action for which you wish to generate the amendment report.
This section contains the following topics:
Reconciliation is a process by which you will be able to match the bank statement entries with the corresponding transaction entries. System allows you to track reconciled, un-reconciled and partially reconciled transactions with the corresponding reconciled, un-reconciled and partially reconciled bank statement entries.
On uploading the bank statement, system will try to reconcile the entries automatically and update the cheque status as provided in the bank statement. Auto Reconciliation will happen based on the matching of Fund ID, Instrument Number, Instrument Amount and Drawee Bank/Branch code. Auto reconciled entries will be auto authorized by the system.
Manual reconciliation should be done for entries which the system fails to do auto reconciliation.
Reconciliation activity can be performed through the ‘Bank Reconciliation Detail’ screen. You can invoke this screen by typing ‘UTDBKREC’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. The ‘Bank Reconciliation Detail’ screen is displayed.
The screen is divided into two frames; Bank Statement Search Option and Trade Search Option. Use the Bank statement search option to specify the search criteria to retrieve the uploaded bank statement entries. Similarly, use the Trade search option to specify the search criteria to retrieve the transaction entries that you want to reconcile.
Select the New option in the Operation field in this screen, to signify reconciliation.
Reconciliation activity can be amended in the same screen, by selecting the Amend option in the Operation field.
You can specify the following fields in this screen:
Operation
Choose the operation status from the drop-down list. The list displays the following values:
Reference Number
Display
The system displays the reference number.
After specifying the operation Click ‘Ok’ button
Bank
Alphanumeric; 12 Characters; Mandatory
From the option list, select the bank code in which the fund account is held.
Bank Name
Display
The system displays the name of the selected bank code.
Drawee Bank
Alphanumeric; 12 Characters; Optional
Specify the drawee bank code where the payment instrument is drawn, if the mode of payment is Check, Credit Card, Debit Card or Draft. In case of Transfer, specify the transfer bank code.
Drawee Bank Name
Display
The system displays the name of the selected drawee bank code.
Statement From Date
Date Format, Optional
Specify a date range between which the bank statement records that you want to retrieve was uploaded into the system. The To Date that you specify must be later than the From Date.
Statement Number
Alphanumeric; 25 Characters; Optional
Enter the number of the statement which you want to retrieve.
Drawee Branch
Alphanumeric; 12 Characters; Optional
Specify the branch of the selected bank where the payment is drawn, if the mode of payment is Check or Draft. In case of Transfer, specify the transfer branch code.
Drawee Branch Name
Display
The system displays the name of the selected drawee branch code.
Branch
Alphanumeric; 12 Characters; Mandatory
From option list, select the name of the branch of the bank in which the fund account is held.
Branch Name
Display
The system displays the name of the selected drawee branch code.
Payment Mode
Alphanumeric; 2 Characters; Optional
Enter the mode of payment for the transaction.
Payment Mode Description
Display
The system displays the description for the selected payment mode.
Statement To Date
Date Format, Optional
Specify a date range between which the bank statement records that you want to retrieve was uploaded into the system. The To Date that you specify must be later than the From Date.
Statement Transaction Code
Alphanumeric; 10 Characters; Optional
Enter the code of the transaction as printed on the statement.
Statement Ref/Inst Ref
Alphanumeric; 100 Characters; Optional
If you want to search based on a particular bank entry, enter the statement reference number. Else, if you wish to search based on a particular instrument, enter the instrument reference number.
Reconciliation Status
Mandatory
Select the reconciliation status from the drop-down list. The list displays the following values:
Account Number
Alphanumeric; 16 Characters; Optional
Specify the number of the fund account.
Transaction Type
Alphanumeric; 10 Characters; Optional
Specify a type of transaction; Pay in, payout, NPI, that you want to retrieve from selected fund bank account records uploaded into the system.
Fund ID
Alphanumeric; 6 Characters; Optional
Enter the ID of the fund involved in the transaction.
Location Code
Alphanumeric; 10 Characters; Optional
Enter the location code.
IBAN
Alphanumeric; 10 Characters; Optional
Specify the IBAN code.
After you have specified the fund account and statement details, click on OK. The required bank statement records that are located in the database are displayed in the lower grid.
The following details are displayed for each bank statement record in the Find Results section:
You can capture the following details:
Journal Entry
Optional
Select ‘Yes’ from drop-down list to indicate if a particular bank entry is a journal entry. For instance, bank entries can contain bank interest details for which there will be no corresponding trade entry to link with in FCIS. In such cases, you need to manually set the status of the entry as journal entry.
Reconciliation Status
Display
If the operation is ‘NEW’, the system derives the status of the bank entry as reconcile (for Un-reconciled entries) or partially reconcile (for partially reconciled entries) and displays the appropriate status here.
If the operation is ‘AMEND’, the system derives the status of the bank entry as reconcile (for reconciled entries) or partially reconcile (for partially reconciled entries) and displays the appropriate status here.
However, if the bank entry is marked as a journal entry, you are not allowed to indicate the reconciliation status.
Write Off Amount
Numeric; 22 Characters; Optional
Enter the write off amount to reconcile the bank entry.
Select
Optional
Check the entry which should be reconciled with the trade side. You can select only one entry for reconciliation with the trade side at a time.
Event Code
Alphanumeric; 20 Characters; Optional
Select the event for which the transaction entry should be retrieved.
Event Name
Display
The system displays the name of the selected event code.
From and To Dates
Date Format; Optional
Specify a date range between which the transaction entry that you want to retrieve was entered into the system. The To Date that you specify must be later than the From Date.
Reference Number
Alphanumeric; 16 Characters; Optional
Specify the reference number.
Transaction Number
Alphanumeric; 16 Characters; Optional
Specify the transaction number.
Fund ID
Alphanumeric; 6 Characters; Optional
Specify the fund ID.
Fund Name
Display
The system displays the name of the fund for the selected fund ID.
Entry Type
Optional
Select the type of entity from the drop-down list. The list displays the following values:
Bank
Alphanumeric; 12 Characters; Optional
Specify the bank code. Alternatively, you can select bank code from the adjoining option list. The list displays all valid bank code maintained in the system.
Bank Name
Display
The system displays the name of the bank for the selected bank code.
Branch
Alphanumeric; 12 Characters; Optional
Specify the branch code. Alternatively, you can select branch code from the adjoining option list. The list displays all valid branch code maintained in the system.
Branch Name
Display
The system displays the name of the branch for the selected branch code.
Bulk Reconcile
Optional
Select ‘Yes’ from drop-down list to generate a single transaction for a selected event for a given period by adding up all the transactions that fall within the search criteria.
Entity Type
Alphanumeric; 1 Character; Optional
Specify the entity type. Alternatively, you can select entity type from the adjoining option list. The list displays all valid entity type maintained in the system.
Entity Name
Display
The system displays the name of the entity for the selected entity type.
Entity ID
Alphanumeric; 12 Chara cters; Optional
Specify the entity ID.
Ref Type
Alphanumeric; 2 Characters; Optional
Specify the ref type.
Ref Type Description
Display
The system displays the description of the selected ref type.
Transaction Sub Type
Alphanumeric; 1 Character; Optional
Specify the transaction sub type.
Transaction Sub Type Description
Display
The system displays the description of the selected transaction sub type.
Payment Mode
Alphanumeric; 2 Characters; Optional
Specify the mode of payment.
Payment Mode
Display
The system displays the description of the selected payment mode.
Remarks
Alphanumeric; 255 Characters; Optional
Specify remarks, if any.
Fetch Unlinked Trades Only
Optional
If you select ‘Yes’ from drop-down list, the system will retrieve only un-reconciled trade entries. If you select ‘No’ from drop-down list, system will retrieve both un-reconciled and partially reconciled trade entries.
Location Code
Alphanumeric; 10 Characters; Optional
Specify the location code.
IBAN
Alphanumeric; 40 Characters; Optional
Specify the IBAN code.
Identification Type
Alphanumeric; 3 Characters; Optional
Specify the identification type.
Identification Name
Display
The system displays the description of the selected identification type.
IdentificationNumber
Alphanumeric; 50 Characters; Optional
Specify the identification number.
Telephone 1
Alphanumeric; 15 Characters; Optional
Specify the telephone number.
Cellphone Number
Alphanumeric; 16 Characters; Optional
Specify the cellphone number.
Account Number
Alphanumeric; 16 Characters; Optional
Specify the account number.
Match Currency
Mandatory
Select the match currency from the drop-down list. The list displays the following values:
After you have specified the search criteria details, click on OK. The required bank statement records that are located in the database are displayed in the lower grid.
The following details are displayed for each transaction entry record:
You can capture the following details:
Matched Amount
Numeric; 22 Characters; Optional
Enter the amount to be matched with the bank side entry. By default, system displays the transaction amount here. However, you can change the amount.
Status
Alphanumeric; 8 Characters; Optional
Specify the status of the trade record.
Select
Optional
Check the entry which should be reconciled with the bank side entry. You can select more than one entry for reconciliation with bank side at a time.
On specifying the above details, click the ‘Reconcile’ button to perform the reconciliation activity and save the reconciled entries.
Once the matching record is retrieved from the database, system will automatically reconcile and take the following actions:
If system can not find a matching entry for a record in the Bank Feed, this record will be updated with Reconciliation status as ‘Unmatched Entry’.
If you are performing Amend operation, then click on the Un-Reconcile button to de-link the matched entries and save the un-reconciled entries.
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields:
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
Note
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
To view a record that you have previously input, you must retrieve the same in the Bank Reconciliation Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Bank Reconciliation record must be authorized in the system for it to be processed. To authorize a record:
When a checker authorizes a transaction, details of validation, if any, that were overridden by the maker of the transaction during the Save operation are displayed. If any of these overrides results in an error, the checker must reject the transaction.
If you want to create a new Bank Reconciliation record with the same attributes of an existing maintenance, you can copy the attributes of an existing Bank Reconciliation record to a new one.
To copy the attributes:
To authorize reconciled and un-reconciled entries, choose the operation ‘Authorize’ and the desired Reconcile Entry in the Bank Reconciliation Summary screen and enter the search criteria.
When you click ‘Ok’ button, records satisfying the search criteria that you have entered are displayed.
Check the option ‘Select’ against the entry which you wish to authorize. While authorizing the reconciled records you can specify the payment action the system should perform. The options are:
If the status of the cheque in bank feed is ‘Debit Received’, ‘Reject Status Awaited’ or ‘Rejected’, then you can select the option ‘Reject’. If the status of the cheque in the bank feed is ‘Credit Received’, you will be allowed to select the ‘Clear’ action.
This section contains the following topics:
Hedge fund managers charge the investors a fee called performance fee, which is a percentage of the gains received by the investor. As investors enter and exit hedge funds at different points in time, the performance gains received by them also differ accordingly.
Hence, the performance fee calculations are carried out using a special accounting methodology called equalization accounting which ensures that the fund manager is paid the correct performance fee and also that the fees are fairly allocated between each investor in the fund. The investors also receive profit only for the period during which they stay invested in the fund.
The following performance fee calculation methods are supported for hedge funds:
Note
Variations to the above listed methods are also possible by setting up new rules and rule groups in the system.
The different performance fee calculation methods are briefly explained below:
Contingent Liquidation
The contingent liquidation method is an arithmetic method applied to subscriptions made at a price below the current HWM plus hurdle rate.
The contingent liquidation process helps the investor avoid paying unfair performance fees, in case the fund recovers in price. This mechanism ensures that the investor pays the same rate of performance fees as all other investors for any gain in value.
Equalization Credit
The equalization credit method is an arithmetic method applied to subscriptions made at a price (GAVPS) above the current HWM plus hurdle rate.
The equalization credit process ensures that the investor does not pay performance fees for performance prior to investing in the fund. This process calculates a number of shares, identified as the equalization credit holding, in the name of the investor, and is tracked during the life-time of the dealing lot.
Forced Redemption
The forced redemption method is an arithmetic method applied to all subscriptions made at a price (GAVPS) regardless of whether it is above or below the current HWM plus hurdle rate.
The forced redemption method ensures that all investors are treated equitably with regard to the paying of performance fees for performance since investing in the fund. This process calculates the number of shares to be redeemed either at the point of an early redemption or at the end of the performance fee period based on the movement of the price since subscription time.
An EOD batch ‘Performance Fee Payment Process’ is used to process period end calculation of performance fee, based on the next payment date defined at the Fund Rule. The steps involved in the processing of performance fee can be summarized in the steps given below:.
Note
The reference type ‘PE’ identifies the transactions generated due to period end calculations.
An EOD batch ‘Performance Fee Accrual Process’ handles the accrual of performance fee, based on the next accrual date defined at the Fund Rule. The accrual of the performance fee is carried out as follows:
Note
Accruals are performed only for reporting purpose and there will be no impact on transaction processing or further performance fee calculation.
If you wish to change the performance fee calculation method for a given fund, you need to perform the steps given below. Two scenarios are explained based on the crystallization of the performance fee.
Case 1:
In this scenario, the crystallization of the performance fee is not required using existing performance fee method.
Assume that the existing Fund Rule setup is as given below:
Above setup indicates that the fund 'HFUND1' uses 'EC/CL' methodology for calculating performance fee. If you want to change the PF calculation method for the fund from ‘EC/CL’ to ‘FR’ (e.g. Group ID '8002') from 01-May-2009 onwards and period end processing is not required, then you need to perform the steps given below.
Case 2:
In this scenario, the performance fee needs to be crystallized using existing performance fee method.
Assume that the existing Fund Rule setup is as given below:
The above Fund Rule setup indicates that the fund 'HFUND1' is using 'EC/CL' methodology for calculating performance fee. If you want to change the PF calculation method for the fund from ‘EC/CL’ to ‘FR’ (e.g. Group ID '8002') from 01-May-2009 onwards and want the system to process period end calculation using existing method (8001) then, hen you need to perform the steps given below.
In the series method of performance fee calculation, a new series is created for a fund each time there are new subscribers for each pricing period during the performance fee period. These series are maintained separately until the time they are consolidated with other series belonging to the same fund.
The consolidation for each of the subsequent series issued usually happens at the end of every accounting period. For the consolidation to happen, an incentive fee needs to be paid for each of the series, including the series in which it is being merged, which could be done quarterly, half-yearly, or annually.
Note
You need to manually create new fund series for each fund pricing period and also handle the consolidation of the fund series operationally. The system does not provide any automated tasks to achieve this.
This section contains the following topics:
You can specify trade cycle dates that are different from the ones defined for a fund for transactions falling within a limited period (known as the ‘Override Period’). If you maintain these details, for the transactions that take place within the period, the system will use the dates you have maintained rather than the ones at the fund level. This facility is available only for funds with specific fund prices and for the following events:
You can define the alternate trade cycle dates and the override period in the ‘Override Trade Cycle Date’ screen. To invoke this screen, type ‘UTDTDCYL’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can specify the following fields in this screen:
Fund ID
Alphanumeric; 6 Characters; Mandatory
Specify the ID of the fund for which you wish to maintain different trade cycle dates for transactions made during the override period. You can also select the fund ID from the adjoining option list. The list contains the IDs of all the funds which have a specific fund price setup.
Fund ISIN
Display
The system displays the Fund ISIN.
Fund Name
Display
The system displays the name for the fund selected.
Transaction Type
Mandatory
Select, from the adjoining drop-down list, the transaction type for which the trade cycle dates are applicable. It should be a valid transaction type for the fund.The options are:
Transaction From Date
Date Format; Mandatory
Enter the starting date of the override period. This should be a valid date in the system and can be before, after or equal to the system date.
Transaction To Date
Date Format; Mandatory
Enter the ending date of the override period. This should be a valid date in the system and can be before, after or equal to the system date.
For all the transactions falling within the ‘Transaction From Date’ and ‘Transaction To Date’, the system will default the dealing, settlement and price dates maintained here.
Dealing Date
Date Format; Mandatory
Specify a valid date as the dealing date. This date should be greater than or equal to the the ‘Transaction To Date’. It can also be a holiday as per the system.
Settlement Date
Date Format; Mandatory
Enter a valid date as the settlement date. The date entered should be greater than or equal to the ‘Transaction From Date’ and should not be a fund, currency or system holiday.If the settlement date is a holiday in transaction currency, then the system will update the next working day of the transaction currency as settlement date
Price Date
Date Format; Mandatory
Enter a valid date as the price date. The date entered should be greater than or equal to the ‘Transaction To Date’ but not a fund holiday.
After you authorize the maintenance, the dealing date, settlement date and price date for a transaction type will be displayed in the transaction if the transactions falls within the override period specified and if no transaction has been allotted within the override period.
Note
This section contains the following topics:
You can retrieve a previously entered record in the Summary Screen, as follows:
Specify any or all of the following details in the corresponding fields. Invoke the ‘Override Trade Cycle Date Summary’ screen by typing ‘UTSTDCYL’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Click ‘Search’ button to view the records. All the records with the specified details are retrieved and displayed in the lower portion of the screen.
You can also retrieve the individual record detail from the detail screen by querying in the following manner:
You can perform Edit, Delete, Amend, Authorize operations by selecting the operation from the Action list. You can also search a record by using a combination of % and alphanumeric value.
You can search the record for Fund ID by using the combination of % and alphanumeric value as follows:-
You can modify the details of an Override Trade Cycle Date record that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a record that you have previously input, you must retrieve the same in the Override Trade Cycle Date Summary screen as follows:
You can delete only unauthorized records in the system. To delete a record that you have previously entered:
An unauthorized Override Trade Cycle Date record must be authorized in the system for it to be processed. To authorize a record:
After an Override Trade Cycle Date record is authorized, it can be modified using the Unlock operation from the Action List. To make changes to a record after authorization:
An amended Override Trade Cycle Date record must be authorized for the amendment to be made effective in the system. The authorization of amended records can be done only from Fund Manager Module.
The subsequent process of authorization is the same as that for normal records.
If you want to create a new Override Trade Cycle Date record with the same attributes of an existing maintenance, you can copy the attributes of an existing Override Trade Cycle Date record to a new one.
To copy the attributes:
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You can maintain the price rounding details using ‘Price Rounding Detail’ screen, which will be used to override the price rounding precession maintained in transaction processing rule of fund set up. If this maintenance is not available then rounding logic will prevail from the transaction processing rule.
You can invoke ‘Price Rounding Detail; screen by typing ‘UTDPRRRL’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button. Select ‘New’ from the Actions menu in the Application tool bar or click new icon to enter the details.
You can specify the following details:
Agent Code
Alphanumeric; 12 Characters; Mandatory
Specify the agent code for which the price rounding needs to be applied. Alternatively, you can select agent code from the option list. The list displays all valid agent code maintained in the system.
Effective Date
Date Format; Mandatory
Select the effective date from the adjoining calendar for which the price rounding needs to be applied.
Fund ID
Alphanumeric; 12 Characters; Mandatory
Specify the Fund ID for which the price rounding needs to be applied. Alternatively, you can select fund ID from the option list. The list displays all valid fund ID maintained in the system.
Transaction Type
Alphanumeric; 2 Characters; Mandatory
Specify the transaction type for which the price rounding to be applied. Alternatively, you can select transaction type from the option list. The list displays all valid transaction type maintained in the system.
Rounding Rule
Mandatory
Select the rounding rule from the drop-down list. The list displays the following values:
No of Decimal For Unit Price
Numeric; 22 characters; Mandatory
Specify the decimal value till which the rounding needs to be done.
This section contains the following topics:
You can invoke the ‘Unit Price Rounding Summary’ screen by typing ‘UTSPRRRL’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
You can retrieve a previously entered Unit Price Rounding record in the Summary screen, as follows:
You can also retrieve the Unit Price Rounding record from the detail screen by doing query in the following manner:-
You can perform Edit, Delete, Amend, Authorize, operation by selecting from the Action list.
You can also search the record by using combination of % and alphanumeric value.
For example, you can search the record for fund ID description by using the combination of % and alphanumeric value as follows:-
You can modify the details of a Unit Price Rounding record that you have already entered into the system, provided it has not been subsequently authorized. You can perform this operation as follows:
To view a Unit Price Rounding record that you have previously entered:
You can delete only unauthorized Unit Price Rounding record in the system.
An unauthorized Unit Price Rounding record must be authorized in the system for it to be processed.
To authorize a Unit Price Rounding record:
When the checker authorizes Unit Price Rounding record, details of validations, if any, that were overridden by the maker of the transaction during the Save operation, are displayed. If any of these overrides results in an error, the checker must reject the stop code.
After a Unit Price Rounding record is authorized, it can be modified using the Unlock operation from Action list. To make changes to a Unit Price Rounding record after authorization, you must invoke the Unlock operation which is termed as Amend Operation.
An amended Unit Price Rounding record must be authorized for the amendment to be made effective in the system. The process of authorization is subsequently the same as that for normal transactions.