Create a Redemption Order

You can use the FP APIs to

1. Determine whether an investor can sell his/her units.
2. Determine the maximum number of units that the investor can sell
3. Sell units partially or completely.
4. Track the status of redemption orders once sell orders are placed.

1. Fetch fund scheme details

Use Get fund scheme and note down the values of following scheme attributes

1. redemption_allowed,
2. min_withdrawal_amount,
3. max_withdrawal_amount,
4. withdrawal_multiples,
5. min_withdrawal_units,
6. max_withdrawal_units,
7. withdrawal_multiples_units

2. Generate holdings report

Mutual fund units are associated with folios. You can treat folios as sub-accounts under the investment account. You can fetch the list of folios for an investment a/c from the holdings report and note down redeemable_units to determine the units that are available for selling.

3. Check redemption eligibility

Redeem by amount

1. redemption_allowed must be true.
2. redeemable_amount must be greater than zero.
3. Redemption amount(Sell order amount) must be >=min_withdrawal_amount and <=max_withdrawal_amount
4. Redemption amount must be in the denominations of withdrawal_multiples

Redeem by units

1. redemption_allowed must be true.
2. redeemable_units must be greater than zero.
3. Redemption units(Sell order units) must be >=min_withdrawal_units and <=max_withdrawal_units
4. Redemption amount must be in the denominations of withdrawal_multiples_units

4. Create a sell order

Call the create mf redemption with the following json. Use the investment account of the investor for whom you are placing the order for. Pass the folio_number and scheme from which you are selling the units.

Redemption by amount

{
    "mf_investment_account": "mfia_189111b00566431db0dace5332db519c",
    "folio_number": "15075102",
    "amount": 10000,
    "scheme": "INF173K01FQ0"
}

Redemption by units

{
    "mf_investment_account": "mfia_189111b00566431db0dace5332db519c",
    "folio_number": "15075102",
    "units": 100,
    "scheme": "INF173K01FQ0"
}

Full redemption

{
    "mf_investment_account": "mfia_189111b00566431db0dace5332db519c",
    "folio_number": "15075102",
    "scheme": "INF173K01FQ0"
}

A MF Redemption gets created in pending state.

# Displaying only a part of the object for brevity
{
  "object": "mf_redemption",
  "id": "mfr_15f8d86bae614801bab5accaed131abc",
  "old_id": 6597,
  "mf_investment_account": "mfia_189111b00566431db0dace5332db519c",
}

Once you have created a redemption order, you have to obtain consent from the investor for the redemption.

5. Obtain investor's consent for the redemption order by sending an OTP to email or mobile or both

As per SEBI regulations, investor consent must be obtained by sending a One-Time Password to the investor at his/her email/phone number registered against the folio before redemptions can be sent to rtas. Call the List folios API and fetch email addresses and mobile numbers against the folio.

# Displaying only a part of the folio object for brevity
{
  "email_addresses": [
    "mfp@cybrilla.com"
  ],
  "mobile_numbers": [
    "+919999999999"
  ]
}

Send OTP to any one of the email addresses/mobile numbers. Once the OTP has been sent and investor has entered the correct OTP, confirm the order.

6. Confirm the order

Call the update mf redemption to confirm the order. FP sends orders for processing only after confirmation. Use the following json:

{
    "id": "mfr_15f8d86bae614801bab5accaed131abc",
    "state": "confirmed",
    "consent": {
        "email": "mfp@cybrilla.com",
        "isd_code": "91",
        "mobile": "9999999999"
    }
}

7. Track the order

Call the fetch mf redemption to check the state of the sell order.
When the order is successfully submitted to the AMC, the order status becomes submitted. Learn more about the order states

Orders in confirmed state will be sent for processing and the object state will move to submitted. After the order is processed successfuly and units are repurchased by the AMC, the object state will move to successful; the redeemed units, amount and the price is available in redeemed_units, redeemed_amount and redeemed_price attributes of the mf redemption object.

Testing

In sandbox environment, you can use the simulation to simulate successful and failed orders to help you during the integration process. Use the following json to simulate the order to successful state.

{
    "status": "SUCCESSFUL"
}