1.1 Depositary Maintenance as Unit Holder

This topic provides instructions to maintain depositary as unit holder account details.

Each depositary for which FCIS provides registrar services must be maintained as a unit holder entity in FCIS. The total balance held by all beneficiaries in the depositary can then maintained as the depositary unit holder balance in FCIS.

A unit holder account that is created for a depositary is identified by the Dealing Type D, indicating Depositary.

When the account is created in the system in the Unit Holder New Account screen, you must specify Depositary in the Dealing Type field.

Before a dividend is processed,

• The external depositary system exports a file (called BENPOS file) containing the positions of all beneficiaries.
• When this file is uploaded into FCIS, the system validates that the sum of these positions in the BENPOS file must be equal to the balances in the depositary unit holder account. Based on this information, dividend is processed and disbursed for each beneficiary.
• The updated positions are maintained in the FCIS database, and can be exported back to the depositary system when required.

Dividend processing, therefore, is done for the beneficiaries and not for the depositary unit holder account.

When dividend is processed, the income distribution option maintained for the fund-ISIN association, for each fund in which the beneficiaries hold balances, is applied. Dividends are apportioned to each beneficiary as applicable, and a report is sent back to the depositary, with the updated positions.