The process of internal AUM transfer involves transferring a client's assets under management (AUM) from one sub-broker to another, as long as both sub-brokers are affiliated with the AssetPlus ARN.
Methods to Process Internal AUM Transfer:
1) The clients mapped with the existing broker can switch/redeem their investments and reinvest under the new sub-broker code. Here the client need to have two client codes with respective partners each.
2) Change of Broker can be done for all the investments of the clients from the old sub-broker to the new one.
3) When the existing ARN holder wishes to surrender the ARN/EUIN, the client remapping can be done after completing the due diligence and the new partner needs to then cancel and re-register the SIPs so that the upcoming SIP auto-debits will get processed only with the new ARN. As per the SEBI guidelines, the existing business will continue to get the brokerage. So the existing partner can continue to get the brokerage for the existing business even after surrendering the ARN.
Brokerage:
For the existing investments, the old broker will continue to get the brokerage until there is a change in the requirement informed explicitly before processing internal AUM transfer/remapping.
The new broker will be eligible for the brokerage for the new investments done in the new ARN/EUIN.
Processing:
The source broker needs to send the filled and signed NOCs (enclosed attachments) to operations@assetplus.io .The team will verify the same and send email intimations to all the clients about the transition. The clients remapping will be done after 15 days from sending an email to the clients. The source/new broker need to cancel and register the existing SIPs in the new client's account post remapping is completed.
Note:
1) Only full AUM Transfers are permitted; partial remapping of clients is not allowed.
2) Once the internal AUM transfer is completed, the new sub-broker will receive the brokerage from AssetPlus for future transactions after the client is mapped.
3) The existing sub-brokers ARN and EUIN will be reflected in the folios as the purchases were done with his details, for all the new transactions of the clients done in a new folio the new sub-brokers ARN and EUIN will be fetched.