Create a new SIP

1. Send OTP to mobile/email and obtain consent for nomination details before SIP order

This step is applicable only for new folio creation. i.e. if it is a new investment under a new folio

For what purpose must the consent be taken?

The investor has two options to manage nominations while creating a new folio.

  1. Either provide nominee details (upto 3) OR
  2. Opt out of nomination

Irrespective of the option chosen, obtaining consent from the investor for the nomination option is mandatory.

How should consent be taken?

If nominee details are provided, ensure that all the holders know their nomination preferences so that they can give consent.

  1. Nominee Name
  2. Nominee DOB (Mandatory & Applicable in case the Nominee is a Minor)
  3. Allocation Percentage
  4. Nominee Relationship
  5. Name of the Guardian (Mandatory & Applicable in case the Nominee is a Minor)
  6. Guardian’s Relationship with Nominee (Mandatory & Applicable in case the Nominee is a Minor)
  7. Nominee Pan (Optional)
  8. Guardian Pan (Optional. Can provide this value if nominee is a minor)

On the other hand, if nominee details are not provided, ensure that all holders know that they are opting out of the nomination facility.

  • Send OTP to both Mobile number/Email address. This must be the mobile number/email address stored against the primary investor linked to the investment account associated with the purchase order. If there are multiple holders, send OTP to Mobile number/Email addresses of all holders.
  • Accept OTP from all the holders and verify the OTP and ensure that the correct OTP is entered.
  • Store all the consent-related information for audit purposes.

2. Create a MF Purchase plan

Create a MF Purchase plan with frequency=monthly and systematic=true

POST /v2/mf_purchase_plans

{
  "mf_investment_account": "mfia_798fa03aba614840b983609e89ed16f2",
  "scheme": "INF204KA1B64",
  "amount": 1000.0,
  "installment_day": 2,
  "frequency": "monthly",
  "number_of_installments": 20,
  "payment_method": "mandate",
  "payment_source": "24",
  "systematic": true,
  "consent":
  {
    "email": "mfp@cybrilla.com",
    "isd_code": "91",
    "mobile": "9008580644"
  }
}

Note:

  1. This is the minimal data required to create a monthly SIP. You can also provide different follio number, EUIN, purpose of SIP etc. Please refer to Create MF Purchase Plan API for full details.
  2. Once you have created a monthly SIP, an installment will be generated and processed according to the schedule and the installment details will be available from the day of the installment.
  3. If you delegate the responsibility of payment collection against these installments to FP via mandates, FP also debits the money from the investor's bank account against the installment and once the debit is successful, FP submits the order to the order gateway.

3. Fetch installments of an SIP

Once you have registered a plan, the installments will be generated according to the plan's schedule.You can access the installments on or after the installment date using FP APIs. For more details on when the installments are generated, please refer to this API doc. If you want to let your investors track the installments of an SIP, you can fetch the installments of the SIP plan using the fetch installments .

Example: GET /v2/mf_purchases?plan=mfpp_dbabb25ba34c48329dbfbeff70c846f0

Note: Installments will be only available after day of installment. For example, if the second installment of an SIP is on 25th August, you will be able to access this installment only on or after 25th August.

4. Track the SIP installment

FP uses MF Purchase object to represent the sip installment. You can track the state of the MF Purchase representation of the installment to know the status of your installment.