Partner FAQ
How RM can reschedule the IPV?
Please note that if the Relationship Manager wants to reschedule the IPV for any reason, they must raise a request from AAA for fast tracking and quick resolution. We will no longer schedule IPVs through email, as this process can be time-consuming ...
What documents does the Karta need to present during the IPV for HUF account?
RM must ensure the Karta is having following documents: • HUF Pan Card • Karta's Pan Card • Karta's Address Proof
What information will the Karta need to confirm during the IPV for HUF account?
RM must ensure the Karta knows the following information: • Registered email ID of the HUF account • Registered mobile number of the HUF account • Bank details associated with the HUF account • Name of the HUF (firm name)
What happens if the Karta fails to attend the scheduled IPV for HUF account?
RM has to make sure on booked slot client is available to join the call, failure to attend the IPV may result in delays in opening the account or restrictions being placed on an existing account.
What if the Karta is unavailable? Can another family member attend the IPV for HUF account?
No. RM must confirm the KARTA’s availability as the Karta's presence is mandatory for the IPV. If the Karta is unavailable, the IPV will need to be rescheduled.
How customer will be notified about the IPV for HUF account?
The RM will confirm the client’s availability accordingly a link to join the IPV will be sent to the HUF's registered email address.
What information and documents do the client need to have ready for the IPV meeting for Corporate account?
The individual (Director, AP, Partner, or Trustee) must be prepared to provide the following during the IPV meeting: • Company Details: They must know the company's registered mobile number, registered email ID, and company name. • Company PAN Card • ...
How will client receive the meeting link for Corporate account?
Once RM confirms the details and schedules the meeting, the meeting link will be sent to the registered email address of the company.
Is it allowed for an AP to be an employee of another trading member?
No, as per Byelaw 33 of NSE regarding Sharing of Brokerage, a broker cannot share brokerage with any other trading member or employee of another trading member. Therefore, an AP cannot be employed by a different broker.
Can an AP hold a demat account with another broker?
No, an AP is required to close any demat account held with another broker. This is to avoid any conflict of interest and ensure compliance with regulatory guidelines.
If IIFL doesn’t allow intraday trading in a script, can I trade it personally through another broker?
No, as an AP (Authorised Person), you are not permitted to hold trading or demat accounts with any other broker. All personal and client-related trading activities must be conducted through IIFL only, in accordance with regulatory and internal ...
Is it a compliance issue if an AP and their employee transfer funds to each other, and both have demat accounts with IIFL?
Yes, this is a compliance concern. Such fund transfers must have a valid justification. If the transfer is due to a genuine, documented loan taken by the employee, it is acceptable. However, any other reason is not permitted and may violate ...
As an AP, can we charge fees for ITR filing and related services provided to customers?
Yes, you can charge fees for these additional services. However, you must ensure that: The fee amount is reasonable, Such services are not your primary business, and You are prepared to justify these charges if queried by the auditor.
I have changed my address, but it is still not updated. What should I do?
Please coordinate with the Operations Team or the FSD Team to ensure your address update is processed.
What is the process for order confirmation of API/Algo orders?
Client order placement records are mandatory. Please ensure that clients send their order details from their registered email addresses for confirmation and compliance purposes.
How much space is required to set up an office for AP?
There are no specific space requirements. A minimum of one workstation is sufficient to begin operations.
Can I share client statements with clients from AAA?
Yes, Leaders, BDMs, and APs are authorized to provide client statements. These can be shared with the client’s registered email address upon receiving a formal request.
What is the policy on bank transactions between family members, like between spouses or with parents?
Transactions between close family members (e.g., spouse, parents) are generally acceptable. However, the quantum, frequency, and purpose of such transactions are important and may be scrutinized by auditors. Please ensure that a clear and valid ...
Why doesn’t the exchange integrate directly via CDSL/NSDL instead of asking the AP to close their existing demat account?
As per current protocol, the AP (Authorized Person) is required to close their demat account with the other broker before proceeding. Integration directly through CDSL/NSDL is not supported in this case.
How many months of bank statements are required for audit?
It is mandatory to provide all bank account statements to the auditors during the audit. Typically, statements for the last 6 months (or as specified by the audit team) should be kept ready and up to date.
If I am also an insurance agent, can I run both businesses from the same office?
Yes, but segregation of business activities is mandatory. You must clearly demarcate the space (e.g., using cabin partitions) for each business within the same premises.
Can I convert my Proprietorship AP to an LLP or a private limited company?
Yes, you can convert your Proprietorship AP to a separate entity such as an LLP or a private limited company, subject to compliance with applicable guidelines and approval from the concerned exchange/authority.
Can LLP entity be registered as an MFD, RIA, etc.?
Yes, an LLP (Limited Liability Partnership) entity can be registered as a Mutual Fund Distributor (MFD), Registered Investment Adviser (RIA), and similar roles, subject to meeting the respective regulatory requirements.
Is there any issue if transaction between AP and AP’s employee regarding the loan?
No, this is not an issue as long as the AP maintains proper records showing that the employee has been paid a salary. Maintaining these records is considered sufficient compliance.
What is the frequency of audit for an AP (Authorised Person)?
The standard audit frequency for all APs is once every 2 years. However, an annual audit becomes mandatory if the AP meets any of the following criteria: 1. Falls within the top 50% of registered APs or branches based on turnover from the previous ...
Can you please repeat the display requirements for the AP office?
Yes. The following boards and documents must be prominently displayed on the walls of the AP’s office and must be of permanent nature: 1. IIFL Notice Boards for NSE, BSE, MCX, and NCDEX. 2. IIFL SEBI Registration Certificate. 3. SEBI Investor ...
If we have two current accounts for different businesses, do we need to submit both bank statements for the audit?
Yes, all current accounts, regardless of the business line they are associated with, must be disclosed during the audit. Full transparency is required to ensure compliance.
Is it mandatory to keep bank statements ready for the audit?
Yes, it is mandatory to keep all relevant bank statements readily available during the audit. This is essential for ensuring transparency and compliance with regulatory requirements.
Can I have one bank account for IIFL transactions and another for personal or business expenses?
Yes, you can open multiple bank accounts for internal segregation of funds. However, all bank accounts, regardless of purpose, will be subject to audit. Your internal classification is for your own convenience but does not exempt any account from ...
How many months of bank statements are required for the audit?
Bank statements are required from the date of the last audit up to the date of the current audit. Ensure all statements within this period are complete and readily available for review.
If I run my AP office from home without a trader terminal, do I still need to maintain registers and display notice boards?
Yes, all compliance requirements for an AP must be adhered to at all times, regardless of the office location or whether a trader terminal is being used. This includes maintaining all mandatory registers and prominently displaying all required notice ...
Do demat rules apply only to the AP or also to staff with trading terminals?
Demat and trading compliance rules apply to any individual operating a terminal, including staff. If a staff member has terminal access, they must operate only under the AP’s registration and strictly on behalf of the AP during market hours. Personal ...
Can mutual fund and insurance businesses run under a different entity while broking is done with IIFL?
Yes, it is allowed. However, there must be proper demarcation and clear segregation between the different businesses to ensure compliance with regulatory requirements.
Where can I find more information or training materials in OmneNest (ONT)?
Yes, but they’ll receive separate communication with full details, including: Access to the new IIFL Markets Web Platform: https://markets.iiflcapital.com Updated IIFL Markets Mobile App, available on the Play Store and App Store from Friday, 30th ...
How long does the setup take in OmneNest?
The setup process can take up to 2 working days. We recommend starting the migration as soon as possible to avoid any potential service disruptions.
How does the Transaction Password work on the new platform (OmneNest)?
You’ll need to enter your Transaction Password once per session before placing any orders from OmneNest (ONT).
Can an AP become a SEBI Registered Research Analyst and offer both advisory and broking services?
Yes, an AP can become a SEBI-registered Research Analyst (RA) and provide both advisory and broking services. However, strict segregation and demarcation between advisory and broking activities are mandatory. Client mingling between RA/RIA and ...
Is the compliance officer required for the audit if we have no terminals, devices, or trading activity?
No, it is not mandatory for the compliance officer to be part of the AP audit. However, the audit itself is mandatory for all registered Authorized Persons. Even if there are no devices, terminals, or trading activity, all regulatory requirements ...
If I don’t place orders through my trading terminal, can I skip call recording?
No, you cannot skip maintaining order placement records. If a trading terminal has been issued to you, a proper order recording system, such as call recording, is mandatory, regardless of whether you actively place orders.
If a director change is in process, should we wait to update the AP’s address?
If the address has been updated in the ROC (Registrar of Companies), it must be immediately updated with IIFL. This is necessary to initiate the process for changing the registered address of the Authorized Person (AP) and terminal address. Other ...
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