Changes mandated by BSE for SIP registrations


This is to bring to your notice certain changes in the SIP registration process that has been mandated by Bombay Stock Exchange.


Over the past few years, BSE has provided a biller registration facility that replaced the requirement of physical signed mandate forms. This biller process was used for the following 5 banks -


State Bank of India

HDFC Bank

ICICI Bank

Axis Bank

Kotak Bank


Over the past few months, there have been multiple issues with auto-debit for biller registrations that led to client accounts not being debited and/or SIPs not being triggered. One of the major reasons for trigger failure has been that clients have made some modifications or removed the biller details post-registration. This voided the SIPs and a new biller had to be generated. Hence, BSE has introduced a new form of SIP authentication - ENach (Net Banking/Debit Card) mandates.


The new mandates can be approved completely online and have the following advantages in comparison with biller mandates -


  1. Lumpsum transactions can be initiated with a simple SMS approval which was not possible with biller mandates.
  2. Registered mandates cannot be modified unlike biller mandates - hence SIPs will continue to be triggered as long as they are active. In the case of SIP cancelation, the distributor can cancel it on the dashboard on behalf of the client on the client's request.
  3. E-Nach mandate approval takes 48 hours compared to billers which take 5 to 7 working days.
  4. E-Nach mandates are applicable for over 30 banks, the list can be found here - https://www.npci.org.in/sites/default/files/Live_Banks_in_API_E-Mandate_6thJuly20.pdf


Currently, ENach mandates have an upper limit of Rs. 2,00,000. Please note that ENach mandates have already been activated on the AssetPlus platform since July 1st, 2020.


BSE is phasing out new biller registrations from 1st August 2020. The SIPs active on existing billers will continue till September post which they will have to be migrated to ENach mandates. Please find the relevant notice here - https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200704-4


What is the process of approving an ENach Mandate?

Helpdesk Article


What should IFAs do?


AssetPlus will be providing an option on the dashboard with a list of active SIPs that are running on biller mandates. We will also automatically generate ENach mandates for the mentioned SIP amounts for clients and notify them via email. Please ensure that the respective clients have completed their ENach mandate registrations by 15th, September 2020. Post this the SIPs will be automatically moved to ENach from the month of October. This will not affect the SIP triggers/brokerage payouts.


If you have any queries, please feel free to reach out to your relationship manager.