4.21.3 Validate ISA Transactions

This topic provides information about validating ISA transactions details.

Any IN transaction captured for unitholder ID having account type as ISA will be validated for breach of overall limit within the date range maintained for the account type in Account Type Maintenance screen.The validation will be based on transaction date. This validation is only for the mapped ref types.

If any backdated transactions are entered for previous year (less than from date), the system will display the warning message as Entered transaction does not belong to current period Do you wish to continue?.

Limit validations will be done for transactions entered for previous ISA year.

If any future dated transactions are entered for coming tax year (greater than To date), the system will display the warning message as Entered transaction does not belong to current period- Do you wish to continue?.

Limit validations will be done for transactions entered for coming ISA year.

ISA validations will again be subject to appropriate ref type being mapped in the Account Type Maintenance screen. If ref type is not mapped in Account Type Maintenance screen, the transaction will not be validated for limit breach validation.

If an IN transaction is reversed or cancelled utilized amount will be reset.

If a transaction is breaching ISA limit maintained at account type level, then the system will display a warning message.

Gross amount in Fund base currency will be used to validate the amount limit breach. For user entered transaction, there will be online check if the transaction amount is breaching the limit. For unit based transactions, the system will use the latest available NAV to calculate the amount.

In case of cross currency transactions,,latest exchange rate maintained for default source will be used when account type currency is different from fund base currency.

In case of standing instructions, there will be no validations during setup. During SI transaction generation, the system will validate for overall limit breach and if breaching will not generate the SI transaction, it will log in error table.

Apart from online check, there will be limit breach check at allocation level. Any transaction breaching the overall limit will not be allocated.