e-Circular

PBU-MARKETING AND CROSS SELLING.

Sl. No. : 171/2009 - 10
Circular No. : NBG/PBU/MCS-MCS/1/2009 -
10
Tuesday,June 23,2009.
.

MASTER CIRCULAR

MARKETING - CROSS SELLING

STATE BANK OF INDIA

MARKETING - CROSS SELLING DEPARTMENT
CORPORATE CENTRE
MUMBAI
 2

Master Circular No. MCS/03/09-10/01 dated 16.05.2009

All the Branches/LHOs

Madam/Sir,

MASTER CIRCULAR
MARKETING - CROSS SELLING

We have, periodically, issued instructions to Branches/LHOs and other

establishments with regard to instructions on the captioned subject. To
enable to have current instructions at one place, a Master Circular
incorporating all the existing guidelines/instructions/directives have been
prepared and is appended. We advise that this Master Circular consolidates
all the previous instructions issued by us from time to time, which are listed
in the Appendix.

Yours faithfully,

Sd/-

General Manager
 3

INDEX

S. No. Sub- Description Page

reference No.
No.
1 Introduction 5
2 Structure of Marketing- Cross Selling Department 7
1 at Corporate Centre 7
2 at Local Head Office 7
3 Life Insurance 8
1 Corporate Agent :Tie-up with SBI Life Insurance 8
Co.
2 Identification ,Training (including on-line 8
Training) and Certification as Certified Insurance
Facilitator (CIF)
3 Scheme for Payment of Honorarium 12
4 Delisting of CIFs 12
5 Movement of CIFs 13
6 Cross Selling by Employees under Suspension 13
7 Types of life insurance products of SBI Life 13
Insurance Co., marketed by Branches
8.a Advertisement and Publicity of life insurance 13
products
8.b Local Printing of Pamphlets/Advertisements 14
9 Remittance of Premium at Par to SBI Life 14
Insurance Co.
10 Remittance of Premium through EFT Facility for 15
Remittance of First Premium under Group
Swadhan and Renewal Premium of Individual
Products
11 Anti Money Laundering & KYC Guidelines 26
4 Mutual Funds 52
1 Selection, Training and Certification as AMFI 52
Certified Employee
2 Procedure for obtaining Registration 53
3 Scheme for Reimbursement of Examination fees 62
and Payment of Honorarium
4 Code of Conduct for AMFI Certified Employees 63
5 Tie-up with SBI MF 66
6 Tie-up with UTI MF 67
7 Tie-up with Tata MF 77
 4
8 Tie-up with Franklin Templeton MF 83
9 Tie-up with Fidelity MF 89
10 Anti Money Laundering & KYC guidelines 95
5 General Insurance 162
1 Tie-up with New India Assurance Co. 164
2 Scale of commission 165
3 Training and Certification as Specified Person 172
4 Scheme for Reimbursement of Examination fees 173
and Payment of Honorarium
6 Credit Cards 174
1 Helpline 174
7 Miscellaneous 175
1 Accounting System for booking of 175
fee/commission/brokerage with BGL and CGL
Nos.
2 Insurance Regulatory and Development 176
Authority (Protection of Policyholders’ Interests)
Regulations, 2002.
3 Role Sheet of Chief Managers / Asst. General 184
Managers (Cross Selling) in the Circles
4 Code of Conduct for Certified Insurance 188
Facilitators (CIFs) and Specified Persons (SPs)
5 Sharing of Customer Information 192
 5

Chapter 1

Introduction

Marketing - Cross Selling Department was created in January 2003 to boost

non interest income of the branches in National Banking Group by cross
selling:

1. Life insurance products of SBI Life Insurance Co.,

select mutual fund products of SBI Mutual Fund and short listed third party Formatted: Bullets and Numbering

mutual funds,
select general insurance products of New India Assurance Co. Ltd. and
Credit Card products of SBI Card

In April 2008, cross selling was formally extended to cover units in Corporate
Accounts Group and Mid-Corporate Group, vide Corporate Centre letter no
MCS/08-09/04 dated 17th April 2008, as follows:

With the objective of further growing the cross selling business and fee based
income at our branches we are to leverage the banks connections with the
various CAG/MCG/large SME units to establish/increase cross sell of our
retail PB products as well as para-banking products like life insurance,
general insurance, mutual fund and credit card products to constituents of
these units, viz., owners / promoters, directors, employees, related vendors
and dealers. This would also make the bank/branch a one stop source of
financial services/investment products, thereby contributing to the all-
important matter of customer loyalty/stickiness.

2……………………………….

3………………………………..

4. We shall be glad if the Branch Manager of the nearest Retail Branch and a
CIF/ACE calls upon the owners/promoters/Finance Head of the Unit, along
with or through the assistance of the Relationship Manager of the CAG
branch/office, to explore the opportunities and pursue booking retail banking
and para banking business of the Units. Assistance, support of appropriate
SBI Mutual Fund, SBI Life and SBI Card personnel should invariably be
sought while making presentations for mutual fund, life and cards business. It
shall be the responsibility of the PB Business Head and Relationship Manager
(CAG) as also the Chief Manager (Cross Selling) who should closely follow up
for booking of the business. In cases where retail/para banking business is
already garnered, we would like to be advised of specific details as noted
below with particulars of business remaining to be tapped or receiving
attention, vis-à-vis the potential.
 6
5. Please monitor the progress made, on the following lines, also keeping us
advised:

Name of the Unit

Person(s) contacted with Designation and Phone no.
Total no. of employees in the unit
No. of A/Cs opened
No. of life insurance proposals sourced and premium garnered
No. of Mutual fund applications sourced and amount garnered
Alongwith the focus for the usual general insurance cover for the assets
owned and financed through our tie-up partner, New India Assurance Co.,
other insurance proposals (keyman , fire , motor, accident , mediclaim ,
fidelity guarantee , cash in transit etc.) sourced and premium garnered
No of SBI Credit Card applications sourced
No. of Housing Loan Proposals sourced and sanctioned
No. of Vehicle Loan Proposals sourced and sanctioned
No. of Personal Loan Proposals sourced and sanctioned
Particulars of business with our competitors
 7

Chapter 2

Structure of Marketing - Cross Selling Department at Corporate Centre

Dy. Managing Director & Group Executive (National

Banking)

General Manager (Marketing Cross

Selling)

Dy. General Manager (Marketing Cross

Selling)

Asst. General Asst. General

Manager/Chief Manager/Chief Manager
Manager (Marketing (Marketing Cross Selling)
Cross Selling)

Structure of Marketing - Cross Selling Department at Local Head Office

Chief General Manager

General Manager (Network General Manager (Network

I) II)

Asst. General Manager/Chief Asst. General Manager/ Chief

Manager (Marketing Cross Manager (Marketing Cross
Selling) Selling)
 8

Chapter 3

1. Corporate Agent ---Tie-up with SBI Life Insurance Co.

In terms of Insurance Regulatory and Development Authority

(Licensing of Corporate Agents) regulations 2002 State Bank of India is
authorised to act as a Corporate Agent of SBI Life Insurance Co. for
procuring or soliciting life insurance business, for a period of three
years from 19/02/2006, in terms of Insurance Regulatory and
Development Authority’s License No. 1046513. The license has been
issued under the Insurance Act 1938 (IV of 1938).

2. Identification, Training (including on-line Training) and Certification as

Certified Insurance Facilitator (CIF)

a) Identification ( Reference: P & HRD letter no. CDO/PM/16/SPL/1403 dated

10th December 2002 to all Circles)
The procedure for identifying the staff, willing to undergo training and
certification for selling life insurance products of SBI Life Insurance Co. is as
under:
o Options will be called for, from those
employees who are :
ƒ below 50 years of age
ƒ having the minimum
qualification of a pass in 12th Standard or equivalent examination
conducted by any recognised Board/Institution, where the
applicant resides in a place with a population of five thousand or
more as per the last census, and a pass in 10th Standard or equivalent
examination from a recognised Board/ Institution if the applicant
resides in any other place.
ƒ interested in marketing of life
insurance products of SBI Life
Insurance Co..
 9
While asking for option it should be made clear to the
employees that though the identified staff will primarily be
responsible for insurance selling activity, their services may, at
times , be utilised by the Bank for any other function at the Branch.
Further, they should be willing to work beyond office hours, if
necessary, and visit prospective life insurance buyers, whenever
required.
o The employees who opt for marketing
of life insurance products of SBI Life
Insurance Co., will be interviewed by a
Committee consisting of the Asst.
General Manager of the concerned
Region (Chairman of the Committee),
a representative of SBI Life Insurance
Co. and AGM/Chief Manager (Cross
Selling) of the Network.
o The employee found well mannered,
of pleasing dispensation and
possessing aptitude for marketing
products, interfacing with clients and
developing new business and having a
high degree of service orientation will
be identified by the Committee for the
IRDA prescribed training.
B) Training: An employee shall have completed, at least, fifty hours’ practical
training conducted by SBI Life Insurance Co.

Where the employee is---

(ii) an Associate/Fellow of the Insurance Institute of India, Mumbai;

(iii) an Associate/Fellow of the Institute of Chartered Accountants of
India, New Delhi;
(iv) an Associate/Fellow of the Institute of Costs and Works Accountants
of India, Calcutta;
(v) an Associate/Fellow of the Institute of Company Secretaries of India,
New Delhi;
 10
(vi) an Associate/Fellow of the Actuarial Society of India,
Mumbai;
(vii) a Master of Business Administration of any Institution/ University
recognised by any State Government or the Central Government; or
(viii) possessing Certified Associateship of Indian Institute of Bankers
(CAIIB); or
(ix) possessing any professional qualification in marketing from any
Institution/ University recognised by any State Government or the
Central Government--

He/She shall have completed, at least, twenty five hours’ practical training
from an approved institution.

Online Training (vide Circular No. PBBU/MCS/05-06/3 dated 24.11.2005)

(a) Any Officer or Assistant, who wishes to enlist for the on-line training, may
approach SBI Life Insurance Co. for sponsorship. For this purpose the
online training application form to be provided by SBI Life Insurance Co.
may be completed by the candidate and his reporting authority and
forwarded to Co-ordinator of SBI Life Insurance Co. stationed at the Local
Head Office Centre alongwith the requisite fee.
(b) The employees sponsored by SBI Life Insurance Co., can enlist for the on
line training at any one of the following IRDA accredited On-Line training
Institutions which host the portals:
(c) RNIS College of Insurance, Delhi (Rate Rs. 400/600 per candidate who is
CAIIB/non-CAIIB respectively, currently)
(d) Maharashtra Institute of Technology, Pune (Rate 400/650 per candidate
who is CAIIB/non-CAIIB respectively, currently)
Any other institute approved by IRDA to conduct on line training
will be added to the list by SBI Life Insurance Co. and the updated
list will be available with the local Coordinator of SBI Life Insurance
Co.
(e) The sponsored staff will be expected to complete the online 50/25 hours
mandatory IRDA training at the centre of their posting.
 11
(f) The sponsored staff will undergo training during his/her 'Free
Time' i.e. outside office hours.
(g) Sponsored candidates will be given a password to access the specific
portal of these on-line training institutes who will cover the syllabus
prescribed by IRDA.
(h) The staff volunteering for training will not use the Branch Infrastructure
and would complete their On-Line Training at the nearest Cyber Café or at
their own residences on their personal PCs.
(i) The examining body is the Insurance Institute of India (III).
(j) The on-line examination centres of III are available on the website of
Insurance Institute of India---www.insuranceinstituteofindia.com

(k) For candidates who are not CAIIB, training duration will be for 50 hours’
training with a maximum of 8 hours per day. The maximum time
permissible for completion of training is 14 days. For candidates who are
CAIIB, the training duration is 25 hours to be completed in 8 days.
j) The cost of on-line training and examination shall be initially borne by
the staff member. On successful completion of the course and
obtention of the CIF certification by the staff member, the entire cost
shall be reimbursed to him/her, by SBI Life, in a lump sum amount of
Rs. 5000/= (which includes internet charges, training fees and
examination fees) on production of simple declaration for having
incurred the expenses, a copy of the training certificate and CIF
licence. For claiming the reimbursement the CIF should approach the
nearest representative of SBI Life Insurance Co. Ltd., who will in turn
send the same to SBI Life Head Office for reimbursement.
k. No other allowances shall be payable to the staff for visiting the On
Line training institutes or proceeding for appearing in the
test/interviews etc.
l. On acquiring the license, the CIFs may commence marketing for
proposals during their 'Free Time' and need not be released full time.
m. Commission will accrue to the branches, as is being done presently.
 12
Offline Exam Fees: DD of Rs.500/- in favour of Insurance Institute of
India payable at Mumbai
Online Exam Fees: DD of Rs.400/- in favour of NSE.IT Limited payable at
Mumbai (if a candidate appears at NSE.IT centers in India as per the list
enclosed)
Online Exam Fees: DD of Rs.400/- in favour of Insurance Institute of India
payable at Mumbai / Bangalore (if a candidate appears at Insurance Institute
of India centers at Mumbai & Bangalore)
 13
Online Examination centres:
Ahmedabad Jaipur
Allahabad Jalandhar
Bangalore Kanpur
Bhopal Kolkata
Bhubaneshwar-Cuttack Madurai
Chandigarh Meerut
Chennai Mumbai
Cochin Nagpur
Coimbatore Noida
Dehradun Pune
Delhi Rajkot
Hyderabad Surat
Indore Thiruvananthapuram

C. Examination: After completion of off-line/ on-line training, the employee

is required to pass the pre-recruitment examination in life insurance business,
conducted by the Insurance Institute of India, Mumbai, or any other
examination body duly recognised by the Insurance Regulatory and
Development Authority.

D. Certification: The examining body shall issue a certificate to every

successful employee, which shall enable him to procure insurance business on
behalf of the Bank.

3. Scheme for Payment of Honorarium

(Vide e-circular no. P&HRD.Sl. No. : 267/2007 – 08 Circular No. :
CDO/P&HRD-LANDD/23/2007- 08 dated August 11, 2007)
The honorarium payable on obtaining certification as Corporate Insurance
Executive is Rs.5000/- (Rupees five thousand only).

4. Delisting of CIFs (CC letter no. MCS/07-08/43 dated 7th August 2007)
A review of the productivity of CIFs should be undertaken and any CIF who
has not sold at least five policies during the year may be delisted, so that they
do not remain in the list of branch CIFs. Such a review will enable the Circle
management to focus better on the performance of the productive CIFs and to
initiate training of more willing employees for Certification.
 14
5. Movement of CIFs (IR Deptt. letter nos. CDO/IR/SPL/133 dated
25th September 2004 and CDO/IR/SPL/261 dated 10th September 2004)
With a view to providing uninterrupted service to customers who have
availed of life insurance products of SBI Life Insurance Co. from
identified/authorised branches, the Senior/ Special Assistants appointed as
Certified Insurance Facilitators (CIFs), when due for transfer under 5 year
transfer policy, be transferred only to branches/offices at the same centre
which have been identified for selling products of SBI Life Insurance Co. They
will be replaced by CIFs only.
In case, there is no identified /authorised branch/office available at the same
centre, they may be retained at the same branch and used for marketing of
products of SBI Life Insurance Co. The total stay however will not exceed 3
years from the date the employee gets accredited as CIF. The position in such
cases will be reviewed by controllers every year.
6. Cross Selling by Employees under Suspension
Employees under suspension are not to be entrusted any official duties. ( CC
letter no. PBBU/MCS/06-07/45 dated 21st/25th July 2006)
7. Types of life insurance products of SBI Life Insurance Co., marketed by
branches

………………………………………………………………………………………….

8.(a)Advertisement and Publicity of life insurance products

[vide Insurance Regulatory and Development Authority (Insurance

Advertisements and Disclosure) Regulations, 2000 dated 14th July 2000]

Advertisements by insurance agents —

(1) Every advertisement by an insurance agent that affects an insurer must be
approved by the insurer in writing prior to its issue;
(2) It shall be the responsibility of the insurer while granting such approval to
ensure that all advertisements that pertain to the company or its products or
performance comply with these regulations and are not deceptive or
misleading.
 15
Explanation: An agent shall not be required to obtain written approval
of the company prior to issue for: —
(i) those advertisements developed by the insurer and provided to the
agents; generic advertisements limited to information like the agent's name,
logo, address, and phone number; and
ii) advertisements that consist only of simple and correct statements
describing the availability of lines of insurance, references to experience,
service and qualifications of agents; but making no reference to specific
policies, benefits, costs or insurers.

8(b) Local Printing of Pamphlets/Advertisements (CC letter nos. MCS/07-

08/140 dated 18.07.2007 and PBBU/MCS/06-07/195 dated 06.12.2006)

Insurance advertisements fall under the purview of IRDA Insurance

Advertisements and Disclosure Regulations, 2000 dated 14th July 2000.
Circulation of written or published information relating to returns, capital
protection and comparison of returns in various schemes of rival insurance
companies, implicit or explicit, is prohibited by the Insurance Regulatory and
Development Authority. Hence a draft of the advertisement/pamphlet should
be forwarded to Corporate Centre, in advance, before placing the print order to
ensure adherence to the notified mandatory guidelines. Branches/ CIFs should
not prepare and circulate any sales communication without obtaining a
confirmation from Corporate Centre.

9. Remittance of Premium at Par to SBI Life Insurance Co.

(vide CC letter no. MCS/03-04/25 dated 04.06.2003)

SBI Life has launched its Group Product, Super Suraksha for Account holders,
in May 2002, and select Branches have been enrolling account holders under
the Group Insurance Scheme. Subsequently, our Branches have also started
offering Creditor Protection Products like Home Loan Insurance and Car
Loan Insurance of SBI Life. Further, with the launch of Bancassurance,
identified branches have commenced selling individual products of SBI Life
 16
like Sudarshan and Lifelong Pension through selected employees who
have undergone insurance training and passed the mandatory test.
2. In all these cases, branches are required to remit the premium collected
from the customer by way of a draft to SBI Life Insurance Co. Ltd. at Mumbai.
SBI Life has proposed that such drafts should be issued without deduction of
exchange.

(b) Remittance of Premium through EFT Facility for Remittance of First

Premium and Renewal Premium
( vide Circulars No.MCS/Cir/08-09/04 dated 8th August 2008 and MCS/08-
09/05 dated 10th October 2008 )

To reduce turn around time (TAT) for issuing certificates of insurance and
make available to customer another convenient option of paying premium of
SBI Life, where receipt of payment is issued simultaneously, SBI Life
Insurance Co. has introduced the option of paying the first premium of Group
Swadhan and for payment of SBI Life’s renewal premiums of individual
policies (excluding Lifelong Pension and Top-up amount of ULIPs) for the
Bancassurance channel through Electronic Fund Transfer (EFT) mode of Core
Banking platform.

2. The new facility requires the customer to fill up a specially designed pay-in
slip (challan) along with a cheque for payment from the customer’s account
(copy enclosed). The pay-in-slip (challan) is designed to provide three copies.
After the transaction is put through, the first copy of the challan is handed
over to the customer as receipt. The second copy is retained as the voucher of
the branch and the third is attached to the proposal form for onward
submission to SBI Life Insurance Co.
 17

OPERATIONAL PROCEDURE for COLLECTION OF RENEWAL

PREMIUM OF SBI LIFE POLICIES by SBI BRANCHES

BACKGROUND

SBI Life offers its valued customers yet another mode for renewal premium
payments utilizing the vast network of SBI Core Banking System. This is
another step in improving the Customer Service. This facility has been
exclusively developed by SBI Life in close cooperation and active involvement
of SBI Global IT. Customers of SBI Life can use this facility at any SBI CBS
branch, making the reach for SBI Life customers far & wide.
This process circular intends to give a detailed, step by step guide, for better
understanding of the process of COLLECTION OF RENEWAL PREMIUM OF
SBI LIFE POLICIES by SBI BRANCHES

PARAMETERS

Through the EFT module integrated in the core-banking module of SBI, Formatted: Bullets and Numbering

the policyholder of SBI Life will be able to pay his renewal premiums by 4
different modes – viz.
Cash
Direct Debit through voucher [available only if holding SBI A/c]
Direct Debit through SBI Cheque [available only if holding SBI A/c]
By other Banks’ Local Cheque

(System provision is available for other bank local cheques also. However
we will roll out this service at a later stage)

Currently, this facility will be available for Inforce policies and only up to Formatted: Bullets and Numbering

11 days (in case of monthly mode) & 25 days (for Quarterly/half

yearly/yearly mode) from the premium due date; after which the
premiums will have to be remitted to SBI Life Office directly.

PROCESS

Policyholder comes to SBI branch for payment of Renewal Premium under his
SBI Life policy. The process flow will be as follows:

A 3-part challan MUST be filled by the policyholder, giving the details such as Formatted: Bullets and Numbering

–
Name of policyholder
Type of payment – [Group Swadhan First Premium (FP) /
Individual Renewal Premium(RP) / Individual First Premium (FP)]
In case of Individual RP, the policy no. must be written on the
challan
Mode of payment to be selected – [cash / Direct Debit through
voucher / Direct Debit through SBI Cheque]
 18
In case of Direct Debit through voucher, the bank a/c no. to
which the amount is to be debited, must be mentioned on the
challan
In case of Direct Debit through SBI Cheque, the cheque details such
as Cheque no., date, amount & drawn on branch to be mentioned
Acceptance of payment by the SBI Staff –
The payment vide any of the above mentioned 3 modes, along with the
duly filled challan should be submitted at the SBI counter
Data Entry in the Bank module – Formatted: Bullets and Numbering

Separate options have been provided in SBI’s Core Banking module for
acceptance of SBI Life’s Premiums. The sequence is given below –

Bank Staff have to log in through “bancslink” (Session to be opened with

clearing Screen)
“Welcome to B@NCS-24” screen will appear (please see below).
Operator details such as User No., Password, Branch No. & Terminal no. as
required need to be entered by the bank staff.
 19
Once “Transmit” key is pressed, “Your Sign-on Details” screen will
appear as shown below.

On the Right side of the screen, there is a window listing various options - one
of the MAIN OPTIONS is “SBI Life Premium Collection”.

On clicking this MAIN OPTION, various sub options will appear, as per the
following hierarchy –

“ + SBI Life Premium Collection” –

+ First Premium
+ Group Swadhan
+ Direct Debit ( SBI Cheque )
+ Direct Debit (Voucher)
+ Individual [Currently not available]
+ By Cash
+ By Cheque - Other Bank
+ Direct Debit (SBI Cheque)
+ Direct Debit (Voucher)

+ Renewal Premium
+ Individual
+ By Cash
+ By Cheque - Other Bank
+ Direct Debit (SBI Cheque)
+ Direct Debit (Voucher)

In all there are 10 final options for SBI Life premium collection, out of which,
6 are currently available (2 for Group Swadhan – First Premium & 4 for
Individual – Renewal Premium). One has to select the proper option for
accepting a particular type of premium payment. These are as under:
 20

SCREEN DETAILS

Every screen has two parts; Upper portion gives INSURANCE DETAILS and
the lower portion is for giving BANKING DETAILS (payment details)

The details under different screens of INDIVIDUAL RENEWAL PREMIUM

are given below –

Renewal Premium --> INDIVIDUAL –> Payment by Cash

Renewal Premium --> INDIVIDUAL –> Payment by Cheque – Other Bank

(to be rolled out at a later stage)
 21
Renewal Premium --> INDIVIDUAL –> Payment by Direct
Debit [SBI Cheque]

Renewal Premium --> INDIVIDUAL –> Payment by Direct Debit [Voucher]

 22
The upper portion of the screen, which gives Insurance Details,
remains that same for all options

Insurance Details:

Enter the Policy Number Formatted: Bullets and Numbering

Press GET button

All the relevant fields pertaining to that policy will be displayed in the upper
portion of the screen

Banking Details: (Enter Cheque Details - after confirming the account

particulars including requisite balance)

i. In case of Cash Payment enter the amount received in the given field Formatted: Bullets and Numbering

ii. In case of payment by other Banks’ Local cheque

a. Enter cheque particulars such as cheque number, bank and branch
name
iii. Enter Instrument date
a. Select proper Instrument Type from the Drop down
b. Enter Clearing date & select clearing type from drop down
iv. In case of Direct debit through voucher, enter SBI a/c no. of the
customer (after confirming the a/c particulars including requisite balance)
v. In case of payment by SBI cheque –
vi. Enter cheque* particulars such as cheque number and branch name
(after confirming a/c particulars including requisite balance).
vii. Select the Instrument Date by pressing the Calendar button and
opting for the given date
viii. Select proper Instrument Type from the Drop down
ix. Transaction may require authorization
x. If everything is O.K., press Transmit
xi. Message “Processing” will appear at the bottom of the screen
xii. On successful completion, “O K” message will be displayed.
xiii. If not successful, proper error message will appear at the bottom
of the screen.

*Please note that the cheque must pertain to an a/c of any SBI CBS branch
 23

EXCEPTION HANDLING / ERROR MESSAGE HANDLING

i. The system displays appropriate message at the bottom of the screen in

case of any invalid transaction /error.

ii. The error could be in Insurance details or banking details.

iii. The various types of error messages that would be displayed on the
screen, reasons for the same and the remedial action to be taken are given in
the table below.
Sl. Error Message Type of Reason Remarks
No. Displayed Payment (Why) (Remedial Action)
(When)
1 Please check Individual – Policy Number Either the policy
your Policy Renewal does not exist no. is wrongly
Number Premium written or wrongly
entered
2 No premium Individual – Premium Payment can not
due is Renewal payment is not be accepted
pending Premium due for this
against your policy
policy, for
further
enquiry
contact SBI
Life Branch
3 Only in force Individual – Last day for Policy is valid but
policy Renewal premium due date for
premium Premium payment is over. payment is over.
accepted, Payments for Please ask the
please contact such policies person to
SBI Life can not be approach SBI Life
branch accepted at SBI branch
branches. Under
EFT, payment
only up to 5
days before the
expiry of grace
period will be
accepted
4 Premium Individual – Premium For all such
payment for Renewal payments for policies customer
Pension Policy Premium Pension Policies should approach
not allowed at can not be nearest SBI Life
SBI branches, accepted at SBI branch for
please contact Branches premium
SBI Life payments
 24
branch
5 Premium Individual – Payment If the current
already Renewal towards the payment pertains
received for Premium Policy no. has to a different
the day been received period, then this
during the day can be paid next
day or there after.
i.e. For any given
policy, only one
payment is
accepted during
the day
6 Amount Individual – Premium The amount paid Formatted: Font: Not Bold

should be Renewal accepted is less by the customer

greater or Premium than the Gross towards Renewal
equal to Gross Premium Premium can not
Premium Amount be less than Gross
Amount Premium. It has to
be equal to or
more than what is
displayed on the
terminal as Gross
Premium
7 Please fetch Individual – After entering In such case you Formatted: Font: Not Bold

the details of Renewal the Banking can not complete

new Policy Premium (payment) the transaction.
Number details and Press Close button
before pressing & then reenter the
the submit Policy No and
button, the fetch the details by
Policy No. pressing the GET
earlier entered is button. Then enter
now changed the Banking details
and proceed
8 Host Individual – The Server at If the message still Formatted: Font: Not Bold

application is Renewal SBI CDC is persists, please

unavailable. Premium down. Try once contact the SBI
Please inform again CDC Helpline
Administrator
9 SBI Life Mid Individual – The Server If the message still Formatted: Font: Not Bold
Server is not Renewal hosting the persists, please
available. Premium middleware is contact the SBI
Please contact down. Try once CDC Helpline
Administrator again
 25

Do not do any Cancellation / Reversals of any payments carried out through

EFT.
In an eventuality of wrong transaction, request the customer to contact
nearest SBI Life branch

In case of Renewal Premiums, System checks the correctness of policy no.,

premium amount as well as policy status. The module has validations for not
accepting wrong policy nos. or amount less than the premium or for invalid
status.
 26

CHALLAN:
 27

11. Anti Money Laundering & KYC Guidelines

(CC letter no. PBBU/MCS/06-07/176 dated 12.10.06 enclosing Circular no.

PBBU/MCS/06-07/11 dated 12.10 .06 and
CC Letter no. PBBU/MCS/06-07/200 dated 16.12.06 enclosing Circular no.
PBBU/MCS/06-07/14 dated 16.12.06)

(a) The Prevention of Money Laundering Act 2002 was enacted to prevent
criminal elements from using the financial system for money laundering
activities. Consequently, the Reserve Bank of India introduced the Know Your
Customer (KYC) guidelines requiring all Banks to be fully compliant by Dec
2005.
(b) Following these events, the IRDA also vide their Circular no.
043/IRDA/Life/AML/Mar 06 dated 31st March 2006 drew up and issued
guidelines on Anti Money Laundering program for insurers (Annexure 1). In
compliance, SBI Life Insurance Co. have adopted an Anti Money Laundering
Policy (Annexure 2).
(c) As a Corporate Agent of SBI Life Insurance Co., the AML Policy also
applies to the Bank in so far as our insurance activity is concerned.
Accordingly, SBI Life Insurance Co. have drawn up a “Checklist for
compliance of Anti-Money Laundering Policy” (Annexure 3).
(d) All Certified Insurance Facilitators (CIFs) and Branches are to strictly
adhere to the AML guidelines, in particular:
i) Obtention of photograph of proposer (applicant) to be attached to the
proposal form.
ii) Checklist at annexure 3 should form part of CIF’s Confidential Report on
the proposer.
iii) Proof of Identity and Proof of Residence from amongst the documents
listed as acceptable under AML Guidelines
iv) Proof of Income will need to be obtained for all individual proposals with
annual premium of Rs. One Lac or more, for regular as also single premium.
 28
v) Apply to PURE TERM INDIVIDUAL proposals also i.e. Edu
–Shield and Shield also.

Annexure 1
Guidelines on Anti Money Laundering programme for Insurers
Sl. No. Particulars Page No.
1. Background 1
2. What is Money Laundering? 1
3. AML Program 2
3.1 Internal policies, procedures, and controls 2
3.1.1. Know Your Customer (KYC) 2
3.1.2. When should KYC be done?
i. Knowing New Customers 3
ii. Knowing Existing Customers 3
3.1.3. KYC and Risk Profile of the Customer 3
3.1.4. Products to be covered 4
3.1.5. Sources of Funds 4
3.1.6. Defining Suspicious Transactions (including
Suspicious Cash Transactions) 4
3.1.7. Reporting of Suspicious Transactions 4
3.1.8. Monitoring and Reporting of Cash Transactions 4
3.1.9. Verification at the time of redemption/surrender 5
3.1.10. Record Keeping 5
3.1.11. Compliance Arrangements 6
3.2 Appointment of Principal Compliance Officer 6
3.2.1. Appointment 6
3.2.2. Responsibilities 6
3.3 Recruitment and Training of employees/agents 6
3.4 Internal Control/Audit 7
Annexure I Customer Identification Procedure 8
Annexure II Vulnerable Products 9
Annexure III Income Proofs 10
Annexure IV Illustrative list of Suspicious Transactions 11
 29

Guidelines on Anti Money Laundering programme for Insurers

(Circular Ref: 043/IRDA/LIFE/AML/MAR-06 31 March 2006)

1. Background:

1.1 The Prevention of Money Laundering Act, 2002 brought into force with
effect from 1st July 2005, is applicable to all the financial institutions which
include insurance institutions. The application of anti-money laundering
measures to non-depository financial institutions generally, and to the
insurance companies in particular, has also been emphasized by international
regulatory agencies as a key element in combating money laundering.
Establishment of anti money laundering programs by financial institutions is
one of the central recommendations of the Financial Action Task Force and
also forms part of the Insurance Core Principles of the International
Association of Insurance Supervisors (IAIS). Accordingly, the Authority has
decided to put in place the following regulatory guidelines/instructions to the
Insurers, Agents and Corporate agents as part of an Anti Money Laundering
Programme (AML) for the insurance sector.

1.2 Insurers offer a variety of products aimed at transferring the financial risk
of a certain event from the insured to the insurer. These products include life
insurance contracts, annuity contracts, non-life insurance contracts, and
health insurance contracts. These products are offered to the public through
trained agents of the insurance companies and also through a number of
alternate distribution channels like direct marketing, bancassurance etc. The
guidelines are therefore of importance to the agents and corporate agents also,
to the extent indicated in the guidelines.

1.3 The obligation to establish an anti-money laundering program applies to

an insurance company, and not to its agents, and other intermediaries. Hence
the responsibility for guarding against insurance products being used to
launder unlawfully derived funds or to finance terrorist acts, lies on the
insurance company, which develops and bears the risks of its products.

2. What is Money Laundering?

2.1 Money Laundering is moving illegally acquired cash through financial

systems so that it appears to be legally acquired.

2.2 There are three common stages of money laundering as detailed below
which are resorted to by the launderers and insurance institutions which may
unwittingly get exposed to a potential criminal activity while undertaking
normal business transactions: -
• Placement - the physical disposal of cash proceeds derived from illegal
activity;
 30
• Layering - separating illicit proceeds from their source by
creating complex layers of financial transactions designed to disguise the
source of money, subvert the audit trail and provide anonymity; and
• Integration - creating the impression of apparent legitimacy to criminally
derived wealth.

2.3 If the layering process has succeeded, integration schemes place the
laundered proceeds back into the economy in such a way that they re-enter
the financial system appearing to be normal business funds. Financial
institutions such as insurers are therefore placed with a statutory duty to
make a disclosure to the authorized officer when knowing or suspecting that
any property, in whole or in part, directly or indirectly, representing the
proceeds of drug trafficking or of a predicated offence, or was or is intended
to be used in that connection is passing through the institution. Such
disclosures are protected by law, enabling the person with information to be
able to disclose the same without any fear. Insurance institutions likewise
need not fear breaching their duty of confidentiality owed to customers.

3. AML Program:

In order to discharge the statutory responsibility to detect possible attempts of

money laundering or financing of terrorism, every insurer needs to have an
AML program which should, at a minimum, include:

3.1 Internal policies, procedures, and controls;

3.2 Appointment of a Principal compliance officer;
3.3 Recruitment and training of employees/agents;
3.4 Internal Control/Audit;

The above key elements of the AML programme are discussed in detail
below:

3.1 Internal policies, procedures, and controls:

Each insurance company has to establish and implement policies, procedures,
and internal controls which would also integrate its agents in its anti-money
laundering program as detailed below:

3.1.1 Know Your Customer (KYC):

Considering the potential threat of usage of the financial services by a money
launderer, insurance company should make reasonable efforts to determine
the true identity of all customers requesting for its services. Hence effective
procedures should be put in place to obtain requisite details for proper
identification of new customers.

i. A list of documents to be verified at the time of accepting the risk for

compliance with KYC requirement for individuals and others is given in
Annexure I. It is mandatory to obtain any one of the documents to clearly
 31
establish the customer identity consistent with risk profile in respect
of all new insurance contracts (Please also see 3.1.3 below).
ii. The degree of due diligence to establish KYC could be decided by the
insurers where premium is below Rs. 1 lakh per annum. However, premium
of Rs. 1 lakh per annum in case of individual policies should be considered as
a threshold for exercising detailed due diligence, what ever be the payment
mode (Please see 3.1.3 below).

iii. Remittance of premium is an important stage of entering into contract,

hence, cash transactions need more diligence and care (Please also see para
3.1.8)

iv. Customer information should be collected from all relevant sources,

including from agents.

v. Insurance premium paid by persons other than the person insured should
be looked into to establish insurable interest.

vi. The insurer should not enter into a contract with a customer whose
identity matches with any person with known criminal background or with
banned entities and those reported to have links with terrorists or terrorist
organizations (A list of such entities would be sent to the insurance
companies shortly).

vii. Besides verification of identity of the customer at the time of initial

issuance of contract, KYC should also be carried out at the claim payout stage
and at times when additional top up remittances are inconsistent the
customers known profile.

3.1.2 When should KYC be done?

i. Knowing New Customers:

a. In case of new contracts, KYC should be done before the issue of every new
contract.
b. In case of non face to face business which includes Tele calling, Internet
Marketing, Logging in of business or payment of premiums/lump sums at
branches, collection of documentation be completed for premiums exceeding
Rs. 1 lakh per person per annum within 15 days of issue of policy.

ii. Knowing Existing Customers:

It has been decided that the process of AML should be applied for the policies
coming into force on or after 01.04.2004. Since Insurers, invariably collect
considerable background of the policyholder as also the beneficiary before
entering into contracts no major constraints are expected in this exercise, in
respect of the existing contracts. KYC in case of existing customers should
 32
therefore be carried out based on the limits fixed for new policies on all
contracts/relevant transactions in case of the existing polices.

3.1.3 KYC and Risk Profile of the Customer:

In the context of the very large base of insurance customers and the significant
differences in the extent of risk posed by them, the companies are advised to
classify the customer into high risk and low risk, based on the individual’s
profile and product profile, to decide upon the extent of due diligence.

i. For the purpose of risk categorization, individuals (other than High Net
Worth) and entities whose identities and sources of wealth can be easily
identified and transactions in whose accounts by and large conform to the
known profile may be categorized as low risk. Illustrative examples of low
risk customers could be salaried employees whose salary structures are well
defined, people belonging to lower economic strata of the society,
Government departments and Government owned companies, regulators and
statutory bodies etc., In such cases, the policy may require that only the basic
requirements of verifying the identity and location of the customer are to be
met. Not withstanding above, in case of continuing policies, if the situation
warrants, as for example if the customer profile is inconsistent with his
investment through top-ups, a re-look on customer profile is to be carried out.

ii. For the high risk profiles, like for customers who are non-residents, high
net worth individuals, trusts, charities, NGO’s and organisations receiving
donations, companies having close family shareholding or beneficial
ownership, firms with sleeping partners, politically exposed persons (PEPs),
and those with dubious reputation as per available public information who
need higher due diligence, KYC and underwriting procedures should ensure
higher verification and counter checks. In this connection insurers are also
advised to carry out the appropriate level of due diligence keeping the
observations at 3.1.5 in view.

3.1.4 Products to be covered:

The AML requirements focus on the vulnerability of the products offered by

the insurers to any of the process of money laundering. Some vulnerable
products are illustrated in Annexure II. Based on the vulnerability criterion
and after examining the product and business coverage it has been decided
that the following categories of products/business lines may be exempted
form the purview of AML requirements:

i. Standalone medical/health insurance products.

ii. Reinsurance and retrocession contracts where the treaties are between
insurance companies for reallocation of risks within the insurance industry
and do not involve transactions with customers.
 33
iii. Group insurance businesses which are typically issued to a company,
financial institution, or association and generally restrict the ability of an
individual insured or participant to manipulate its investment.
iv. Term life insurance contracts, in view of the absence of cash surrender
value and stricter underwriting norms for term policies (especially those with
large face amounts)

3.1.5 Sources of Funds:

It is imperative to ensure that the insurance being purchased is reasonable.

Accordingly, customer’s source of funds, his estimated net worth etc., should
be documented properly and the advisor and/or employee shall obtain
income proofs as in Annexure III, to establish his need for insurance cover.
Proposal form may also have questionnaires/declarations on sources of fund,
and details of bank accounts. Large single premiums should be backed by
documentation, to establish source of funds.

3.1.6 Defining Suspicious Transactions (including Suspicious Cash

Transactions):

The AML program envisages submission of Suspicious Transaction Reports

(STR)/ Cash Transactions Reports (CTR) to a Financial Intelligence Unit-India
(FIU-IND) set up by the Government of India to track possible money
laundering attempts and for further investigation and action. It is extremely
difficult to give an exhaustive list of suspicious transactions. An illustrative
list of such transactions is however, provided in Annexure IV. Suspicious
activity monitoring programs should be appropriate to the company and the
products it sells.

3.1.7 Reporting of Suspicious Transactions:

Insurance companies should report the suspicious transactions immediately

on identification. When such transactions are identified post facto the
contract, a statement may be submitted to FIU-IND within 3 working days of
identification in the prescribed formats.

3.1.8 Monitoring and Reporting of Cash Transactions:

With a view to ensuring that premiums are paid out of clearly identifiable
sources of funds, it has been decided that remittances of premium by cash
should not exceed Rs. 50,000/-. It would be advisable for the companies to
evolve even lower thresholds for cash transactions. It is further advised that:

i. Premium/proposal deposits beyond Rs. 50,000 should be remitted only

through cheques, demand drafts, credit card or any other banking channels.

ii. For integrally related transactions, premium amount greater than Rs. 50,000
in a calendar month should be examined more closely for possible angles of
 34
money laundering. This limit will apply at an aggregate level
considering all the roles of a single person-as a proposer or life assured or
assignee.
iii. Insurance companies have to report integrally connected cash transactions
above Rs. 10 lakhs per month to FIU-IND by 15th of next succeeding month

3.1.9 Verification at the time of redemption/surrender:

i. In life insurance business, no payments should be allowed to 3rd parties

except in cases like superannuation/gratuity accumulations and payments to
legal heirs in case of death benefits. All payments, should be made after due
verification of the bona fide beneficiary, through account payee cheques.

ii. Free look cancellations needs particular attention of insurer especially in

client/agents indulging in free look surrender on more than one occasion.

iii. AML checks become more important in case the policy has been assigned
by the policyholder to a third party not related to him (except where the
assignment is to Banks/FIs/Capital Market intermediaries regulated by
IRDA/RBI/SEBI)

3.1.10 Record Keeping:

The insurer/agents/corporate agents are required to maintain the records of

types of transactions mentioned under Rule 3 of PMLA Rules 2005 and the
copies of the Cash/Suspicious Transactions reports submitted to FIU as well
as those relating to the verification of identity of clients for a period of 10
years.

i. Sharing of information on customers may be permitted between different

organisations such as banks, insurance companies, Income tax authorities,
local government authorities on request. Records can also be in electronic
form.

ii. Insurance institutions should implement specific procedures for retaining

internal records of transactions both domestic or international, to enable them
to comply swiftly with information requests from the competent authorities.
Such records must be sufficient to permit reconstruction of individual
transactions (including the amounts and types of currency involved (if any) so
as to provide, if necessary, evidence for prosecution of criminal activity. In the
case of long term insurance, full documentary evidence is usually retained
based on material completed at the initiation of the proposal of the contract,
together with evidence of processing of the contract up to the point of
maturity.

iii. Companies should retain the records of those contracts, which have been
settled by claim (maturity or death), surrender or cancellation, for a period of
at least 10 years after that settlement.
 35

iv. In situation where the records relate to ongoing investigations, or

transactions which have been the subject of a disclosure, they should be
retained until it is confirmed that the case has been closed where practicable,
insurance institutions are requested to seek and retain relevant identification
documents for all such transactions and to report the offer of suspicious
funds.

v. In case of customer identification data obtained through the customer due

diligence process, account files and business correspondence should be
retained for at least 10 years after the business relationship is ended.

3.1.11 Compliance Arrangements:

i. A detailed AML Policy should be drawn up encompassing aspects of

Customer acceptance policy, Customer Identification procedure, Monitoring
of transactions, Risk management framework as evolved by the insurer. The
policy should have the approval of the board and duly filed with IRDA for
information. The policy should be reviewed annually and changes effected
based on experience.

ii. Responsibility on behalf of the agents and corporate agents:

The guidelines place the responsibility of a robust AML program on the
insurers. Nonetheless, it is necessary that the following steps are taken to
strengthen the level of control on the agents and corporate agents engaged by
the insurers:

a. A list of rules and regulations covering performance of agents and

corporate agents must be put in place. A clause should be added making KYC
norms mandatory and specific process document can be included as part of
the contracts.

b. Services of defaulting agents who expose the insurers to AML related risks
on multiple occasions should be terminated and the details reported to IRDA
for further action.

c. Insurance Company when faced with a non-compliant agent or corporate

agent should take necessary action to secure compliance, including when
appropriate, terminating its business relationship with such an
agent/corporate agent.

3.2 Appointment of Principal Compliance Officer:

3.2.1 Appointment:

The companies should designate a Principal Compliance Officer under AML

rules. The name of the principal compliance officer should be communicated
to IRDA and FIU immediately.
 36

3.2.2 Responsibilities:

i. The Principal Compliance Officer should ensure that the Board approved
AML program is being implemented effectively, including monitoring
compliance by the company’s insurance agents with their obligations under
the program;

ii. He should ensure that employees and agents of the insurance company
have appropriate resources and are well trained to address questions
regarding the application of the program in light of specific facts.

3.3 Recruitment and Training of employees/agents

3.3.1 As most part of the insurance business is through agents/corporate

agents which brings in non face to face business relationships with the
policyholders, the selection process of agents/corporate agents should be
monitored carefully. The committee monitoring the agents should monitor
sales practices followed by agents and ensure that if any unfair practice is
being reported then action is taken after due investigation; Periodic risk
management reviews should be conducted to ensure company's strict
adherence to laid down process and strong ethical and control environment.
Insurance companies should have adequate screening procedures when
hiring employees.

Instruction Manuals on the procedures for selling insurance products,

customer identification, record-keeping, acceptance and processing of
insurance proposals, issue of insurance policies should be set out.

3.3.2 The concept of AML should be part of in-house training curriculum for
agents.

3.3.3 The following training requirements are considered essential based on

the class of employees.

i. New employees: A general appreciation of the background to money

laundering, and the subsequent need for identifying and reporting of any
suspicious transactions to the appropriate designated point should be
provided to all new employees who will be dealing with customers or their
transactions, irrespective of the level of seniority.

ii. Sales/Advisory staff: Members of staff who are dealing directly with the
public (whether as members of staff or agents) are the first point of contact
with potential money launderers and their efforts are therefore vital to the
strategy in the fight against money laundering. It is vital that “front-line” staff
is made aware of the insurance institution’s policy for dealing with non-
regular customers particularly where large transactions are involved, and the
need for extra vigilance in these cases.
 37
iii. Processing staff: Those members of staff who receive completed
proposals and cheques for payment of the single premium contribution must
receive appropriate training in the processing and verification procedures.

iv. Administration/Operations supervisors and managers: A higher level of

instruction covering all aspects of money laundering procedures should be
provided to those with the responsibility for supervising or managing staff.

v. Ongoing training: It will also be necessary to make arrangements for

refresher training at regular intervals to ensure that staff does not forget their
responsibilities. This might be best achieved by a twelve or six-monthly
review of training. Timing and content of training packages for various
sectors of staff will need to be adapted by individual insurance institutions for
their own needs.

vi. Records of training imparted to staff in the various categories detailed

above should be maintained.

3.4 Internal Control/Audit:

Insurance companies’ internal audit/inspection departments should verify on

a regular basis, compliance with policies, procedures and controls relating to
money laundering activities. The reports should specifically comment on the
robustness of the internal policies and processes in this regard and make
constructive suggestions where necessary, to strengthen the policy and
implementation aspects. Exception reporting under AML policy should be
done to Audit Committee of the Board.

4. The above guidelines on establishment of an effective AML regime would

be effective from 1st August 2006. Insurance Companies are therefore
required to initiate various steps on the lines indicated above and file their
AML policies with IRDA latest by 1st July 2006

Yours faithfully,

C.R. Muralidharan
Member (Finance)
 38

Annexure I
Customer Identification Procedure

Documents that may be obtained from customers

Features Documents

A. Insurance Contracts with individuals

• Legal name and any other names used

i. Passport
ii. PAN Card
iii. Voter’s Identity Card
iv. Driving License
v. Letter from a recognized public authority or public servant verifying
the identity and residence of the customer

• Proof of Residence
i. Telephone bill
ii. Bank account statement
iii. Letter from any recognized public authority
iv. Electricity bill
v. Ration card

B. Insurance Contracts with companies

• Name of the company
• Principal place of business
• Mailing address of the company
• Telephone/Fax Number

i. Certificate of incorporation and Memorandum & Articles of Association

ii. Resolution of the Board of Directors to open an account and identification
of those who have authority to operate the account
iii. Power of Attorney granted to its managers, officers or employees to
transact business on its behalf

iv. Copy of PAN allotment letter

C. Insurance Contracts with partnership firms

• Legal name
• Address
• Names of all partners and their addresses
• Telephone numbers of the firm and partners

i. Registration certificate, if registered

ii. Partnership deed
iii. Power of Attorney granted to a partner or an employee of the firm to
transact business on its behalf
 39

iv. Any officially valid document identifying the partners and the persons
holding the Power of Attorney and their addresses

D. Insurance Contracts with trusts & foundations

Names of trustees, settlers beneficiaries and signatories

Names and addresses of the founder, the managers/directors and the
beneficiaries
Telephone/fax numbers

i. Certificate of registration, if registered

ii. Power of Attorney granted to transact business on its behalf
iii. Any officially valid document to identify the trustees, settlers, beneficiaries
and those holding Power of Attorney, founders/managers/directors and
their addresses
iv. Resolution of the managing body of the foundation/association

Annexure II

Vulnerable Products:

1. Unit linked products which provide for withdrawals and unlimited top up
premiums;
2. Single premium products-where the money is invested in lump sum and
surrendered at the earliest opportunity;
3. Free look cancellations-especially the big ticket cases;

(Note: The list is only illustrative and not exhaustive)

Annexure III

Income Proofs:

1. Standard Income proofs:

2. Income tax assessment orders/Income Tax Returns
3. Employer’s Certificate
4. Audited Company accounts
5. Audited firm accounts and Partnership Deed
6. Non-standard Income Proofs:
7. Chartered Accountant’s Certificate
8. Agricultural Income Certificate
9. Agricultural-land details & Income assessments
10. Bank Cash-flows statements, Pass-book

(Note: The list is only illustrative and not exhaustive)

 40
Annexure IV

Illustrative list of Suspicious Transactions:

1. Customer insisting on anonymity, reluctance to provide identifying

information, or providing minimal, seemingly fictitious information
2. Cash based suspicious transactions for payment of premium and top ups
over and above Rs. 5 lakhs per person per month. It should also consider
multiple DDs each denominated for less than Rs. 50,000/-
3. Frequent free look surrenders by customers;
4. Assignments to unrelated parties without valid consideration;
5. Request for a purchase of policy in amount considered beyond his apparent
need;
6. Policy from a place where he does not reside or is employed;
7. Unusual terminating of policies and refunds;
8. Frequent request for change in addresses
9. Borrowing the maximum amount against a policy soon after buying it
10. Inflated or totally fraudulent claims e.g. by arson or other means causing a
fraudulent claim to be made to recover part of the invested illegitimate funds
11. Overpayment of premiums with a request for a refund of the amount
overpaid.

(Note: The list is only illustrative and not exhaustive. For more examples on
Suspicious Transactions please visit http://www.iaisweb.org)
 41

Annexure 2

1. Know Your Customer

To meet the Know Your Customer (KYC) requirements, documents to

prove name and residence must be collected from individual prospects. It
is mandatory to collect:
2. any one of the following documents to establish proof of name and
3. any one of the documents listed below as proof of residence.

However, if the document of identity (like Passport, Driving Licence, etc.)

also contains the address, the said document can be accepted for both
identity and address proof.

KYC Documents for Companies, Partnership firms etc. are also listed
below.

Features Documents
Insurance Contracts with individuals • Passport
Proof of name (Legal name and any other • PAN Card
names used) • Voter’s
Identity
Card
• Driving
License
• Letter
from a
recognized
public
authority*
or public
servant**
verifying
the
identity
and
residence
of the
customer
• If none of
the above
documents
are
available,
a personal
identificati
on and
 42
certificatio
n of the
concerned
Unit
Manager/
Branch
Head for
identity of
the
prospectiv
e
policyhold
er along
with a
photograp
h of the
customer.

Proof of Residence ƒ Telephone bill

(Telephone bill pertaining to
any kind of telephone
connection like, mobile,
landline, wireless etc is a valid
proof of residence, provided it is
not older than six months from
the date of insurance contract.)

ƒ Bank account statement

(Bank account statement
includes any bank account
opened by the customer
wherein his permanent/ present
residence address is available.
However, the statement should
not be older than six months as
on the date of acceptance.)

ƒ Letter from any recognized

public authority

ƒ Electricity bill

ƒ Ration card

ƒ Valid lease agreement along

with rent receipt, which is
not more than 3 months old.
 43
ƒ Proof of existence of
Employer (eg certificate of
incorporation for a Company
and Employers certificate
evidencing that proof of
residence. (Employers must
have in place systematic
procedures for recruitment
along with maintenance of
mandatory records of its
employees are generally
reliable. Sole proprietorships
certificates will not be
accepted).

Alternate Documents 1. A Bankers Certificate can be

accepted for both identity and
residence proofs, provided the
Proposed Policyholder is a Bank
Customer.

For policies with premiums below one lakh per annum, it is mandatory to
obtain identity proof. Obtaining proof of residence is left to the discretion
of the Underwriter.

* public authority" means any authority or body or institution of self-

government established or constituted—
2. by or under the Constitution;
3. by any other law made by Parliament;
4. by any other law made by State Legislature;
5. by notification issued or order made by the appropriate Government, and
includes any—
6. body owned, controlled or substantially financed
7. non-Government organization substantially financed, directly or indirectly
by funds provided by the appropriate Government;

**"public servant" means-

(i) any person in the service or pay of the Government or
remunerated by the Government by fees or commission for the
performance of any public duty;
(ii) any person in the service or pay of a local authority ;
(iii) any person in the service or pay of a corporation established
by or under a Central, Provincial or State Act, or an authority or
a body owned or controlled or aided by the Government or a
Government company as defined in section 617 of the
Companies Act, 1956;
 44
(iv) any Judge, including any person empowered by
law to discharge, whether by himself or as a member of any
body of persons, any adjudicatory functions;
(v) any person authorised by a court of justice to perform any
duty, in connection with the administration of justice, including
a liquidator, receiver or commissioner appointed by such court;
(vi) any arbitrator or other person to whom any cause or matter
has been referred for decision or report by a court of justice or
by a competent public authority;
(vii) any person who holds an office by virtue of which he is
empowered to prepare, publish, maintain or revise an electoral
roll or to conduct an election or part of an election;
(viii) any person who holds an office by virtue of which he is
authorised or required to perform any public duty;
(ix) any person who is the president, secretary or other office-
bearer of a registered co-operative society engaged in
agriculture, industry, trade or banking, receiving or having
received any financial aid from the Central Government or a
State Government or from any corporation established by or
under a Central, Provincial or State Act, or any authority or
body owned or controlled or aided by the Government or a
Government company as defined in section 617 of the
Companies Act, 1956;
(x) any person who is a chairman, member or employee of any
Service Commission or Board, by whatever name called, or a
member of any selection committee appointed by such
Commission or Board for the conduct of any examination or
making any selection on behalf of such Commission or Board;
(xi) any person who is a Vice-Chancellor or member of any
governing body, professor, reader, lecturer or any other teacher
or employee, by whatever designation called, of any University
and any person whose services have been availed of by a
University or any other public authority in connection with
holding or conducting examinations;
(xii) any person who is an office-bearer or an employee of an
educational, scientific, social, cultural or other institution, in
whatever manner established, receiving or having received any
financial assistance from the Central Government or any State
Government, or local or other public authority.

Explanation 1.Persons falling under any of the above sub-

clauses are public servants, whether appointed by the
Government or not.

Explanation 2.Wherever the words "public servant" occur, they

shall be understood of every person who is in actual possession
of the situation of a public servant, whatever legal defect there
may be in his right to hold that situation.
45
 46
Features
Insurance Contracts with companies
xiv. Name of the company
xv. Principal place of business
xvi. Mailing address of the
company
xvii. Telephone/Fax Number
Features Documents
Insurance Contracts with partnership
firms
xviii. Legal name
xix. Address
xx. Names of all partners and
their addresses
xxi. Telephone numbers of the
firm and partners
Features
Insurance Contracts with trusts &
foundations
xxii. Names of trustees, settlers
beneficiaries and signatories
xxiii. Names and addresses of the
founder, the
managers/directors and the
beneficiaries
xxiv. Telephone/fax numbers
The staff accepting the business must also ensure that the KYC procedures
are complete.
Documents
1. Certificate of incorporation and
Memorandum & Articles of
Association
2. Resolution of the Board of
Directors to open an account and
identification of those who have
authority to operate the account
3. Power of Attorney granted to its
managers, officers or employees to
transact business on its behalf
4. Copy of PAN allotment letter
a) Registration certificate, if
registered
b) Partnership deed
c) Power of Attorney granted to a
partner or an employee of the
firm to transact business on its
behalf
d) Any officially valid document
identifying the partners and the
persons holding the Power of
Attorney and their addresses
Documents
a. Certificate of registration, if
registered
b. Power of Attorney granted to
transact business on its behalf
c. Any officially valid document to
identify the trustees, settlers,
beneficiaries and those holding
Power of Attorney,
founders/managers/directors
and their addresses
d. Resolution of the managing
body of the
foundation/association
 47

• Photograph/Photo I.D

It is mandatory to collect either a photograph or a photo I.D of customers

at the proposal stage. In the event the photo i.d is not clear, a photograph
must be insisted upon.

• Sources of Funds

The customer’s source of funds, his estimated net worth etc., should be
documented properly and income proofs** be taken in case where total
annual premium paid by customer is equal to or more than Rs 1 lakh.

**Illustrative list of income proofs:

Standard Income proofs:

Income tax assessment orders/Income Tax Returns
Employer’s Certificate
i. Audited Company accounts
v. Audited firm accounts and Partnership Deed

Non-standard Income Proofs:

Chartered Accountant’s Certificate
Agricultural Income Certificate
Agricultural-land details & Income assessments
Bank Cash-flows statements, Pass-book

Single premiums above Rs 5 lakh Large single premiums should be

backed by documentation, to establish source of funds.

• It is reiterated that no cash premiums be collected until further specific

instructions in this regard are given.

• The Agent/CIF must verify that

i. he has completed all KYC norms,
ii. he has taken all possible precautions to ensure compliance with the
Anti Money Laundering Guidelines and the Anti Money Laundering
Policy of the Company, and
iii. he has verified that the person is not an anonymous /fictitious
/benami person

• The Agent/CIF must sign the Confidential Report certifying the above.
Till such time that the requisite details are incorporated in the ACR
form, the following words should be affixed on the ACR and the
signature of the Agent CIF be taken.
 48
“I hereby confirm that I have followed and completed all the Know Your
Customer (KYC) norms as prescribed in the Anti Money Laundering Policy of SBI
life and in the IRDA Anti Money Laundering Guidelines. I also certify that I have
taken all possible precautions to ensure compliance with the Anti Money Laundering
Guidelines and the Anti Money Laundering Policy of the Company and have verified
to the best of my knowledge that the prospect is not an anonymous, fictitious and / or
a benami person. Further, I certify that I have not accepted any premium or deposit
towards procuring insurance in cash.

_________________

Agent/CIF signature”
 49

Annexure I

Form of Confirmation to be given by the SBI Life Branch employee heading

the channel through which the business is sourced for identification and proof
of residence of a Prospective Policyholder

Date:

To

The Chief Underwriter,

SBI Life Insurance Company Limited,
____________
____________. Affix latest
passport size
Photograph

(to be countersigned by the Prospective Policyholder across the photograph)

Dear Sir/Madam,

Sub.: Confirmation of identity and residence of Prospective

Policyholder
Ref.: Application No._____________- Mr./Mrs./Ms. _________________

I hereby confirm that photograph affixed above is that of the person whose
name is mentioned above. Further I also confirm that the above person
resides currently at the following address:-

Address:-________________
________________
________________
_________________

The above confirmations are based on my personal enquiries with the Agent
and Customer and I am fully satisfied above the correctness of the above
declarations. I also understand that I will be personally responsible if this
declaration is proved incorrect.

Yours truly,
For SBI Life Insurance Company Limited,

Name:
Designation: Branch Manager/Unit Manager
 50

Annexure II
<<On the Employers Letterhead>>
Form of Confirmation to be given by the Employer for identification and
proof of residence of an employee who is the Prospective Policyholder
(Employer should be either a Partnership
Firm/Company/Corporation/Bank/Trust /Society)

Date:
To

The Chief Underwriter,

SBI Life Insurance Company Limited,
____________ Affix latest
____________. passport size
photograph
here

(to be countersigned by the Prospective Policyholder across the photograph)

Dear Sir/Madam,

Sub.: Confirmation of identity and residence of Prospective

Policyholder
Ref.: Application No._____________- Mr./Mrs./Ms. _________________

We hereby confirm that the above mentioned person is an employee of our

organization with Employee No.________ and is employed as ____________
(Designation) in our _________ Office (Head Office/Branch Office name). At
the time of recruiting the employee, we confirm that we have obtained
necessary documentary evidence to establish the identity and residence. As
per our records, the above person resides currently at the following address:-

Address:-________________
________________

Our PF No._______ and our Income-tax Permanent Account No. is

__________
We further confirm that our organization has systematic procedures for
recruitment alongwith maintenance of mandatory records for our employees.

Yours truly,
For ______________Company Limited/Private Limited/Firm/Trust/Society
Name,

Name:
Designation:
 51
Note:-

Only an employer who is the nature of a Partnership Firm or Companies

or Trust or Societies or Association of Persons or Body of Individuals can
give this Certification. Certifications from Employers who are in the
nature of Sole Proprietorship concerns will not be accepted.
 52
Annexure III

<<On the Bank’s Letterhead>>

Form of Confirmation to be given by the Banks for identification and proof of

residence of a Prospective Policyholder who is a Bank Customer

Date:

To

The Chief Underwriter,

SBI Life Insurance Company Limited,

Dear Sir/Madam,

Sub.: Confirmation of identity and residence of Prospective

Policyholder
Ref.: Application No._____________- Mr./Mrs./Ms. _________________

We hereby confirm that the above mentioned person holds Savings/Current/

Deposit/Loan Account No.____ with our Bank. At the time of opening the
account, we confirm that we have obtained necessary documentary evidence
to establish the identity and residence, as per the “Know Your Customer”
Guidelines of Reserve Bank of India and as per our records, the above person
resides currently at the following address:-

Address:-________________
________________
________________
_________________

Yours truly,

For ______________Bank Limited,

Name:
Designation:
 53

Annexure 3
Checklist for Compliance of Anti-Money Laundering Policy : To be completed
by the CIF
Checklist Y/N Copies of Document attached
1. Have you obtained any one of the
prescribed proof of identity? @
2. Have you obtained any one of the
prescribed proof of address ? #
3. Have you verified that the name
and address mentioned in the
aforesaid two documents are the
same as stated in the proposal forms?
4. Have you obtained the source of
income document where required ?%

I hereby declare that the foregoing statements are true and correct to the best
of my knowledge and belief.

____________________
Signature of CIF

Explanation:

@ i. Passport
ii. PAN Card
iii. Voter’s Identity Card
iv. ………..
v. ………..

# i. Telephone Bill
ii. Bank Account Statement
iii. Ration Card
iv. ………….
V. …………..

% i. Income Tax Assessment Orders / Income Tax Returns

ii. Employer’s Certificate
iii. ………….
iv. …………..
 54

Chapter 4.

Mutual Funds

SEBI circular No. MFD/CIR No.10/310/01 dated September 25, 2001

stipulates inter alia that all distributors and agents of mutual funds units
should pass the AMFI certification examination and follow the provisions of
SEBI (Mutual funds) Regulations and Guidelines. Further, SEBI Circular No.
MFD/CIR/ 06/210/2002 dated June 26, 2002 inter-alia required them to also
follow code of conduct as recommended by AMFI.

i. Selection, Training and Certification as AMFI Certified

Employee
(CC letter no. MCS/03-04/17 dated 12.05.2003 and MCS/04-05/15
dated 27th
April 2004)
11. Identification of Branches: The Circle Management will identify the
branches taking into account the clientele profile, potential for Mutual
fund selling , size of the branch etc.
12. Identification of Officers/Assistants: From each identified branch,
option will be sought from Officers and assistants for marketing
Mutual Funds
13. Selection of Officers/Assistants: From the Officers/Assistants, who
volunteer, selection will be made through an interview process by a
committee consisting of:-
a. An Assistant General Manager of the Region
b. A representative of SBI Funds Mgt. Ltd.
c. Asst. General/Chief Manager (Cross Selling) of the Network

d) Not more than 2 persons, whether Officer and/or Assistant shall be

selected from each identified branch. The Officers/Assistants selected by
the Committee will be required to undergo training and appear for an
 55
AMFI prescribed test. The successful Officers/Assistants will
thereafter be entrusted with the responsibility of marketing products of SBI
Funds Management Ltd. in addition to their other responsibilities.
2. (a) Procedure for obtaining Registration
( CC letter nos. PBBU/MCS/05- 06/187 dated 25th March 2006 and
MCS/07-08/67 dated 5 December 2007)
th

Consequent to the Bank tying up as a distribution agent for mutual fund

products of various companies, the AMFI certification and training and
examination programmes for our employees are being conducted in the
Circles by SBI Mutual Fund, UTI Mutual Fund, Tata Mutual Fund, Fidelity
Mutual Fund and Franklin Templeton Mutual Fund. In order to enable the
Bank and the Circles to keep track of such certification, it is necessary to have
a uniform system for AMFI Registration applicable to all Circles and Mutual
Fund tie-up partners. Accordingly, the procedure shall be as detailed below :
i) The AMC organizing the AMFI certification training programme should
obtain “Application Form for Photo Identity Card (Corporate Employees)”,
complete in all respects from all participants at the start of the training
programme.
ii) The AMC conducting the AMFI Certification training should deliver the
mark sheets of all candidates to the Asst. General / Chief Manager (Cross
Selling) directly and retain an acknowledgement.
iii) All the mark sheets should be branded with a stamp reading “Corporate
Employees of State Bank of India, ARN 12195”.
iv) While the mark sheets of the unsuccessful candidates may be returned to
the respective employees, the mark sheets of the successful candidates shall
be retained by Asst. General / Chief Manager (Cross Selling).
v) The “Application Forms for Photo Identity Card (Corporate Employee)”,
obtained at the beginning of the training of all the successful candidates
should be forwarded alongwith respective photocopies of the mark sheets
and a single DD for the requisite registration amount, by debit to LHO
Charges A/c to the local office of M/s CAMS already forwarded, vide our
letter under reference.
 56
vi) In the covering letter, M/s. CAMS should be requested to forward all
the photo ID cards directly to Asst. General / Chief Manager (Cross Selling)
concerned.
vii) After receipt of the Photo ID Cards, at LHO, the same along with the
original mark sheet should be forwarded to the respective Branch Manager /
HOD of the successful employees to be handed over to the ACE.

Rationale:

SEBI Guidelines for REGISTRATION OF INTERMEDIARIES vide SEBI

Circular No. MFD/CIR/20/23230/2002 dated November 28, 2002

It has since been decided in consultation with AMFI that all intermediaries
engaged in selling and marketing of mutual funds units (distributors, agents,
brokers, sub-brokers or called by any other name, whether individuals or of
any other organisation structure) shall be registered with AMFI by March 31,
2003 Such registration shall be subject to passing of certification examination
and adherence to guidelines as specified by SEBI and AMFI from time to time.
 57

APPLICATION FORM FOR ARN CARD (Corporate Employee)

ASSOCIATION OF MUTUAL FUNDS IN INDIA

709, RAHEHA CENTRE, FREE PRESS JOURNAL MARG, NARIMAN

POINT, MUMBAI – 400 021

Name of applicant :

First Name :

Middle Name :

Last Name :

Date of Birth :
D D M M Y Y

Stamp Size
Two Colour
Photograph
s
Name of the Organization employed by:

ARN No. of the organization :

Designation / position held :

Brief description of responsibilities :

AMFI Certificate Number :

Test Centre :

Date of passing test :

D D M M Y Y
Residential Address :
 58

City & Pin Code :

Telephone Number (Residence) :

Office Address :

City & Pin Code :

Telephone Number (Office) :

Qualifications:

Course :

University / Institute :

Year of Passing :

Payment Details:

DEMAND DRAFT NO. :

DATE :
 59
D D M M Y Y Y Y

AMOUNT :

Drawn on (Name & Branch of Bank) :

Place

SIGNATURE OF THE APPLICANT

Date

ATTESTED BY

DESIGNATION : Signature with

Company Stamp

ACKNOWLEDGEMENT

Received Registration form from (Mr./Ms. )

____________________________________ along with a Demand Draft No.
_______________ for Rs. ___________________ (Rs.
__________________________________________) Drawn on (Bank & Branch)
______________________________________________dated
___________________ being Fees for Registration with AMFI.

(SIGNATURE OF THE RECEIVER)

 60

2(b) Procedure for Renewal of Registration

(vide SBI MF letter no. FM/SHR/197 dated 15th January 2007 to all Circles)

AMFI CERTIFICATION

As per AMFI guidelines, all financial intermediaries engaged in marketing

and selling Mutual Funds products must be AMFI certified.
Accordingly, State Bank Group has been identifying employees for writing
the AMFI Certification Test to enable them to market and sell MF products.
On successful completion of the Test the employees are duly registered with
AMFI and are qualified to market and sell MF products. This registration is
valid for a period of 5 years.

i) The registration becomes due for renewal on

completion of 5 years. The renewal exercise needs to
be completed within a period of 6 months from the
date that the registration became due for renewal.
ii) The renewal of registration as Corporate employee
can be done
iii) Either by reappearing and passing the AMFI
Certification Test all over again, or attending the
refresher course.
iv) Submission of zerox copy of passing certificate
obtained after clearing the Test or Certificate of
attending the refresher course, within one month of
passing the Test or attending the refresher course.
v) Further SEBI has exempted existing employees who
would be above the age of 50 years (as on 30.09.2003)
from writing the AMFI Certification Test provided
they have an experience of 5 years in sales and
marketing of MF products or interacting with
investors. They would however have to
vi) Attend the refresher course.
 61
vii) Submission of zerox copy of
certificate of attending the refresher course, within
one month of attending the same.

AMFI REFRESHER COURSE IN MUTUAL FUNDS

REGISTRATION FORM

APPLICANT’s NAME (TO BE PRINTED ON CERTIFICATE) Title: Mr. / Mrs. /

Ms.

PASSPORT – SIZE
COLOUR PHOTOGRAPH
OF CANDIDATE
PASTE
(DO NOT STAPLE)
DATE OF BIRTH

D D M M Y Y Y Y M/F

ADDRESS
 62

EMAIL: ________________________________________________________ Tel No:

Mobile: RCMF Centre:

RCMF Date:

Payment details

DD No.______________ DD date:__________ Rs._____________

Issuing bank:_____________________________________________

Cash deposited at AXIS Bank at__________________ on _______________ Rs.

___________

I certify that the above information provided is true and correct.

_______________________________________________________

Candidate’s Signature Place: Date:

______________________________________________________________________________
__

Indian Institute of Capital Markets, Plot # 82, Sector 17, Vashi, Navi Mumbai -400 705
 63

ACKNOWLEDGMENT/RECEIPT

We thankfully acknowledge the receipt of Rs. 1,200/- by DD/Cash bearing

number__________ dated______________drawn in favour of Indian Institute of Capital
Markets/Cash deposited in Axis Bank’s branch_______________ in S/B account number
072010100287494 of Indian Institute of Capital Markets on (date)____________________.

Authorized Signatory

Place: Vashi

For Indian Institute of Capital Markets Date:

Host
Centre Date Contact Details
Organisation
INDIAN Name: Dr. C. V. Hiremath
INSTITUTE Tel: 022-2788 3022
November
MUMBAI(VASHI) OF
1, 2008
CAPITAL Email: amfitest@utiicm.com
MARKETS
INDIAN Name: Dr. C. V. Hiremath
INSTITUTE Tel: 022-2788 3022
November
MUMBAI(CST) OF
8, 2008
CAPITAL Email: amfitest@utiicm.com
MARKETS
INDIAN Name: Dr. C. V. Hiremath
INSTITUTE Tel: 022-2788 3022
November
MUMBAI(VASHI) OF
15, 2008
CAPITAL Email: amfitest@utiicm.com
MARKETS
INDIAN
INSTITUTE Name: SHRI V. K. ANAND
November
DELHI OF Tel: 011-26139274/26124707
17, 2008
CAPITAL Email: anandinvestments@yahoo.co.in
MARKETS
INDIAN Name: Dr. C. V. Hiremath
INSTITUTE Tel: 022-2788 3022
December
MUMBAI(VASHI) OF
6, 2008
CAPITAL Email: amfitest@utiicm.com
MARKETS
MUMBAI(CST) December INDIAN Name: Dr. C. V. Hiremath
 64
13, 2008 INSTITUTE Tel: 022-2788 3022
OF
CAPITAL Email: amfitest@utiicm.com
MARKETS

3. Scheme for Reimbursement of Examination fees and Payment of

Honorarium
(Vide e-Circular no. P&HRD. Sl. No. : 268/2007 – 08 Circular No. :
CDO/P&HRD-LANDD/24/2007 – 08 August 11,2007.)

i) Reimbursement of examination fees and study material will be on actual

basis. Presently the examination fee payable for AMFI Certification (Advisors
Module) is Rs.750.00 (Rupees seven hundred fifty only) and for study
material (Work book) the cost is Rs.400.00 (Rupees four hundred only)
(inclusive of Rs.100.00 postal/ courier charges). The above amounts will be
reimbursed on actual basis subject to production of receipts on successful
completion of the examination.
ii) The amount of honorarium is Rs.5000.00 (Rupees five thousand only).
iii) The Honorarium Scheme is extended to cover such contract employees
also.
iv) The Scheme is applicable only AMFI Certified agents, i.e. those who have
passed the AMFI Certification Test (Advisors Module) and obtained
registration number from AMFI and are permitted to sell/ market Mutual
Fund products.
 65
4. Code of Conduct for AMFI Certified Employees
The relevant extract from AMFI Guidelines and Norms for Intermediaries
dated 19th February 2002 is reproduced below, for adherence by all
concerned:
1………..
2………..
3.1 Take necessary steps to ensure that the clients’ interest is protected.
3.2 Adhere to SEBI Mutual Fund Regulations and guidelines related to selling,
distribution and advertising practices. Be fully conversant with the key
provisions of the offer document as well as the operational requirements of
various schemes.
3.3 Provide full and latest information of schemes to investors in the form of
offer documents, performance reports, fact sheets, portfolio disclosures and
brochures, and recommend schemes appropriate for the client’s situation and
needs.
3.4 Highlight risk factors of each scheme, avoid misrepresentation and
exaggeration, and urge investors to go through offer documents/key
information memorandum before deciding to make investments.
3.5 Disclose all material information related to the schemes/plans while
canvassing for business.
3.6 Abstain from indicating or assuring returns in any type of scheme, unless
the offer document is explicit in this regard.
3.7 Maintain necessary infrastructure to support the AMCs in maintaining
high service standards to investors, and ensure that critical operations such as
forwarding forms and cheques to AMCs/registrars and despatch of statement
of account and redemption cheques to investors are done within the time
frame prescribed in the offer document and SEBI Mutual Fund Regulations.
3.8 Avoid colluding with clients in faulty business practices such as bouncing
cheques, wrong claiming of dividend/redemption cheques, etc.
3.9 Avoid commission driven malpractices such as:
(a) recommending inappropriate products solely because the intermediary is
getting higher commissions therefrom.
 66
(b) encouraging over transacting and churning of mutual fund investments
to earn higher commissions, even if they mean higher transaction costs and
tax for investors.
3.10 Avoid making negative statements about any AMC or scheme and
ensure that comparisons if any, are made with similar and comparable
products.
3.11 Ensure that all investor related statutory communications (such as
changes in fundamental attributes, exit/entry load, exit options, and other
material aspects) are sent to investors reliably and on time.
3.12 Maintain confidentiality of all investor deals and transactions.
3.13 When marketing various schemes, remember that a client’s interest and
suitability to their financial needs is paramount, and that extra commission or
incentive earned should never form the basis for recommending a scheme to
the client.
3.14 Intermediaries will not rebate commission back to investors and avoid
attracting clients through temptation of rebate/gifts etc.
3.15 A focus on financial planning and advisory services ensures correct
selling, and also reduces the trend towards investors asking for pass back of
commission.
3.16 All employees engaged in sales and marketing should obtain AMFI
certification. Employees in other functional areas should also be encouraged
to obtain the same certification.
Sequence of steps in the Event of Breach of Above “Code of Conduct” By
the Intermediary
If any breach of the above Code of Conduct for intermediary is reported to
AMFI by either an investor or an AMC in writing, then AMFI will initiate the
following steps:
_ Write to the intermediary (enclosing copies of the complaint and other
documentary evidence) and ask for an explanation within a time limit of 3
weeks _ In case an explanation is not received within the time limit, or the
explanation is not satisfactory, AMFI will issue a warning letter indicating
that any subsequent violation will result in cancellation of AMFI Registration
 67
_ If there is a proved second violation by the intermediary, the registration
will be cancelled and an intimation sent to all AMCs.
The intermediary will have a right of appeal to AMFI
 68

5. Tie-up with SBI MF (vide CC letter no. MCS/03-04/17 dated 12.05.2003)

The need for leveraging our retail network and seek alternative avenues of
income streams to augment our fee income and boost profitability has been
engaging our attention for quite some time. Further, there is a distinct trend
towards bank branches offering their customers the entire range of financial
products and services. Against this backdrop, cross selling the products of
our Subsidiaries and Associates would enable us to exploit the synergy that
exists within the SBI Group. With this in view, it has been decided to
commence selling Mutual Fund products (MFs) of SBI Mutual Fund
(SBIMF) through select branches of our Retail Network.
 69

i. Tie-up with UTI MF (vide CC Circular no. PBBU/MCS/06-07/01 dated

01.04.06)

SBI Mutual Funds has successfully leveraged our Branch network to mobilize
substantial subscriptions to its products including NFOs, during the current
financial year and this accomplishment has been noted by other Mutual
Funds in the market. In the hope of similarly increasing their penetration,
UTIMF had approached us with a proposal to market its Mutual Funds
through our branch network. On examination, it was decided that this offer
presents us with an opportunity to diversify our sources for increasing the fee
based income earned by our Branches. In addition, by selling Mutual Fund
products of companies, other than SBI Mutual Funds alone, the bouquet of
products of different brands would be enlarged, thereby increasing the cross
selling income and also helping to retain our customers who would otherwise
have migrated. The offer of UTI MF was duly considered and accepted by the
Bank and an agreement to this effect was entered into with UTI MF for a
period of 3 years w.e.f., 1st April 2006 to 31st March 2009. The arrangement
has since been extended up to 31st March 2012.

2. Offering select products of other mutual funds is also expected to enhance

the marketing ability of the branch because our customer is a discerning
customer, aware of the best products of mutual funds in the market and
unless the best product is offered, the customer may decide to look for the
same elsewhere.

3. It has therefore been decided, as a pilot project, to market select MF

products of UTIMF. Designated branches, (in all 295 branches) across the
country at 48 centres (63 UTI Finance Centres) will be authorized to accept
deposits (barring cash deposits) for select MF products of UTIMF.
Depending upon our experience in this pilot launch, the list of centres and
branches may be added/deleted and will be advised to Circles on an ongoing
 70
basis, in due course. Presently, the designated branches are authorized
to market the following UTI MF schemes only:
Equity Schemes
a) UTI Mastershare Unit Scheme
b) UTI Mastervalue Fund
c) UTI Dividend Yield Fund
d) UTI Basic Industries Fund

Balanced Schemes
a) UTI Children Career Plan (Balanced)
b) UTI Retirement Benefit Pension Plan
c) UTI Balanced Fund

4. SBI Mutual funds is a group company and as such we shall continue to give
preferential treatment to the sale of SBI Mutual Fund products .The
preferential treatment will remain in the following manner:

(i) SBI Mutual Fund products will be offered on

sale at all the branches throughout the
country with no restriction. The Bank /
Mutual Fund has set up a network of
Investor Service Centres / co-ordinators, etc.
at all LHOs exclusively for SBI Mutual Fund.
These shall remain dedicated to SBI Mutual
Funds.
(ii) The ACE shall first offer the SBIMF product
to the customer, in the case of competing
products.
(iii) The sale of products offered by UTI Mutual
Funds shall be restricted to branches in some
selected centres only.
 71
5. Accounting/Collection System : UTI MF product application forms
will be accepted by the designated branches upto 2.00 p.m . These
applications accompanied by local cheques (no cash deposit) will be listed as
detailed in Annexure –A and handed over to the local UTI collecting agent by
2.30 pm and a copy will be sent by e-mail/fax to the local UTIMF office by
3.30 pm. A detailed check list and operational procedure are enclosed at
Annexures –A and A-I respectively.
6. Brokerage/Commission: A chart showing the brokerage structure is
enclosed at Annexure-B.

7. Circle-wise list of designated branches is enclosed at Annexure -C

 72

Annexure-A
CHECK LIST FOR ACCEPTANCE OF APPLICATION

1. SBI’s ARN Code (12195), Branch code, ACE code have been affixed
in the relevant boxes in the top portion of the application form. The
ACE code is to be assigned by the Branch internally for tracking
purposes.
2. In the case of common application form, Scheme name has been
selected/stated y the Investor.
3. Option has been ticked.
4. Category of applicant and Holding basis have been ticked.
5. Application amount and Cheque amount is one and the same.
6. PIN code is furnished in the applicant’s address (a must).
7. PAN No. is furnished in all applications. KYC done by CVL Ltd. if
the investment is for Rs.50,000/- or more.
8. Application is signed by all the applicants.
9. The cheque submitted alongwith the applications is a local cheque.
10. NRI: In the case of applications received from non-residents, the
‘Mode of Payment’ is stated in the application. Further, the bank
account from which the cheque is issued at the time of investment
i.e. NRE, NRO or Rupee DD issued from Abroad as per the
instrument tallies with the ‘Mode of Payment’ as stated in the
application form.
11. Minor: In the case of investment in the name of minor, Date of Birth
and guardian’s name is present.

Scheme Specific Details

UTI Retirement Benefit Pension Fund: Date of Birth is mandatory.
UTI ULIP: Date of Birth and Health Declaration is mandatory.
UTI Children’s Career Plan: The child should be below 15 years of age.
UTI Mahila Unit Plan: Investment can be made only in the name of female.
 73
UTI CRTS: Only Trusts/Societies can invest in the scheme.
 74

Annexure “A-I”

Procedure to be followed by Collecting Agent Bank

(Exclusively for the business mobilised by State Bank of India)

Day 1

a) Accept the sales applications with cheque upto 2.00 pm at their

counter on a daily basis.

b) Scrutinise all the applications and issue acknowledgement to the

investors over the counter, if the application is filled in and signed.

c) Enter the sales details in the Daily Sales Statement (DSS). This
statement should be prepared in duplicate. Separate DSS has to be
prepared for each scheme. Application of one scheme should not be
entered in the DSS of another scheme.

d) Cheques should not be detached from the applications.

Applications and cheques received upto 2 pm will be collected by
representatives of UTI Finance Centre (UFC) before 2.30 pm same
day along with the original copy of DSS (copy enclosed). A copy of
the DSS will be sent by Fax/e-mail to the UFC by 3.30 pm
Note:
(n) Cash will not be accepted by any branch of SBI.
(o) Investors should be kept informed by the Bank that the units
will be allotted at the sale price ruling on the date of receipt
of applications by UTI Financial Centre (UFC).
 75

(For Agency Bank in UTI Branch Locations)

From : To :
State Bank of India The Chief Manager
______________________________ UTI Financial Centre
_________________________ ________________________
____________ Pin : ________ ______________ Pin :_________

UTI Mutual Fund – Daily Sales Statement for Sale of Units

Scheme Name : Date of Receipt : ____________

Sl.No. Applicatio Name of Applicant Cheque no. Amount

n (Rs.)
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Total Amount Received

No. of Applications
Previous Day Cumulative Total (X)
Today’s Total (Y)
Cumulative Total till Date (Z) = (X) + (Y)
[1st April to 31st March]
 76

Place:
Date:

Signature of Branch Manager

Annexure B

Confidential Document for State Bank of India

Commission & Load Structure Effective From 15.11.2005
2nd
Sr. Application 1st yr
Upfront yr Load
No. Size Trail
Trail
D. Income schemes Entry Exit
UTI-
0.50% if
exited on
or before
Bond
<Rs. 10 lacs 0.50% Nil 0.30% 180 days
1 Advantage Nil
from the
Fund
date of
investment
>= Rs. 10 lacs Nil 0.50% 0.30% Nil
Bond
Advantage
2 Fund – Nil 0.25% 0.15% Nil Nil
Institutional
Plan
0.50% if
exited on
or before
<Rs. 10 lacs 0.50% Nil 0.30% 180 days
3 Bond Fund Nil from the
date of
investment
>= Rs. 10 lacs Nil 0.50% 0.30% Nil
0.50% if
exited on
MIS- or before
4 Advantage <Rs. 10 lacs 0.50% Nil 0.30% Nil 180 days
Plan from the
date of
investment
 77
>= Rs. 10 lacs Nil 0.50% 0.30% Nil
0.50% if
exited on
or before
Monthly <Rs. 10 lacs 0.50% Nil 0.30% 180 days
5 Income Nil from the
Scheme date of
investment
>=Rs. 10 lacs Nil 0.50% 0.30% Nil
E. Gilt schemes

Gilt Advantage Fund –Long

1 Nil 0.60% 0.30% Nil Nil
Term Plan
1% if
exited
before 1
year from
Gilt Advantage Fund –
2 1.00% 0.20% 0.30% Nil the date of
Long Term Plan–PF Plan)
investment
(Also
Refer Note
8)
< Rs. 25 crores Nil 0.50% 0.30% Nil Nil
3 G-Sec Investment Plan
>= Rs. 25 crores 1.25% 0.50% 0.30% 1.25% Nil
F. Asset Allocation Scheme
< Rs. 2 crores 1.25% 0.75% 0.40% 1.50% Nil
1 Variable Investment Scheme
> = Rs. 2 crores Nil 0.75% 0.40% Nil Nil
 78

Annexure C

Circle Centres Branches

Ahmedabad 4 19 Formatted: Centered

Bangalroe 4 20 Formatted: Centered

Bhubaneshwar 1 5 Formatted: Centered

Bhopal 3 14 Formatted: Centered

Chandigarh 4 20 Formatted: Centered

Chennai 6 16 Formatted: Centered

Guwahati 1 4 Formatted: Centered

Hyderabad 5 24 Formatted: Centered

Kolkatta 4 20 Formatted: Centered

Kerala 2 10 Formatted: Centered

Lucknow 4 20 Formatted: Centered

Mumbai 14 69 Formatted: Centered

New Delhi 9 44 Formatted: Centered

Patna 2 10 Formatted: Centered

Total 63 295 Formatted: Centered

 79
7. Tie-up with Tata MF
( vide CC circular No. MCS/07-08/6 dated 2nd June 2007)

We have successfully leveraged our Branch network to mobilize substantial

subscriptions for products of SBI Mutual Funds and UTI Mutual Funds
including NFOs, during the current financial year. Consequent to this
accomplishment, it has been decided to market its mutual funds through our
branch network. On examination, it was decided that this offer presents us
with an opportunity to diversify our sources for increasing the fee based
income earned by our Branches. In addition, by selling Mutual Fund
products of companies other than SBI Mutual Funds alone, the bouquet of
products of different brands would be enlarged, thereby increasing the cross
selling income and also helping to retain our customers who may otherwise
have migrated. The offer of TATA MF was duly considered and accepted by
the Bank and an agreement for a tie-up was entered into with TATA MF for a
period of 3 years w.e.f. 16th May 2007 to 15th May 2010.

2. It has, therefore, been decided, as a pilot project, to market select MF

products only, of TATA MF. Designated branches at centres where TATA
MF has its branches (list enclosed – Annexure I) will be authorized to accept
deposits (barring cash deposits) for select MF products of TATA MF.
Depending upon our experience in this pilot launch, the list of centres and
branches may be added / deleted and will be advised to Circles on an
ongoing basis. In this regard, we also request a reference to our letter no.
MCS/07-08/10 dated 25th April 07.

3. Presently, our designated branches will market only the New Funds
Offerings (NFOs) of TATA MF wherever TATA MF has its branches – Tata
Finance Centres (TFC) (list enclosed – Annexure I).

4. SBI Funds Management Ltd. is a great company and as such we shall

continue to give preferential treatment to the sale of SBI Mutual Fund
products. The preferential treatment will remain in the following manner :
 80

i) SBI Mutual Fund products will be offered on sale at all the branches
throughout the country with no restriction.
ii) The ACE shall first offer the SBI MF product to the customer, in the
case of competing products.
iii) The sale of products offered by TATA Mutual Funds shall be
restricted to branches in the selected centres only.

5. Accounting / Collection System : TATA MF product application forms

will be accepted by our designated branches upto 2.00 p.m. These
applications accompanied by local cheques (no cash deposit) will be listed as
detailed in Annexure – II & II A and handed over to the local TFC collecting
agent by 2.30 p.m. and a copy will be sent by e-mail/fax to the local TFC
office by 3.30 p.m. A detailed check list and operational procedure are
enclosed at Annexure – II and II A respectively.
 81
Annexure – I

S. No. Circle * Branches *

1. Ahmedabad Ahmedabad
Rajkot
Vadodara
2. Bangalore Bangalore
3. Bhopal Indore
4. Bhubaneshwar Bhubhaneshwar
5. Chandigarh Chandigarh
Ludhiana
6. Chennai Channai
Combatore
7. Delhi Delhi
Jaipur
Jodhpur
Udaipur
8. Hyderabad Hyderabad
9. Kolkata Kolkata
10. Lucknow Kanpur
11. Mumbai Goa
Mumbai
Nashik
Pune
12. Patna Jamshedpur

* There are presently no branches (TFCs) of TATA MF in NE/ Kerala Circles.

 82
Annexure – II

CHECK LIST FOR ACCEPTANCE OF APPLICATION

• Ensure that SBI’s ARN Code (12195), Branch Code, ACE code is affixed
in the relevant boxes in the top portion of the application form. The
Branch code no. must be stamped under “Sub Broker” code to ensure
payment of brokerage to branch. The ACE code is to be assigned by
the Branch internally for tracking purposes.
• In the case of common application form, Scheme name must be
selected / stated by the Investor.
• Option is ticked.
• Category of applicant and Holding basis are ticked.
• Application amount and Cheque amount is one and the same.
• PIN code is furnished in the applicant’s address (a must).
• PAN No. is furnished in the application form or in the absence of
PAN, Form No. 60/61 is enclosed if the investment is for Rs,50,000/- or
more.
• Application is signed by all the applicants.
• The cheques submitted alongwith the applications is a local cheque.
• NRI : In the case of applications received from non-residents, the
‘Mode of Payment’ is stated in the application. Further, the bank
account from which the cheque is issued at the time of investment i.e.
NRE, NRO or Rupee DD issued from Abroad as per the instrument
tallies with the ‘Mode of Payment’ as stated in the application form.
• Minor : In the case of investment in the name of minor, Date of Birth
and guardian’s name is present.
 83
Annexure “II-A”

Procedure to be followed by Branch

(Exclusively for the business mobilized by State Bank of India)

Day 1

¾ Accept the sales applications with cheques upto 2.00 pm at their

counter on a daily basis.
¾ Scrutinize all the applications and issue acknowledgement to the
investors over the counter, if the application is correctly filled in and
signed.
¾ Enter the sales details in the Daily Sales Statement (DSS). This
statement should be prepared in duplicate. Separate DSS has to be
prepared for each scheme. Application of one scheme should not be
entered in the DSS of another scheme.
¾ Cheques should not be detached from the applications. Applications
and cheques received upto 2 pm will be collected by representatives of
TATA Finance Centre (TFC) before 2.30 pm same day along with the
original copy of DSS (copy enclosed). A copy of the DSS will be sent
by fax / e-mail to the TFC by 3.30 pm. Only cheques / DDs drawn on
local banks/branches participating in the Clearing House will be
accepted.

Note :

1. Cash will not be accepted by any branch of SBI.

2. Investors should be kept informed by the Bank that the units will be
allotted at the sale price ruling on the date of receipt of applications by
TATA Financial Centre (TFC).
 84
3. (For our Designated Branches in TATA Finance Centre Branch
Locations)

From : To :
State Bank of India TATA Finance Centre
___________________ ____________________
___________________ ____________________
Pin : ______________ Pin : ________________
TATA Mutual Fund – Daily Sales Statement for Sale of Units
Scheme Name : Date of Receipt :
Sl. Application Name of Applicant Cheque No. Amount
No. No. (Rs.)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Total Amount Received

No. of Applications
Previous Day Cumulative Total (X)
Today’s Total (Y)
Cumulative Total till date (Z) = (x) + (Y)
[ 1st April to 31st March]

Place:
Date: Signature of Branch Manager
 85

ƒ Tie-up with Franklin Templeton MF ( vide CC

Private & Confidential
Circular no. MCS/D/07-08/01 dated 03.07.2007, CC letter no. MCS/08-
09/24 dated 20th June 2008 and MCS/08-09/25 dated 19th June 2008))

The positive response by all the Circles to the SBI Infrastructure Fund NFO
clearly demonstrates that the Bank has once again successfully leveraged the
Branch network to mobilize substantial subscriptions for mutual fund
products. Going forward our tie-up with UTI MF is also proceeding on
aggressive lines.
2. It has now been decided to proceed to the next stage by expanding our
product offerings through further alliances. On the 16th May 2007, the Bank
entered into a tie-up with Tata AMC as advised vide our letter no. MCS/07-
08/29 dated 2nd June 2007. FRANKLIN TEMPLETON MF had approached
the Bank with a proposal to market its Mutual Funds through our branch
network. The offer of FRANKLIN TEMPLETON MF was duly considered
and accepted by the Bank. We now advise that the Bank has entered into a
distribution agreement with FRANKLIN TEMPLETON MF on the 27th June
2007 for a period of 3 years.

Details of the Distribution Arrangement:

3. The Distribution Agreement with FRANKLIN TEMPLETON MF covers the
marketing of select MF products only. Designated branches at centres where
Franklin Templeton MF has its branches (list enclosed – Annexure I) are
authorized to accept deposits (barring cash deposits) for experience in this
pilot launch, the list of centres and branches may be added / deleted and will
be advised to Circles on an ongoing basis.

4. Initially, our designated branches will market only the New Funds Offering
(NFOs) of FRANKLIN TEMPLETON MF in the manner outlined below
where Franklin Templeton MF has its branches (list enclosed – Annexure
II)
 86

5. SBI Funds Management Ltd. is a group company and as such we shall

continue to give preferential treatment to the sale of SBI Mutual Fund
products. The preferential treatment will remain in the following manner:

SBI Mutual Fund products will be offered on sale at all the branches
throughout the country with no restriction.
The ACE shall first offer the SBI MF product to the customer, in the case of
competing products.
The sale of products offered by FRANKLIN TEMPLETON Mutual Funds
shall be restricted to branches in some selected centres only.

6. Accounting / Collection System : FRANKLIN TEMPLETON MF product

application forms will be accepted by our designated branches upto 2.00 p.m.
These applications accompanied by local cheques (no cash deposit) will be
listed as detailed in Annexure – II & II A and handed over to the local
Franklin Templeton Finance Centre (TFC) collecting agent by 2.30 p.m. and a
copy will be sent by e-mail / fax to the local TFC office by 3.30 p.m. A
detailed check list and operational procedure are enclosed at Annexure – II
and II A respectively.
87
 88

Annexure – I

S. No. Circle * Branches *

1. Ahmedabad Ahmedabad
Rajkot
Vadodara
Surat
2. Bangalore Bangalore
Mangalore
3. Bhopal Indore
Raipur
4. Bhubaneshwar Bhubhaneshwar
5. Chandigarh Chandigarh
Ludhiana
Jalandhar
6. Chennai Channai
Combatore
Madurai
Salem
Trichy
7. Delhi Delhi
Jaipur
Dehradun
8. Guwahati Guwahati
8. Hyderabad Hyderabad
Vijayawada
Vishakhapatnam
9. Kerala Kochi
Thiruvananthpuram
10. Kolkata Kolkata
11. Lucknow Kanpur
Lucknow
Varanasi
12. Mumbai Mumbai
Nasik
Panaji
Pune
13. Patna Patna
 89

Annexure – II

CHECK LIST FOR ACCEPTANCE OF APPLICATION

• Ensure that SBI’s ARN Code (12195), Branch Code, ACE code is affixed
in the relevant boxes in the top portion of the application form. The
Branch code no. must be stamped under “Sub Broker” code to ensure
payment of brokerage to branch. The ACE code is to be assigned by
the Branch internally for tracking purposes.
• In the case of common application form, Scheme name must be
selected / stated by the Investor.
• Option is ticked.
• Category of applicant and Holding basis are ticked.
• Application amount and Cheque amount is one and the same.
• PIN code is furnished in the applicant’s address (a must).
• PAN No. is furnished in the application form or in the absence of PAN,
Form No. 60/61 is enclosed if the investment is for Rs.50,000/- or
more.
• Application is signed by all the applicants.
• The cheques submitted alongwith the applications is a local cheque.
• NRI : In the case of applications received from non-residents, the
‘Mode of Payment’ is stated in the application. Further, the bank
account from which the cheque is issued at the time of investment i.e.
NRE, NRO or Rupee DD issued from Abroad as per the instrument
tallies with the ‘Mode of Payment’ as stated in the application form.
• Minor : In the case of investment in the name of minor, Date of Birth
and guardian’s name is present.
• With effect from 2nd July 2007 only those applications – purchase and
additional purchase for which there is either a PAN Card or a proof of
submission of application for PAN Card will be accepted.
 90

Annexure “II-A”

Procedure to be followed by Branch

(Exclusively for the business mobilized by State Bank of India)

Day 1

¾ Accept the sales applications with cheques upto 2.00 pm at their

counter on a daily basis.
¾ Scrutinize all the applications and issue acknowledgement to the
investors over the counter, if the application is correctly filled in and
signed.
¾ Enter the sales details in the Daily Sales Statement (DSS). This
statement should be prepared in duplicate. Separate DSS has to be
prepared for each scheme. Application of one scheme should not be
entered in the DSS of another scheme.
¾ Cheques should not be detached from the applications. Applications
and cheques received upto 2 pm will be collected by representatives of
FRANKLIN TEMPLETON branch before 2.30 pm same day along with
the original copy of DSS (copy enclosed). A copy of the DSS will be
sent by fax / e-mail to the FRANKLIN TEMPLETON branch by 3.30
pm. Only cheques / DDs drawn on local banks/branches
participating in the Clearing House will be accepted.
Note :

3. Cash will not be accepted by any branch of SBI.

4. Investors should be kept informed by the Bank that the units will be
allotted at the sale price ruling on the date of receipt of applications by
FRANKLIN TEMPLETON branch.
5. (For our Designated Branches in FRANKLIN TEMPLETON Branch
Locations)
 91

From : To :

State Bank of India The Manager,

___________________ FRANKLIN TEMPLETON Branch
___________________ ____________________
Pin : ______________ Pin : ________________

FRANKLIN TEMPLETON Mutual Fund – Daily Sales Statement for

Sale of Units
Scheme Name : Date of
Receipt :
Sl. Application Name of Applicant Cheque No. Amount
No. No. (Rs.)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Total Amount Received

No. of Applications
Previous Day Cumulative Total (X)
Today’s Total (Y)
Cumulative Total till date (Z) = (x) + (Y)
[ 1st April to 31st March]

Place :
Date : Signature of Branch Manager
 92

ƒ Tie-up with Fidelity MF

(vide CC Private & Confidential Circular no. MCS/07-08/09 dated
22.08.2007)
FIDELITY MUTUAL FUND had approached the Bank with a proposal to
market its Mutual Funds through our branch network. The offer of FIDELITY
MUTUAL FUND was duly considered and accepted by the Bank. We now
advise that the Bank has entered into a distribution agreement with FIDELITY
MUTUAL FUND on the 16th Aug 2007 for a period of 3 years.
Details of the Distribution Agreement:
2. The Distribution Agreement with FIDELITY MUTUAL FUND covers the
marketing of select MF products only. Designated branches at centres where
Fidelity Mutual Fund has its branches (list enclosed-Annexure I) are
authorized to accept deposits (barring cash deposits) for select MF products of
FIDELITY MUTUAL FUND. Depending upon our experience in this pilot
launch, the list of centres and branches may be added /deleted and will be
advised to Circles on an ongoing basis.

3. SBI Funds Management Ltd. is a group company and as such we shall

continue to give preferential treatment to the sale of SBI Mutual Fund
products .The preferential treatment will remain in the following manner:

1. SBI Mutual Fund products will be offered on sale at all

the branches throughout the country with no
restriction.
2. The ACE shall first offer the SBI MF product to the
customer, in the case of competing products.
3. The sale of products offered by Fidelity Mutual Fund
shall be restricted to branches in some selected centres
only.
5. Accounting/Collection System: FIDELITY MUTUAL FUND product
application forms will be accepted by our designated branches upto
 93
2.00 p.m. These applications accompanied by local cheques
(no cash deposit) will be listed as detailed in Annexures–II & II A and
handed over to the local branch collecting agent of Fidelity MF by 2.30
pm and a copy will be sent by e-mail/fax to the local branch of Fidelity
MF by 3.30 pm. A detailed check list and operational procedure are
enclosed at Annexures –II and II-A respectively.

Annexure –I

Branches of
S. No Circle* Fidelity MF*

1. Ahmedabad Ahmedabad
2. Bangalore Bangalore
3. Chandigarh Chandigarh
4. Chennai Chennai
5. Delhi Delhi
6. Hyderabad Hyderabad
7. Kolkata Kolkata
8. Lucknow Lucknow
9. Mumbai Mumbai
Pune

* There are presently no. branches of Fidelity Mutual Fund in the

remaining 5 Circles
 94

Annexure-II

CHECK LIST FOR ACCEPTANCE OF APPLICATION

• Ensure that SBI’s ARN Code (12195), Branch code, ACE code is
affixed in the relevant boxes in the top portion of the application
form. The Branch code no. must be stamped under “Sub Broker”
code to ensure payment of brokerage to branch.The ACE code is
to be assigned by the Branch internally for tracking purposes.
• In the case of common application form, Scheme name must be
selected / stated by the Investor.
• Option is ticked.
• Category of applicant and Holding basis are ticked.
• Application amount and Cheque amount is one and the same.
• PIN code is furnished in the applicant’s address (a must).
6 A. PAN No. is furnished in the application form or in the absence of
PAN, Form no. 60/61 is enclosed. With effect from 2nd July 2007 only
those applications - purchase and additional purchase for which there is
either a PAN Card or a proof of submission of application for PAN Card
will be accepted
• Application is signed by all the applicants.
• The cheque submitted alongwith the applications is a local
cheque.
• NRI: In the case of applications received from non-residents,
the ‘Mode of Payment’ is stated in the application. Further, the
bank account from which the cheque is issued at the time of
investment i.e. NRE, NRO or Rupee DD issued from Abroad as
per the instrument tallies with the ‘Mode of Payment’ as stated
in the application form.
• Minor: In the case of investment in the name of minor, Date of
Birth and guardian’s name is present.
95
 96
Annexure “II-A”

Procedure to be followed by Branch

(Exclusively for the business mobilised by State Bank of India)

Day 1

e) Accept the sales applications with cheque upto 2.00 pm at their

counter on a daily basis.

f) Scrutinise all the applications and issue acknowledgement to the

investors over the counter, if the application is correctly filled in
and signed.

g) Enter the sales details in the Daily Sales Statement (DSS). This
statement should be prepared in duplicate. Separate DSS has to be
prepared for each scheme. Application of one scheme should not be
entered in the DSS of another scheme.

h) Cheques should not be detached from the applications.

Applications and cheques received upto 2 pm will be collected by
representatives of Fidelity MF Branch before 2.30 pm same day
along with the original copy of DSS (copy enclosed). A copy of the
DSS will be sent by Fax/e-mail to the local branch of Fidelity MF by
3.30 pm. Only Cheques/DDs drawn on local banks/branches
participating in the Clearing House will be accepted.

Note:
Cash will not be accepted by any branch of SBI.
Investors should be kept informed by the Bank that the units will be allotted
at the sale price ruling on the date of receipt of applications by Fidelity MF
Branch
 97
(For our Designated Branches in Fidelity MF Branch Locations)
From : To :
State Bank of India The Manager
______________________________ Fidelity MF Branch
_________________________ ________________________
____________ Pin : ________ ______________ Pin :_________

Fidelity Mutual Fund – Daily Sales Statement for Sale of Units

Scheme Name : Date of Receipt : ____________

S.No. Application Name of Applicant Cheque no. Amount

No. (Rs.)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Total Amount Received

No. of Applications
Previous Day Cumulative Total (X)
Today’s Total (Y)
Cumulative Total till Date (Z) = (X) + (Y) [1st April to
31st March]

Place:
Date: Signature of Branch Manager
 98
ƒ Anti Money Laundering
& KYC guidelines (vide CC Circular no. MCS/07-
08/ dated 3rd July 2007 and MCS/07-08/19 dated 21.01.2008)
As per Securities and Exchange Board of India (SEBI) Circular dated April 27,
2007 and letter dated June 25, 2007, Permanent Account Number (PAN) has
been made the sole identification number for all participants transacting in
the securities market, irrespective of the amount of transaction, effective July
2, 2007. The submission of PAN card copy (along with original for verification
which will be returned across the counter) is therefore mandatory for all
existing as well as prospective investors (including joint applicants / holders,
guardians and NRIs) for investing with mutual funds from this date. The
copy of PAN card is required to be verified with the original. The staff, who is
verifying, will sign and affix ARN code No. 12195 of the Bank on the copy of
the PAN Card. The copy of the PAN Card attested by a Bank
Manager/Notary will also be accepted as verified.

2. Investors not having a PAN need to apply for PAN immediately and
applications for investments in Mutual Funds should be accompanied with
evidence of having applied for PAN (copy of Form 49A) till such time PAN is
allotted. If the investment is for a value of Rs.50,000 or more, this should also
be accompanied by KYC certificate issued by CVL Ltd. for each such
transaction.

3. All investors including guardians and power of attorney holders need to

complete ‘Know Your Customer’ (KYC) formalities by completing a KYC
application form along with photograph, PAN card and Proof of Address for
individuals, or Corporate Documents for bodies corporate, in accordance with
the Prevention of Money-Laundering Act, 2002 (PMLA), Rules issued there
under and the guidelines / circulars issued by SEBI thereto.

4. Effective from 2nd July 2007, all transactions without PAN

verification/evidence of having applied for PAN for all holders, including
guardians, are liable to be rejected. As these requirements are mandatory, all
 99
investors in Mutual Funds may please be advised to complete these
formalities immediately.

5. In view of the above, the following changes have been made w.e.f. 2.7.2007:

(i) For transactions (fresh purchases & additional purchases) below Rs.
50,000/-)

a) Copy of PAN Card, OR

b) Evidence of having applied for PAN (49-A ) from an authorized entity.

(ii) For transactions 9 fresh purchases & additional purchases ) for Rs.
50,000/- and above

a) Copy of PAN Card, OR

b) Evidence of having applied for PAN (49-A ) from an authorized entity.

c) KYC certificate issued by CVL Ltd., a subsidiary of CSDL.

However, the evidence of having applied for PAN from an authorized entity
will be accepted only upto December 31 , 2007.
 100

Know Your Customer(KYC) Norms With effect from 1st Feb 08

In order to comply with regulatory provisions under the Prevention of Money
Laundering Act 2002 and rules issued thereunder as well as related
guidelines/circulars issued by SEBI, KYC formalities are required to be
completed for all Mutual Fund Unit Holders, including Guardians and Power
of Attorney holders, for any investment (whether new or additional purchase
or SIP) of Rs. 50,000 or more in mutual funds effective from 1st February,
2008.
2. For the convenience of investors in mutual funds, all the mutual fund
companies have made special arrangements with CDSL Ventures Ltd. (CVL),
a wholly owned subsidiary of Central Depository Services (India) Ltd.
(CDSL). Instead of repeatedly providing the requisite documents to different
mutual funds in which one would like to invest, CVL, will carry out the
process of KYC and issue an acknowledgement, on behalf of all Mutual
Funds.
3. Investors have to provide the relevant documents and information ONLY
ONCE for complying with KYC norms. After that, investors may invest in the
schemes of all mutual funds by merely attaching a copy of the KYC
acknowledgement slip with the application form / transaction slip when
investing for the first time in every folio (Post KYC) in each Mutual Fund,
without the necessity of repeatedly submitting the KYC documents. This
facility is being provided absolutely FREE OF COST to the investors.
4. All our customers who are also mutual fund investors may please be
advised to complete the formalities by submitting the enclosed KYC
application form and relevant documents at the Points of Services (POS). To
start with, these POS will be the selected branches / offices of mutual funds,
registrars and some of our selected branches. The application forms for
complying with KYC norms will be available from these POS. Investors will
have to provide the following documents in order to be KYC Compliant:
 101
(a) Proof of Identity (b) Proof of Address
(c) PAN Card
(d) Photograph
The originals of these documents along with a copy each , are to be presented
at the Points of Service and the originals will be returned after verification.
Alternatively, investors can also provide an attested true copy of the relevant
documents. Attestation could be done by Notary Public/ Gazetted Officer/
our Branch Manager of a Scheduled Commercial Bank.
5. In this context, we enclose the following for counselling our customers who
are also investors in various Mutual Fund schemes:
a. List of Documents required to complete the process of KYC
b. List of Points of Service where KYC process can be undertaken
c. FAQs on KYC norms
d. Application Form for Individuals
e. Application Form for Non-Individuals
We reiterate that the process of KYC Compliance is mandatory w.e.f Feb 01,
2008.
6. The application forms at Para 5 above can also be downloaded from the
websites of AMFI ( www.amfiindia.com ) and CDSL (www.cdslindia.com) .
7. Any subsequent changes in address or other details could be intimated by
the investors, to any of the POS (with relevant documentary evidence) and the
same will be updated in all the mutual funds where the investor has invested.
8. All our customers who are also mutual fund investors may please be
advised accordingly.
 102

a. List of Documents required to complete the process of KYC

Prescribed Documents (PAN Mandatory)
For Individual Investors
Proof of Identity:
1. Photo PAN Card
2. In case of Non Photo PAN Card in addition to copy of PAN
Card any one of the following :
Driving License /Passport copy / Voter ID /Bank Photo Pass Book.
Proof of Address (any one of the following):
1. Latest Telephone Bill: Landline/Mobile (not more than 3
months prior to the date of application).
2. Latest Electricity Bill (not more than 3 months prior to the date of
application).
3. Passport copy.
4. Latest Bank Passbook/Bank Account Statement (not more than 3 months
prior to the date of application) .
5. Latest Demat Account statement (not more than 3 months prior to the date
of application).
6. Voter ID.
7. Driving License.
8. Ration Card.
9. Rent Agreement.
For Overseas Address of NRIs:
Overseas Bank Account Statement (not more than 3 months
prior to the date of application).
Any other document duly certified by local authority in the
country of residence.
In case the documents are in any language other than English the same must
be translated to English and certified by Government Authority in country of
residence or by the Indian Embassy. In case investors provide more than one
address, proofs of both the addresses need to be provided.
For HUF
Units can only be held in the name of Karta on behalf of the
HUF
AMFI
Proof of Identity (any one of the following):
1.Copy of PAN Card of the HUF.
Proof of address (HUF)
1. Latest Bank Passbook (not more than 3 months prior to the date of
application).
2. Bank account statement (not more than 3 months prior to the date of
application).
Alternately, any of the documents listed for proof of address
for an individual can be provided by the karta.
Non individuals (PAN Mandatory)
Companies / Bodies Corporate (Certified copy of the
 103
following):
1. Certificate of incorporation.
2. Memorandum & Articles of Association.
3. Resolution of the Board of Directors authorizing investment in mutual
funds.
4. Power of Attorney granted to its managers, officers or
employees to transact business on its behalf (Authorised
Signatories List).
Partnership firms (Certified copy of the following):

1.Certificates of Registration, in case of registered Partnership Firms.

2. Any other officially valid documents in respect of holding a power of
attorney to transact (Authorised Signatories List and resolution / authority to
invest).
Trusts, foundations, NGO’s Charitable Bodies,
Clubs/Mutual Fund Schemes (Certified copy of the
following) :
1. Certificate of Registration, in case of registered Trusts.
2. Any other valid documents in respect of holding a power of attorney to
transact (Authorised Signatories List and
resolution / authority to invest)
(p) Offer Document of the Mutual Fund Scheme.
 104
FREQUENTLY ASKED QUESTIONS ON KYC

What is KYC?

KYC is an acronym for “Know your Client”, a term commonly used for Client
Identification Process. SEBI has prescribed certain requirements relating to
KYC norms for Financial Institutions and Financial Intermediaries including
Mutual Funds to ‘know’ their Clients. This would be in the form of
verification of identity and address, providing information of financial status,
occupation and such other demographic information. Applicant must be KYC
compliant while investing with any SEBI registered Mutual Fund.

What are the KYC requirements for a Mutual Fund Investor?

Individual investors will have to produce his Proof of identity (Photo PAN
card copy or PAN card copy and copy of the passport, driving license etc.)
and Proof of Address (any valid documents listed in section B of the KYC
Application Form for Individuals). Non –Individual Investors will have to
produce certain documents pertaining to its constitution/registration to fulfill
the KYC process. A list of Mandatory Certified Documents to be submitted
can be found in section C of the KYC application form for Non-Individual
Investors. .

Where and how does one get to be KYC Compliant? Does the investor have
to repeat the KYC process with every Mutual Fund?

The Mutual Fund Industry has appointed CDSL Ventures Limited (“CDSL”),
a wholly owned subsidiary of Central Depository Services (India) Limited, to
carry out the KYC compliance procedure. CVL through its Points of Service
(POS) will accept KYC Application Forms, verify documents and provide the
KYC Acknowledgement (across the counter on a best effort basis). The list of
PoS will be displayed on the websites of Mutual Funds, CDSL and AMFI.
Once the KYC is duly completed in all repects, the investor needs to produce
a copy of the acknowledgement to the fund where the investor desires to
invest. There is no need to repeat the KYC individually for each mutual fund,

What is a KYC Application Form?

A KYC Application Form has been designed for Individual and Non-
Individual Investors separately. The soft copy of these KYC forms will be
made available on the website of all mutual funds, AMFI and Central
Depository Services (India) Limited (CDSL). You may also approach your
distributor for a form. It is important to read the instructions printed on the
KYC Application Form while filling-up the form.
 105
Should the investor visit PoS personally to obtain KYC
Compliance?

No. If the investor is not in a position to visit PoS personally, the KYC
Application Form along with the necessary documents (including originals if
the copies are not attested) can be sent through the distributor or
representative, who can arrange to fulfill the KYC obligation and obtain the
KYC Acknowledgement through any of the PoS.

From what date is it mandatory for an investor to be KYC Compliant?

With effect from 01 February 2008, any investor investing Rs. 50,000 and
above would be required to be KYC compliant.

To whom is a KYC applicable? Is there any exemption?

Currently, all investors (Individuals or Non Individuals) who wish to make

an investment of Rs. 50,000 or above will be required to be KYC Compliant.
This would also apply to new Systematic Investment Plan (SIP) transactions
on or after 01 February 2008, if each installment of value greater than or equal
to Rs.50,000. Please find the list of personnel who are required to be KYC
compliant:

Joint Holders: Joint holders (including first, second and third if any, are required) to
be individually KYC compliant before they can invest with any Mutual Fund. . e.g. in
case of three joint holders, all holders need to be KYC compliant and copies of each
holder’s KYC Acknowledgement must be attached to the investment application form
with any Mutual Fund.

Minors: In case of investments in respect of a Minor, the Guardian should be KYC

compliant and attach their KYC Acknowledgement while investing in the name of the
minor. The Minor, upon attaining majority, should immediately apply for KYC
compliance in his/her own capacity and intimate the concerned Mutual Fund(s), in
order to be able to transact further in his/her own capacity.

Power of Attorney (PoA) Holder: Investors desirous of investing through a PoA

must note that the KYC compliance requirements are mandatory for both the PoA
issuer (i.e. Investor) and the Attorney (i.e. the holder of PoA), both of whom should be
KYC compliant in their independent capacity and attach their respective KYC
Acknowledgements while investing.

Financiers will have to be KYC compliant at the time of Lien Marking.

For transmission (In case of death of the unit holder): If the deceased is the sole

applicant, the claimant should submit his/her KYC Acknowledgement along with the
other relevant documents to effect the transmission in his/her favour
 106
How does the investor transact in Mutual Fund after completing the
KYC process?

Investors must attach their KYC Acknowledgement along with the

Investment Application Form(s) / Transaction Slip(s) while investing for the
first time in every folio. Applications Forms / Transaction Slips not
accompanied by KYC Acknowledgement are liable to be rejected by the
Mutual Funds. If you do not obtain a KYC Acknowledgement, you will not be
able to invest Rs. 50,000 or more in a Mutual Fund.

In case of existing investors when and how will the KYC norms be
introduced?

KYC norms are applicable to all investors. It is in the interest of all Investors
to obtain KYC Acknowledgement and submit it to the Mutual Fund to avoid
any inconvenience in future.

Once an account is opened with a Mutual Fund by 1 st, 2 nd & 3 rd holder by

completing the necessary formalities and the investor’s return to make a fresh
investment, do they need to furnish the necessary documents again?

Investors must attach their KYC Acknowledgement along with the

Investment Application Form(s) / Transaction Slip(s) while investing for the
first time in every folio.

What are the consequences of KYC cancellation/rejection?

In the event of any KYC Application Form being found deficient for lack of
information / insufficiency of mandatory documentation, further investments
will not be permitted.

Does the KYC Acknowledgement have an expiry date?

No. Once the KYC Acknowledgement is obtained and informed to a Mutual

Fund, it will be registered against the folio and quoted in all future account
statements. The same will exist in perpetuity, unless cancelled by CVL.

What happens if I have multiple folios/ accounts with a Mutual Fund?

You can inform the Mutual Fund to update the KYC Acknowledgement
against all the folios/accounts you have with it. However, each of the holders
in these folios/accounts should be KYC Compliant.

Is there a charge I need to pay to get myself KYC Compliant?

Currently, KYC is being done free of cost.

 107

I am an NRI residing outside India. How do I get myself KYC Compliant?

The soft copy of these KYC forms will be made available on the website of all
Mutual Funds, AMFI and Central Depository Services (India) Limited
(CDSL). You may also approach your distributor for a form. The same duly
completed along with the necessary attested documents can be submitted at
the PoS or mailed to your representative or Distributor who can complete the
KYC formalities for you.

Are there any special requirements for an NRI?

Yes. In addition to the certified true copy of the passport, certified true copy
of the overseas address and permanent address will also be required. If any
of the documents (including attestations/ certifications) towards proof of
identity or address is in a foreign language, they have to be translated to
English for submission. The documents can be attested, by the Consulate
office or overseas branches of scheduled commercial banks registered in India

Is there any special requirement for a PIO (Person of Indian Origin)?

The requirements applicable to an NRI will also apply to a PIO. However,

additionally, he will need to submit a certified true copy of the PIO Card.

What about Minor becoming Major?

Upon a Minor attaining the age of majority (i.e. on completing 18 years of

age), he/she must be KYC Compliant and have KYC Acknowledgement of
their own. The same should be informed to the Mutual Fund where he/she
holds an investment, along with other details such as the Bank Details,
Signature, etc as per the present requirements of such Mutual Fund.

Whom do I inform about change of Name/Address/Status/Signature etc?

You should intimate your change of Name / Address / Status /Signature etc.
to any convenient PoS. You need to quote / submit a copy of your KYC
Acknowledgement, and proof (in case of new address). You should provide
for at least 7 days for the change of address to take effect with all the Mutual
Funds with whom you are invested. Please note that you should not write to
the Mutual Fund or its Registrar for the change of address (unless as a
designated PoS). The specified form can be obtained from the AMFI/Mutual
Fund website. All details of the holders in the Mutual Fund records will be
replaced by the address details available in the CVL record.
 108
If I am already providing my PAN/PAN Proof for my investment
in Mutual Fund. Is that not sufficient for meeting the requirement of KYC?

The requirement of providing your PAN along with proof is sufficient for
proof of identity. However, the current requirement for KYC requires the
Mutual Fund to verify identity, address as well as obtain further information
about the investor.

Why do I need to give my Income details? How can I be sure that it will not
be misused?

As per PMLA, it is mandatory for Mutual Funds to obtain financial status

details from its investors. It is for this reason that the Income details are
sought. Please note that no proof / income documents are required. The
information given you in the KYC Application form will be treated in a
confidential manner and used for regulatory purposes if called for.

Do I need to inform about my change of Income status?

Yes. I you find an increased/decrease in your income, which would

effectively, changed the income bracket that you have declared in the KYC
Application form, you should apply to any convenient PoS in the specified
form. No proof is needed.

Can an investor give a COA (Change of Address) along with redemption

request?

The redemption transaction accompanied by a KYC Acknowledgement form

is likely to be processed without effecting the change of address request.

Is the KYC Acknowledgement a separate form or is it a part of the Mutual

Fund application. Which of the forms require being time-stamped?

KYC Acknowledgement will be done on the photocopy of the form. Time

stamping is not required on the KYC Acknowledgement.

What do I do once I have received my KYC Acknowledgement?

Once the investor is KYC compliant, it will be required to intimate his KYC
details to all the Mutual Funds with whom it has investments. The same will
be updated in the records of the Mutual Fund.

For signature difference in investor request, Mutual Funds generally ask

for a banker attestation. Since a signature is not available with identity
proof, will you still insist on banker attestation for signature difference?

Signature verification is done by Mutual Funds to protect an investor from

losses. As such, Mutual Funds may follow extra due-diligence if signatures
 109
are not matching, such as getting Bank attestation for such
transactions. This could be independent of the KYC procedure.

What if I have already completed the earlier KYC (MIN) procedure with
CVL?

Scenario 1

If the KYC (MIN) was completed by submitting the PAN, the

Acknowledgement obtained at that time can be enclosed along with the
Investment Application Form(s) / Transaction Slip(s) while investing for the
first time in every folio as the PAN number will be stated on the said
acknowledgement. You need not repeat the process now.

Scenario 2

If the KYC (MIN) was completed without submitting the PAN but with other
proof of identity documents, for such cases, CVL will send out a
communication to the respective investors requesting them to submit self
attested copy of PAN card for KYC compliance.
 110
d. Application Form for Individuals
111
 112

e) Application Form for Non Individuals

113
 114

List of Point of Services (POS)

Location Name and Address Contact Person Tel. No. / Fax No.
AGARTALA BAJAJ CAPITAL ACHINTAY KUMAR 0381-2319823
INVESTOR SERVICES BHUIYA
LIMITED
38, AKHAURA ROAD
PS. WEST AGARTALA
AGARTALA
AGARTALA - 799 001
TRIPURA
AGRA BAJAJ CAPITAL DINESH SINGH 0562-2521448/4000953
INVESTOR SERVICES YADAV
LIMITED
SHOP NO. 110,
GROUND FLOOR,
BLOCK NO. 27/2/4,
NEAR HOTEL
PANCHRATTAN,
SANJAY PLACE
AGRA - 282 002
UTTAR PRADESH
AHMEDABAD BAJAJ CAPITAL MR.AMIT PATEL 079-30072782
INVESTOR SERVICES
LIMITED
2-L,AKIK',OPP.LIONS
HALL MITHAKHALI
SIX ROAD,
NR.NALANDA
HOTEL ELLISBRIDGE
AHMEDABAD - 380
006
GUJARAT
AHMEDABAD BAJAJ CAPITAL MR.HITESH SHAH 079-30006541
INVESTOR SERVICES
LIMITED
101,SILLICON VALLEY
NR.SHIVRANJINI
CHAR RASTA
SATELLITE ROAD
AHMEDABAD - 380
015
GUJARAT
AHMEDABAD INFRASTRUCTURE MR.SHAILAM DAVE 079-30072013
 115
LEASING &
FINANCIAL SERVICES
LTD.
403-404 RAINDROP
BUILDING
OPP.CARGO MOTORS,
C.G.ROAD,
AHMEDABAD - 380006
GUJARAT

AHMEDABAD INFRASTRUCTURE MR. HASIT DESAI 079-30072013

LEASING &
FINANCIAL SERVICES
LTD.
403-404 RAINDROP
BUILDING OPP
CARGO MOTORS C G
ROAD
AHMEDABAD - 380-
006
GUJARAT
AHMEDABAD KARVY MR. EDWARD 079-26402967
COMPUTERSHARE 26400527
PVT. LTD.
307, SHAIL BLDGS,
OFF: C. G. ROAD OPP.
MADHUSUDHAN
HOUSE NR.
NAVRANGPURA TEL.
EXCHANGE
AHMEDABAD - 380
006
GUJARAT
AHMEDABAD DEUTSCHE INVESTOR MAULIK A SHAH 9879026229
SERVICES PVT. LTD.
GROUND FLOOR M-
SQUARE BLDG C G
ROAD
AHMEDABAD
GUJARAT
AHMEDABAD INTEGRATED MT. G. R. BALAJI 079-26443289/7825
ENTERPRISES (INDIA)
 116
LTD.
B-14 CAPITAL
COMML CENTRE, I
FLOOR, NEXT TO
SANYAS ASHRAM
ASHRAM ROAD
AHMEDABAD - 380
009
GUJARAT
AHMEDABAD KOTAK SECURITIES VISHAL SHAH 079- 26587276/ 77
LTD.
207 & 208, SAKAR II
ELLISBRIDGE
CRONER ASHRAM
ROAD
AHMEDABAD - 380
006
GUJARAT

Ahmedabad COMPUTER AGE MUKESH SHAH 079-30082468

MANAGEMENT
SERVICES PVT. LTD.
402-406, 4TH FLR,
DEVPATH BLDG.
BEHIND LAL
BUNGALOW
Ahmedabad - 380006
Gujarat
AJMER BAJAJ CAPITAL AMIT SINGH VERMA 0145-2621312/3208899
INVESTOR SERVICES
LIMITED
GROUND FLOOR,
SHOP NO. 12, AJMER
TOWER,
AJMER - 305001
RAJASTHAN
ALLAHABAD BAJAJ CAPITAL RISHI CHOPRA 0532-2605648
INVESTOR SERVICES 3207089
LIMITED
SHOP NO.F-5, INDIRA
BHAWAN, CIVIL
LINES,
ALLAHABAD - 211001
UTTAR PRADESH
 117
ALLAHABAD KARVY MR SHISHIR 0532-3294280/81
COMPUTERSHARE SRIVASTAVA
PVT. LTD.
RSA TOWERS, 2ND
FLR, ABOVE SONY TV
SHOWROOM 57, S P
MARG, CIVIL LINES
ALLAHABAD - 211 001
UTTAR PRADESH
ASANSOL BAJAJ CAPITAL SANJIT SEN 0341-2216180
INVESTOR SERVICES
LIMITED
1ST FLOOR 76, G T
ROAD NEAR
BANGHAPANCHIL
ASANSOL - 713303
WEST BENGAL
BANGALORE BAJAJ CAPITAL PRATEEK SETH 080 - 23564156
INVESTOR SERVICES A.V.P.
LIMITED
UNIT NO. 104-
107,FIRST FLOOR A
WING, MITTAL
TOWERS, M.G. ROAD
BANGALORE - 560 001
KARNATAKA
BANGALORE BAJAJ CAPITAL ANANDAGOPAL .V 23564156
INVESTOR SERVICES
LIMITED
NO.197, SAMPIGE
ROAD NEAR 11TH
CROSS, (ABOVE
KARNATAKA BANK)
MALLESHWARAM
BANGALORE - 560 003
KARNATAKA
BANGALORE BAJAJ CAPITAL MR. ASHWIN KUMAR 23387896
INVESTOR SERVICES .S
LIMITED
293/1, 17TH MAIN
ROAD IIIRD BLOCK
RAJAJI NAGAR
BANGALORE - 560 010
KARNATAKA
BANGALORE BAJAJ CAPITAL MS. VANITHA C.K 26530302
 118
INVESTOR SERVICES
LIMITED
NO. 4, LAKSHMI
MANSION 81/B, 8TH
MAIN ROAD, 3RD
BLOCK JAYA NAGAR
BANGALORE - 560 011
KARNATAKA
BANGALORE BAJAJ CAPITAL MR.LOHIT T 25635596
INVESTOR SERVICES
LIMITED
RAHEJA ARCADE, 1ST
FLOOR NO.122,
KORAMANGALA
BANGALORE - 560 034
KARNATAKA
BANGALORE BAJAJ CAPITAL MR. ASHWIN KUMAR 25212365
INVESTOR SERVICES S
LIMITED
759, SHRI
JAYALAKSHMI
NIVASA 100 FT ROAD,
INDIRA NAGAR, OPP
SBI PERSONAL BANK
INDIRA NAGAR
BANGALORE - 560 038
KARNATAKA

BANGALORE BAJAJ CAPITAL MR.RAMESH R - ACRM 23140803

INVESTOR SERVICES
LIMITED
NO.81, 20TH MAIN
18TH CROSS, VIJAYA
NAGAR
BANGALORE - 560 040
KARNATAKA
BANGALORE KARVY MR. MEHUL 0278-2525005/06
COMPUTERSHARE
PVT. LTD.
134/135, MADHAV
DARSHAN
WAGHAWADI ROAD
BANGALORE - 364 001
GUJARAT
 119
BANGALORE KARVY MR.NATARAJAN 080-26613400
COMPUTERSHARE
PVT. LTD.
NO 51/2 TKN
COMPLEX, OPP TO
NATIONAL COLLEGE,
BASAVANGUDI
BANGALORE - 560 004
KARNATAKA
BANGALORE KARVY MR. RAGHU 080-25320085
COMPUTERSHARE 32008452
PVT. LTD.
NO. 54/25, 1ST FLOOR
SURYA BUILDING,
RATNA AVENUE,
RICHMOND ROAD
BANGALORE - 560 025
KARNATAKA
BANGALORE INFRASTRUCTURE MR. SESHADRI 080-22995646/48/49
LEASING & IYENGAR
FINANCIAL SERVICES
LTD.
STOCK EXCHANGE
TOWERS 51, 1ST
CROSS, J C ROAD,
BANGALORE - 560 027
KARNATAKA
BANGALORE COMPUTER AGE GIRIJA RAMAN 080-30574709
MANAGEMENT
SERVICES PVT. LTD.
TRADE CENTRE, 1ST
FLOOR, 45 DIKENSEN
ROAD NEXT TO
MANIPAL CENTRE
BANGALORE - 560 042
KARNATAKA
BANGALORE KOTAK SECURITIES P MURLI 080-66128024
LTD.
UMIYA LANDMARK,
1ST FLOOR 10/7,
LAVELLE ROAD
BANGALORE - 560 001
KARNATAKA
BANGALORE INTEGRATED MR. SRINIVASAN 080-23446386/1470
ENTERPRISES (INDIA)
 120
LTD.
NO. 12, RAMANUJA
PLAZA GROUND
FLOOR, 5TH CROSS
MALLESWARAM
BANGALORE - 560 003
KARNATAKA
BANGALORE DEUTSCHE INVESTOR DATTA WADAVLI
SERVICES PVT. LTD.
NO. 104, PRESTIGE
MERIDIAN - 1 NO: 29
M G ROAD
BANGALORE - 560 001
KARNATAKA
BHAGALPUR BAJAJ CAPITAL SUSHIL KUMAR 9430204791
INVESTOR SERVICES SINGH
LIMITED
2ND FLOOR
CHANDRALOK
COMPLEX NEAR
GHANTAGHAR
BHAGALPUR - 812001
BIHAR
BHILAI BAJAJ CAPITAL SANJEEV KUMAR 0788-4050509
INVESTOR SERVICES GUPTA
LIMITED
2/3 NEHRU PARISOR
OPP. IDBI BANK
NEHRU NAGAR
BHILAI - 490020
CHATTISGARH
BHOPAL BAJAJ CAPITAL MANISH NAHARE 0755-2571342
INVESTOR SERVICES 4229297
LIMITED
SHOP NO.6, FIRST
FLOOR, JYOTI
CINEMA COMPLEX,
M.P.NAGAR, ZONE-I,
BHOPAL - 462001
MADHA PRADESH
BHOPAL KARVY MR. SACHIN 0755-3010725/26/27/28
COMPUTERSHARE RATHORE
PVT. LTD.
KAY KAY BUSINESS
CENTRE 133, ZONE 1,
 121
M. P. NAGAR
BHOPAL - 462 011
MADHA PRADESH
BHUBANESWAR KARVY MR. PRATAP SAHOO 0674-2547531/32/33
COMPUTERSHARE
PVT. LTD.
624, SAHID NAGAR,
1ST FLOOR,
BHUBANESWAR - 751
007
ORISA
BHUBANESWAR COMPUTER AGE SUBRAT MISHRA
MANAGEMENT
SERVICES PVT. LTD.
101/ 5, JANPATH,
UNIT III NEAR HOTEL
SWASTI
BHUBANESWAR - 751
001
ORISA
BHUBANESWAR BAJAJ CAPITAL CHANDAN 0674-6510271
INVESTOR SERVICES MOHAPATRA
LIMITED
METRO PLAZA 2ND
FLOOR A-410, SAHID
NAGAR
BHUBANESWAR -
751007
ORISA
CHANDIGARH BAJAJ CAPITAL LALIT MALHOTRA 0172-2621865
INVESTOR SERVICES 5089190
LIMITED
S.C.O - 341-342, FIRST
FLOOR SEC-35 B
CHANDIGARH -
160009
CHANDIGARH

CHANDIGARH COMPUTER AGE RAMESH BHATIA

MANAGEMENT
SERVICES PVT. LTD.
DEEPAK TOWERS
SCO 154-155, 1ST
FLOOR SECTOR 17-C
CHANDIGARH - 160
 122
017
PUNJAB
CHANDIGARH INFRASTRUCTURE SANJAY DABAS 0172-741483
LEASING &
FINANCIAL SERVICES
LTD.
SCO - 14 & 15 (FIRST
FLOOR) SECTOR- 9 - D
MADHYA MARG
CHANDIGARH -
160009
CHANDIGARH
CHANDIGARH INFRASTRUCTURE MR. PAWAN 0172-2741483
LEASING & KHANDELWAL
FINANCIAL SERVICES
LTD.
S.C.O 14-15 1ST FLOOR
SECTOR 9-D MADHYA
MARG
CHANDIGARH - 160
017
CHANDIGARH
CHANDIGARH KARVY MS. PRIYA SHARMA 0172-5071726/27/28
COMPUTERSHARE
PVT. LTD.
SCO-371-372, 1 ST
FLOOR ABOVE HDFC
BANK SECTOR 35 B
CHANDIGARH - 160
022
CHANDIGARH
CHENNAI KARVY MR. N V V PRASAD 044-42028512/13
COMPUTERSHARE 28277383
PVT. LTD.
F 11, 1ST FLOOR,
AKSHYA PLAZA OPP.
CHIEF CITY
METROPOLITAL
COURT NO. 108,
ADHITHANAR SALAI,
EGMORE
CHENNAI - 600 002
TAMILNADU
 123

CHENNAI INFRASTRUCTURE MS. SHOBA IYER 044-45504364/68

LEASING &
FINANCIAL SERVICES
LTD.
"RAMKOTI" NO. 13-2,
2ND FLOOR FIRST
MAIN ROAD,
GANDHI NAGAR,
ADYAR
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TAMILNADU
CHENNAI INFRASTRUCTURE PRAKASH 45504364 - 8
LEASING & SWAMINATHAN
FINANCIAL SERVICES
LTD.
"RAMKOTI", NO.13/2,
2ND FLOOR FIRST
MAIN ROAD GANDHI
NAGAR
CHENNAI - 600 020
TAMILNADU
CHENNAI COMPUTER AGE G 044-39115563
MANAGEMENT SATHYANARAYANAN
SERVICES PVT. LTD.
GROUND FLR,
NO.178/10,
KODAMBAKKAM
HIGH ROAD OPP.
HOTEL PALMGROVE
NUNGAMBAKKAM
CHENNAI - 600 034
TAMILNADU
CHENNAI DEUTSCHE INVESTOR RAMYA S P 9444123024 044 - 42630104
SERVICES PVT. LTD.
NEW 193, OLD 141, 1ST
FLOOR MOUNT RD,
NEXT TO RAHEJA
TOWER, OPP.
ROYELLA TOWER,
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TAMIL NADU
CHENNAI INTEGRATED MS. SAVITHRI 044-28140801/02/03
ENTERPRISES (INDIA)
LTD.
 124
42/1 MOTILAL
STREET T NAGAR
CHENNAI - 600 017
TAMIL NADU
CHENNAI KOTAK SECURITIES RAMA SRINIVASAN 044- 24331697
LTD. 24312041
GRR BUSINESS
CENTRE NEW NO.36,
OLD NO. 21
VAIDYARAM STREET,
T. NAGAR
CHENNAI - 600 017
TAMIL NADU
CHENNAI BAJAJ CAPITAL GEORGE THOMAS - 23451234
INVESTOR SERVICES SR. V.P.
LIMITED
III FLOOR,
WELLINGTON PLAZA
90, ANNA SALAI
CHENNAI - 600 002
TAMILNADU
CHENNAI BAJAJ CAPITAL P.BHARATHI 23451241
INVESTOR SERVICES
LIMITED
NO. 7 R.K. MUTT
ROAD MYLAPORE
CHENNAI - 600 004
TAMILNADU
CHENNAI BAJAJ CAPITAL R.SEKAR - AREA 23451230
INVESTOR SERVICES MANAGER
LIMITED
NEW NO.29, OLD
NO.12 BURKIT ROAD,
T.NAGAR
CHENNAI - 600 017
TAMILNADU
CHENNAI BAJAJ CAPITAL G.D. SIVA KUMAR- 23451232
INVESTOR SERVICES AREA MANAGER
LIMITED
K.R. BUILDINGS
NO.12, L.B. ROAD,
ADYAR
CHENNAI - 600 020
TAMILNADU
CHENNAI BAJAJ CAPITAL A.S.SRINIVASALU - 23451243
 125
INVESTOR SERVICES AREA MANAGER
LIMITED
W111, FIRST FLOOR
3RD AVENUE, ANNA
NAGAR
CHENNAI - 600 040
TAMILNADU
CHENNAI BAJAJ CAPITAL G.R.SURESH 23451284
INVESTOR SERVICES
LIMITED
NO.1/575 EAST
COAST ROAD,
KOTTIVAKKAM
CHENNAI - 600 041
TAMILNADU
CHENNAI BAJAJ CAPITAL MAHALAKSHMI 22434994
INVESTOR SERVICES
LIMITED
SHOP NO.5, GROUND
FLOOR VIKAS PLAZA,
37/C, TAMBARAM
ROAD VELACHERY
CHENNAI - 600 042
TAMILNADU
CHENNAI BAJAJ CAPITAL M.S. NEELAKANDAN 23451245
INVESTOR SERVICES
LIMITED
YES YES ARCADE,
PLOT NO.66 SHOP
NO.24, SECRETARIAT
COLONY, M.T.H.
ROAD AMBATTUR
CHENNAI - 600 053
TAMILNADU
CHENNAI BAJAJ CAPITAL P.N. MANIKANDAN 23451228
INVESTOR SERVICES
LIMITED
SHOP NO.4,PLOT
NO.3 29TH STREET
NANGANALLUR
CHENNAI - 600 061
TAMILNADU
CHENNAI BAJAJ CAPITAL VEDAMURTHY 23451257
INVESTOR SERVICES
LIMITED
 126
SHOP NO.4, TRINITY
COMPLEX NO.110,
4TH AVENUE ASHOK
NAGAR
CHENNAI - 600 083
TAMILNADU
COCHIN BAJAJ CAPITAL JOHCNY JACOB - 0484- 4119111
INVESTOR SERVICES A.V.P.
LIMITED
RUBICON BUILDING
S.A. ROAD, SOUTH
OVER BRIDGE,
VALANJAMBALAM
COCHIN - 682 016
KERALA
COCHIN COMPUTER AGE GEORGE VARGHESE
MANAGEMENT
SERVICES PVT. LTD.
40 / 9633 D,
VEEKSHANAM ROAD
NEAR
INTERNATIONAL
HOTEL
COCHIN - 682 035
KERALA

COCHIN INFRASTRUCTURE KAMALAKANNAN 0484-4082066/099

LEASING &
FINANCIAL SERVICES
LTD.
39/4967,USNAZ
TOWERS, 3RD FLOOR
MEDICAL TRUST
HOSPITAL JN,
PALLIMUKKU , M G
ROAD
COCHIN - 682016
KERALA
COCHIN INFRASTRUCTURE MR. KAMALA 0484-4028066
LEASING & KANNAN
FINANCIAL SERVICES
LTD.
39/4967 USNAZ
TOWERS, 3RD FLR
MEDICAL TRUST
 127
HOSPITAL JUNCTION
PULLIMUKKU, M G
ROAD
COCHIN - 682 016
KERALA
COCHIN KARVY MR. 0484-4010273
COMPUTERSHARE RAMACHANDRAN 2322152
PVT. LTD.
39, PANAMPILLY
NAGAR
COCHIN - 682 036
KERALA
COIMBATORE INFRASTRUCTURE S KRISHNAN 0422 4216657
LEASING &
FINANCIAL SERVICES
LTD.
424-E RED ROSE
TOWERS 2ND FLOOR,
ABOVE ICIC BANK
LTD D B ROAD, R S
PURAM
COIMBATORE - 641
002
TAMILNADU
COIMBATORE INFRASTRUCTURE MR. S KRISHNAN 0422-2321657
LEASING &
FINANCIAL SERVICES
LTD.
1ST FLOOR, SOUTH
WING 683-686
COIMBATORE STOCK
EXCHANGE BLDG
TRICHY ROAD
COIMBATORE - 641
005
TAMILNADU
COIMBATORE COMPUTER AGE KALPANA V
MANAGEMENT
SERVICES PVT. LTD.
OLD # 66 NEW # 86,
LOKAMANYA STREET
GROUND FLOOR
R.S.PURAM
COIMBATORE - 641
002
TAMILNADU
 128
COIMBATORE BAJAJ CAPITAL K.P. PRADEEP KUMAR 0422 -4440003
INVESTOR SERVICES - V.P.
LIMITED
NO.575, D.B. ROAD,
FIRST FLOOR,
R.S.PURAM,
COIMBATORE - 641
002
TAMILNADU
COIMBATORE BAJAJ CAPITAL DINESH KUMAR 0422 - 4364368
INVESTOR SERVICES
LIMITED
184, AVINASHI ROAD
OPP : VARADARAJA
MILLS PEELAMEDU
COIMBATORE - 641
004
TAMILNADU
DEHRADUN BAJAJ CAPITAL SATYENDRA NEGI 0135-2742096
INVESTOR SERVICES 3956717
LIMITED
POKHRIAL HOUSE,
67/3 (NEW NUMBER
375) OPP. MEEDO
PLAZA RAJPUR ROAD
DEHRADUN - 248001
UTTARAKHAND
DEHRADUN KARVY MR. PANKAJ 0135-3258246
COMPUTERSHARE VASUDEV
PVT. LTD.
KAULAGARH ROAD
NEAR SIRMAUR
MARG ABOVE
RELIANCE WEB
WORLD
DEHRADUN - 248 001
UTTARANCHAL

DUBAI KARVY 971-50-2081665

COMPUTERSHARE
 129
PVT. LTD.
503, AL,MUSALLA
TOWER, BANK
STREET,
DUBAI
DURGAPUR COMPUTER AGE FALGUNI GHOSH
MANAGEMENT
SERVICES PVT. LTD.
SN- 10, AMBEDKAR
SARANI CITY CENTRE
DURGAPUR - 713 216
WEST BENGAL
ERODE BAJAJ CAPITAL D.SATHISH KANNAN- 0424 - 4020420
INVESTOR SERVICES AREA MANAGER
LIMITED
AANOOR COMPLEX,
NO.58,
VEERAPATHRA
STREET, SATHY
ROAD
ERODE - 638 003
TAMILNADU
FARIDABAD BAJAJ CAPITAL AJAY VIKRAM SINGH 95129-2414005
INVESTOR SERVICES
LIMITED
5R/1, GROUND
FLOOR, B.K.CHOWK,
NEAR HDFC BANK,
FARIDABAD - 121001
HARYANA
GHAZIABAD BAJAJ CAPITAL RAHUL ARORA 95120-2824330/2822407
INVESTOR SERVICES
LIMITED
G-5, ANSALS SATYAM
BUILDING, RAJ
NAGAR, DISTRICT
CENTRE,
GHAZIABAD - 201002
UTTAR PRADESH
GHAZIABAD BAJAJ CAPITAL PRAVEEN KUMAR 95120-4349460/1
INVESTOR SERVICES PANDEY
LIMITED
LAJWANTI PLAZA,
SHOP NO. 4, SECTOR
4, VAISHALI
 130
GHAZIABAD - 201012
UTTAR PRADESH
GOA COMPUTER AGE VIVEKANAND
MANAGEMENT
SERVICES PVT. LTD.
NO.108, 1ST FLOOR,
GURUDUTTA BLDG
ABOVE WEEKENDER
M G ROAD
GOA - 403 001
GOA
GOA INFRASTRUCTURE SOWJNAYA DEEPTHI 0832-2234353/54/2426066
LEASING &
FINANCIAL SERVICES
LTD.
3,4,5 SANDEEP
APARTMENT NEAR
HOTEL SAMRAT
PANAJI
GOA
GOA
GORAKHPUR BAJAJ CAPITAL ASHUTOSH SINGH 99355-23688
INVESTOR SERVICES
LIMITED
AD TOWER,GR
FLOOR, BANK ROAD
GORAKHPUR - 273001
UTTAR PRADESH
GURGAON BAJAJ CAPITAL DHEERAJ CHADHA 95124-2332590
INVESTOR SERVICES 2334177
LIMITED 4062590
102- AKD TOWER,
UPPER GROUND
FLOOR,SECTOR 14
OPP.NATHU SWEETS
GURGAON - 122001
HARYANA
GURGAON BAJAJ CAPITAL ANKUR GAUTAM 95124-2561388
INVESTOR SERVICES 4052672
LIMITED
269, DLF CENTRAL
ARCADE, DLF CITY,
PHASE-II
GURGAON - 122002
HARYANA
 131
GUWAHATI BAJAJ CAPITAL SAURAV DAS 0361-2730797
INVESTOR SERVICES KASHYAP
LIMITED
3RD FLOOR
TILOTTAMA
ENCLAVE GNB
ROAD, AMBARI
GUWAHATI - 781001
ASSAM

GUWAHATI KARVY MR. SANJAY 0361-2608016

COMPUTERSHARE 2608102
PVT. LTD.
2ND FLR, RAM
KUMAR PLAZA
CHATRIBARI ROAD,
NEAR HIMATSHINGA
PETROL PUMP
GUWAHATI - 781 001
ASSAM
HOWRAH BAJAJ CAPITAL SURAJIT BANERJEE 9903303457
INVESTOR SERVICES
LIMITED
GAGANANCHAL
COMPLEX SHOP NO.
38A 37, DR. ABANI
DUTTA ROAD
HOWRAH - 711106
WEST BENGAL
HYDERABAD BAJAJ CAPITAL RAYALA 040 -23230288
INVESTOR SERVICES SATHYANARAYANA -
LIMITED A.V.P
B-140, BABUKHAN
ESTATE
BASHEERBAGH
HYDERABAD - 500 001
ANDHRA PRADESH
HYDERABAD BAJAJ CAPITAL M.SHYAM KUMAR 27721033
INVESTOR SERVICES
LIMITED
SHOP NO. 10, 1ST
FLOOR MINERVA
COMPLEX, 94, S.D.
ROAD
SECUNDERABAD
HYDERABAD - 500 003
 132
ANDHRA PRADESH
HYDERABAD BAJAJ CAPITAL MR. RAJA RAO 23737518
INVESTOR SERVICES
LIMITED
SHOP NO.4, GROUND
FLOOR
SWARNAJANTHI
COMPLEX (HUDA)
AMEERPET
HYDERABAD - 500 016
ANDHRA PRADESH
HYDERABAD BAJAJ CAPITAL MR.VIJAYA KUMAR 66318179
INVESTOR SERVICES
LIMITED
NO.3/MIG-1, NEAR
ICICI BANK, K.P.H.B.
COLONY,
KUKATPALLY
HYDERABAD - 500 072
ANDHRA PRADESH
HYDERABAD KARVY MR. P. NAGESHWARA 040-23312454
COMPUTERSHARE RAO
PVT. LTD.
21, AVENUE 4, STREET
NO. 1 BANJARA
HILLS,
HYDERABAD - 500 034
ANDHRA PRADESH
HYDERABAD INFRASTRUCTURE H V SRIVIDYA 66252242 AND 66252243
LEASING &
FINANCIAL SERVICES
LTD.
6-3-907, III FLOOR
CHALLA CHAMBERS
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HYDERABAD - 500082
ANDHRA PRADESH
HYDERABAD INFRASTRUCTURE MS. H. V. SRIVIDYA 040-66252242
LEASING &
FINANCIAL SERVICES
LTD.
6-3-907, 3RD FLOOR,
CHALLA CHAMBERS
ABOVE MAHAVIR
 133
AUTO RAJ BHAVAN
ROAD,
HYDERABAD - 500 082
ANDHRA PRADESH
HYDERABAD KOTAK SECURITIES VENKATESWARA 9885189001
LTD. REDDY
9-1-164, GROUND
FLOOR AMSRI PLAZA
S. D. ROAD
HYDERABAD - 500 003
ANDHRA PRADESH
HYDERABAD INTEGRATED MR. 040-23242375/472
ENTERPRISES (INDIA) VENKATESHWARULU
LTD.
NO.5-10-197/A, G4,
1ST FLOOR RELIANCE
KRISHNA APTS,
NAVAD PAHAD, HILL
FORT ROAD,
HYDERABAD - 500 004
ANDHRA PRADESH
HYDERABAD DEUTSCHE INVESTOR
SERVICES PVT. LTD.
6-3-1093/UG-3 (A&B)
VINTAGE
BOULEVARD, RAJ
BHAVAN RD,
HYDERABAD
ANDHRA PRADESH
INDORE KOTAK SECURITIES SACHIN SHAH 9826065068
LTD.
314 & 416, CITY
CENTRE 570 M. G.
ROAD
INDORE - 452 001
MADHA PRADESH
INDORE COMPUTER AGE KAVITA DALAL
MANAGEMENT
SERVICES PVT. LTD.
101, SHALIMAR
CORPORATE CENTRE
8-B, SOUTH
TUKOGUNJ,
OPP.GREENPARK
INDORE - 452 001
 134
MADHA PRADESH
INDORE KARVY MS. PRIYA 0731-3014204/05
COMPUTERSHARE
PVT. LTD.
DM TOWER, 105, 106 &
107 ABOVE
STANDARD
CHARTERED BANK
NEAR
JANGEERWALA
CHOWRAH
INDORE - 452 001
MADHA PRADESH
INDORE BAJAJ CAPITAL PRASOON SHUKLA 0731-4072672
INVESTOR SERVICES 2541932
LIMITED
SHOP NO.3, CITI
PLAZA, M.G. ROAD
AOVE PAKIZA
INDORE
MADHA PRADESH
JAIPUR BAJAJ CAPITAL GHANSHYAM 0141-2363612
INVESTOR SERVICES BHAVSAR 2360702
LIMITED
G-3,ANUCAMPA
TOWER,OPP.SANGAM
TOWER, CHURCH
ROAD
JAIPUR - 302001
RAJASTHAN
JAIPUR KARVY MR. O P KUMAWAT 0141-2363321
COMPUTERSHARE 2375039
PVT. LTD.
S-16, A, 3RD FLOOR,
LAND MARK OPP.
JAIPUR CLUB,
MAHAVIR MARG. C-
SCHEME
JAIPUR - 302 001
RAJASTHAN
JAIPUR COMPUTER AGE K.K.KHILNANI
MANAGEMENT
SERVICES PVT. LTD.
G-III, PARK SAROJ
BEHIND ASHOK
 135
NAGAR POLICE
STATION R-7,
YUDHISTHIR MARG
,C-SCHEME
JAIPUR - 302 001
RAJASTHAN
JAIPUR INFRASTRUCTURE MS SANDHYA HEDA 0141 - 2371626
LEASING &
FINANCIAL SERVICES
LTD.
IL&FS LTD. 3RD
FLOOR,'O' - 19 A,
ASHOK MARG,C -
SCHEME
JAIPUR - 302001
RAJASTHAN
JAIPUR INFRASTRUCTURE MS. SANDHYA HEDA 0141-2371626
LEASING &
FINANCIAL SERVICES
LTD.
O-19 A; ASHOK MARG
C SCHEME
JAIPUR - 302 001
RAJASTHAN
JAMSHEDPUR KARVY MR. JAYANTO 0657-2487045
COMPUTERSHARE BHATTACHARYA 2487020
PVT. LTD.
KANCHAN TOWER,
3RD FLR, 3-S B SHOP
AREA,
CHHAGANLAL
DAYALJI & SONS.
MAIN ROAD,
BISTUPUR
JAMSHEDPUR - 831
001
JHARKHAND
JAMSHEDPUR BAJAJ CAPITAL UTPAL BANERJEE 0657-2321825
INVESTOR SERVICES
LIMITED
SHOP NO. 53, 2ND
FLOOR KAMANI
BUSINESS CENTRE
BISHTUPUR
JAMSHEDPUR - 831001
JHARKHAND
 136
KALYANI BAJAJ CAPITAL KAUSHIK 25022106
INVESTOR SERVICES CHAKRABORTY
LIMITED
B-9/20 ( C. A) P O.
KALYANI DIST.
NADIA
KALYANI - 741235
WEST BENGAL
KANPUR BAJAJ CAPITAL RAVI PRAKASH 0512-2314625
INVESTOR SERVICES TIWARI 2315676
LIMITED
25, LOWER GROUND
FLOOR, 17/5,
ROLLAND TOWER,
MALL ROAD
KANPUR - 208001
UTTAR PRADESH
KANPUR KARVY MR. SUDHIR TEWARI 0512-3292333
COMPUTERSHARE 3246390
PVT. LTD.
15/46, FIRST FLOOR
OPP. MUIR MILLS,
CIVIL LINES
KANPUR - 208 001
UTTAR PRADESH
KANPUR COMPUTER AGE RISHI RANJAN
MANAGEMENT
SERVICES PVT. LTD.
G 27,28 GROUND
FLOOR CITY CENTRE
63/ 2, THE MALL
KANPUR - 208 001
UTTAR PRADESH
KARUR BAJAJ CAPITAL R.M. MURUGAN 04324 -231818
INVESTOR SERVICES
LIMITED
SHOP NO.11, JEYAM
TOWERS NO.1B,
NORTH
PRADHAKSHNAM
ROAD NEAR
THINNAPPA
THEATRE
KARUR - 639 001
TAMILNADU
 137
KOLKATA BAJAJ CAPITAL RAJARSHI 4003-4031
INVESTOR SERVICES MUKHERJEE
LIMITED
LORD, 3RD FLOOR
ROOM NO. 302 7/1
LORD SINHA ROAD
KOLKATA - 700071
WEST BENGAL
KOLKATA BAJAJ CAPITAL SANTANU 4005-2060
INVESTOR SERVICES CHAKRABORTY
LIMITED
9 EZRA STREET
KOLKATA - 700001
WEST BENGAL
KOLKATA BAJAJ CAPITAL AVIJIT BANERJEE 4005-3181
INVESTOR SERVICES
LIMITED
MARTIN BURN
HOUSE GROUND
FLOOR, ROOM NO. 15
1, R N MUKHERJEE
ROAD
KOLKATA - 700001
WEST BENGAL
KOLKATA BAJAJ CAPITAL UDAY SEKAR INDU 4008-5610
INVESTOR SERVICES
LIMITED
1ST FLOOR 4 JATIN
BAGCHI ROAD
KOLKATA - 700029
WEST BENGAL
KOLKATA BAJAJ CAPITAL SREEKANTA PODDER 9903303451
INVESTOR SERVICES
LIMITED
GROUND FLOOR
SHOP NO. 9
SHREERAM NAGAR,
TEGHORIA , V I P
ROAD
KOLKATA - 700052
WEST BENGAL
KOLKATA BAJAJ CAPITAL PRANTICK KUMAR 9903303445
INVESTOR SERVICES ROY
LIMITED
3RD FLOOR 42/1
 138
BANKIM MUKHERJEE
SARANI BLOCK - D,
NEW ALIPORE
KOLKATA - 700053
WEST BENGAL
KOLKATA BAJAJ CAPITAL ANIRBAN 4005-2051
INVESTOR SERVICES CHAKRABORTY
LIMITED
MEZANINE FLOOR,
FLAT NO. 3 P - 24A, C I
T ROAD SCHEME VI
M
KOLKATA - 700054
WEST BENGAL
KOLKATA BAJAJ CAPITAL SUJOY DUTTA 4004-6092
INVESTOR SERVICES
LIMITED
BF - 192 SECTOR I
SALT LAKE
KOLKATA - 700064
WEST BENGAL
KOLKATA BAJAJ CAPITAL NAVANEETA GADI 4003-1733
INVESTOR SERVICES
LIMITED
LORD 5TH FLOOR,
ROOM NO. 507 7/1
LORD SINHA ROAD
KOLKATA - 700071
WEST BENGAL
KOLKATA BAJAJ CAPITAL BOIDURYA JYOTI 9903303455
INVESTOR SERVICES MAZUMDAR
LIMITED
182, JESSORE ROAD (
SATGACHI
CROSSING) DUM
DUM
KOLKATA - 700074
WEST BENGAL
KOLKATA BAJAJ CAPITAL ARNAB DUTTA 4006-1770
INVESTOR SERVICES
LIMITED
PLOT NO. IX - 16
BLOCK EP & GP,
SECTOR V SALT LAKE
KOLKATA - 700091
 139
WEST BENGAL
KOLKATA COMPUTER AGE SUKUMAR 033-30582297
MANAGEMENT
SERVICES PVT. LTD.
7/1 LORDS BUILDING
GROUND FLR, LORD
SINHA ROAD
KOLKATA - 700 071
WEST BENGAL
KOLKATA INFRASTRUCTURE MR. JATIN SANGANI 033-22807358/63
LEASING &
FINANCIAL SERVICES
LTD.
CONSTANTIA
GROUND FLOOR 11
DR. U N
BRAHMACHARI
STREET
KOLKATA - 700 017
WEST BENGAL
KOLKATA INFRASTRUCTURE SAMIR GHOSH 033 -22815032/33
LEASING &
FINANCIAL SERVICES
LTD.
"CONSTANTIA",
GROUND FLOOR 11
DR U N
BRAHMACHARI
STREET GANDHI
NAGAR
KOLKATA - 700 025
WEST BENGAL
KOLKATA KARVY MR. RAJ 033-24659263/67
COMPUTERSHARE RAMASWAMY 24635432
PVT. LTD.
16, JATIN BAGCHI
ROAD,
KOLKATA - 700 029
WEST BENGAL
KOLKATA KOTAK SECURITIES VISHNU TIBREWALA 033- 65502448
LTD.
7TH FLOOR, APEEJAY
HOUSE BLOCK C 15
PARK STREET
KOLKATA - 700 016
 140
WEST BENGAL
KOLKATA INTEGRATED MR. ANANTHA 033-24746400/5296
ENTERPRISES (INDIA) PADMANABHAN
LTD.
1-B, 4C LANSDOWNE
PLACE OPP. RD OF
RAMAKRISHNA
MISSION HOSPITAL
KOLKATA - 700 029
WEST BENGAL
KOTTAYAM BAJAJ CAPITAL SHINE - ACRM 0481 -3293519
INVESTOR SERVICES
LIMITED
SKYLINE CITADEL
BUILDING OPP .
PLANTATION
CORPORATION,
GROUND FLOOR
KANJIKUZHY, K.K.
ROAD
KOTTAYAM - 686 004
KERALA
L.COM BAJAJ CAPITAL HIMANSHU BINDRA 25552675
INVESTOR SERVICES 25551976
LIMITED
SHOP NO.11 & 12, 7-A,
JANAKPURI DISTRICT
CENTRE,
(OPP.JANAKPURI
TRANSPORT
AUTHORITY) JANAK
PURI
L.COM - 110058
NEW DELHI
LUCKNOW BAJAJ CAPITAL BHARAT BHUSHAN 0522-4039500 / 2629773
INVESTOR SERVICES CHATURVEDI
LIMITED
5, COMMERCE
HOUSE, HABIBULLA
COMPOUND, 11,MG
MARG
LUCKNOW - 226001
UTTAR PRADESH
LUCKNOW BAJAJ CAPITAL VIVEK SINGH 0522-2334177
INVESTOR SERVICES 32961198
 141
LIMITED
SHOP NO.1,
SWAROOP MARKET
NEAR KAPUTHALA
CROSSING, ALIGANJ
LUCKNOW - 226024
UTTAR PRADESH
LUCKNOW KARVY MS. RASHI PATHAK 0522-3249039
COMPUTERSHARE 2236819
PVT. LTD.
94, MAHATMA
GANDHI MARG OPP.
GOVERNOR HOUSE
LUCKNOW - 226 001
UTTAR PRADESH
LUCKNOW COMPUTER AGE SANDEEP DAS
MANAGEMENT
SERVICES PVT. LTD.
OFF # 4,1ST
FLOOR,CENTRE
COURT BUILDING,
3/C, 5 - PARK ROAD,
HAZRATGANJ
LUCKNOW - 226 001
UTTAR PRADESH
LUDHIANA COMPUTER AGE RAJESH DEWAN
MANAGEMENT
SERVICES PVT. LTD.
U/ GF, PRINCE
MARKET, GREEN
FIELD NEAR TRAFFIC
LIGHTS, SARABHA
NAGAR PULLI
PAKHOWAL ROAD,
ABOVE DR.
VIRDI'S LAB
LUDHIANA - 141 002
PUNJAB
LUDHIANA BAJAJ CAPITAL AJAY SIDANA 0161-2412287
INVESTOR SERVICES 5121387
LIMITED 9316921166
M-3, ABC SERVICES,
SCO-137, FEROZ
GANDHI MARKET
LUDHIANA - 141001
PUNJAB
 142
MADURAI BAJAJ CAPITAL SENTHIL 0452 - 2345863
INVESTOR SERVICES MANIKANDAN
LIMITED
SURIYA TOWERS,
NO.5 FIRST FLOOR,
272/273, GOODSHED
STREET
MADURAI - 625 001
TAMILNADU
MADURAI COMPUTER AGE S DURAIMURTHY
MANAGEMENT
SERVICES PVT. LTD.
86/71A,
TAMILSANGAM
ROAD
MADURAI - 625 001
TAMILNADU
MANGALORE COMPUTER AGE VEERESH
MANAGEMENT INCHALMATH
SERVICES PVT. LTD.
NO. G 4 & G 5,
INLAND MONARCH
OPP. KARNATAKA
BANK KADRI MAIN
ROAD, KADRI
MANGALORE - 575
003
KARNATAKA
MANGALORE INFRASTRUCTURE MS. GAURI 0824 - 2411426
LEASING & BHANDARKAR
FINANCIAL SERVICES
LTD.
3RD FLOOR RAMA
BHAVNA COMPLEX
KODIALIBAIL
MANGALORE - 575
003
KARNATAKA
MANGALORE INFRASTRUCTURE GAURI BHANDARKAR 0824-2411426/428
LEASING &
FINANCIAL SERVICES
LTD.
3RD FLOOR
RAMBHAVAN
COMPLEX
KODIALBAIL
 143
MANGALORE - 575
003
KARNATAKA
MANGALORE BAJAJ CAPITAL MR.RAVALNATH 0824-4251787
INVESTOR SERVICES
LIMITED
ESSEL TOWERS, SHOP
NO.BS4 BUNTS
HOSTEL CIRCLE,
MANGALORE - 575
003
KARNATAKA
MEERUT BAJAJ CAPITAL PRIYA RANJAN 0121 - 2666293
INVESTOR SERVICES 2667383
LIMITED
G-43, GANGA PLAZA,
NEAR BEGAM
BRIDGE MEERUT
CANTT
MEERUT - 250001
UTTAR PRADESH
MUMBAI BAJAJ CAPITAL SURAJIT 022-40099999
INVESTOR SERVICES MISRA(SR.VICE
LIMITED PRESIDENT)
GROUND FLOOR 003,
PENINSULA
CORPORATE PARK
GANPAT RAO
KADAM MARG
MUMBAI - 400013
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.AKSHAY PATRA 022-64518004
INVESTOR SERVICES
LIMITED
SHOP NO.7,GR.FLOOR
SATYAM SHIVAM
SUNDARAM 88 SION
CIRCLE
MUMBAI - 400022
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.NARAYAN 022-66376999
INVESTOR SERVICES GAIKWAD
LIMITED
GROUND FLOOR
AGRA BUILDING
 144
7/9,OAK LANE FORT
MUMBAI - 400023
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.NARESH JAIN 022-32461282
INVESTOR SERVICES
LIMITED
SHOP NO.7, RAM
NIWAS GOKHALE
ROAD
OPP.DATTATRAYA
HOTEL
MUMBAI - 400028
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.VIPUL KAPADIA 022-23511048
INVESTOR SERVICES
LIMITED
SHOP NO.5,
GR.FLOOR TARDEO
A/C MARKET
MUMBAI - 400034
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MS.VIDYA 022-65971078
INVESTOR SERVICES SAJEEVKUMAR
LIMITED
ROOM NO.3 A/C
MARKET, 5TH FLOOR
MUMBAI CENTRAL
MUMBAI - 400034
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.AMIT KOTHARI 022-32954520
INVESTOR SERVICES
LIMITED
SHOP NO.6 GOPAL
MANSION, STN.
ROAD OPP.COPPER
CHIMNEY
MUMBAI - 400050
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.TEJAS BEHERA 022-32914078
INVESTOR SERVICES
LIMITED
SHOP NO.11,GR.
FLOOR DHEERAJ
HERITAGE BLDG.
S.V.ROAD
 145
MUMBAI - 400054
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.PRADEEP 022-65210116
INVESTOR SERVICES SHARMA
LIMITED
16, SHOPPER'S POINT
BEHIND MOTI
MAHAL
RESTAURANT S.V.
ROAD
MUMBAI - 400058
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.SWAPNIL 022-25213981
INVESTOR SERVICES MAHAJANI
LIMITED
ROOM NO.1, GRD.
FLOOR SUNIL
SADAN, OPP.GRAND
CENTRA HOTEL
M.D.S. MARG
MUMBAI - 400071
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.PRADEEP BISHT 022-65210115
INVESTOR SERVICES
LIMITED
SAI INFOTECH BLDG.,
PATEL CHOWK, RB
MEHTA ROAD
NR.GHATKOPAR STN.
MUMBAI - 400077
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.PANKAJ 022-32509514
INVESTOR SERVICES PATWARDHAN
LIMITED
SHOP NO.102, SAI
ARCADE, N.S.MARG
ABOVE UNION BANK
OF INDIA
MUMBAI - 400080
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.MANOJ VARMA 022-32964078
INVESTOR SERVICES
LIMITED
SHOP NO.1
SHANTINATH APT.,
 146
OPP. STAR APT.
S.V.ROAD
MUMBAI - 400092
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.ANIKET DIVEKAR 022-64507728
INVESTOR SERVICES
LIMITED
SHOP NO.61, VASANT
SAGAR KRISHNA
BLDG.,OPP. THAKUR
CINEMA THAKUR
VILLAGE
MUMBAI - 400101
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.ANUP BHANDARE 022-25376898
INVESTOR SERVICES
LIMITED
ROOM NO.5,
ABV.KHANDELWAL
SWEETS, OPP TAHNE
STN. GOKHALE
ROAD
MUMBAI - 400601
MAHARASHTRA
MUMBAI BAJAJ CAPITAL MR.VISHAL 022-32997372
INVESTOR SERVICES NANDANWAR
LIMITED
C-1/8/0:2 SECTOR 2
MUMBAI - 400703
MAHARASHTRA
MUMBAI INFRASTRUCTURE MR. VIJENDRA 26533083 & 26593016
LEASING & ANBHAVANE
FINANCIAL SERVICES
LTD.
IL&FS LTD, THE IL&FS
FINANCIAL CENTRE
8TH FLOOR, PLOT C-
22, G-BLOCK,
BANDRA KURLA
COMPLEX, BANDRA
(E)
MUMBAI - 400051
MAHARASHTRA
MUMBAI INFRASTRUCTURE GEETA GOHIL 022 28570965
LEASING &
 147
FINANCIAL SERVICES
LTD.
IL AND FS HOUSE
RAHEJA VIHAR
CHANDIVALI,
ANDHERI EAST
MUMBAI - 400072
MAHARASHTRA
MUMBAI INFRASTRUCTURE MR. SANTOSH 022-22817678/79/80
LEASING & MISHRA
FINANCIAL SERVICES
LTD.
SHARADHA
BUSINESS CENTRE
MODERN HOUSE,
GROUND FLOOR, 43,
V B GANDHI MARG,
FORT
MUMBAI - 400 023
MAHARASHTRA
MUMBAI INFRASTRUCTURE AVNEET SHARMA 022 - 22817678/80
LEASING &
FINANCIAL SERVICES
LTD.
43 GROUND FLOOR
DR. V B GANDHI
MARG FORT
MUMBAI - 400 023
MAHARASHTRA
MUMBAI INFRASTRUCTURE MR. VIJENDRA A 022-26533083
LEASING &
FINANCIAL SERVICES
LTD.
IL&FS FINANCIAL
CENTRE, PLOT NO. 22
G BLOCK, BANDRA
KURLA COMPLEX
BANDRA EAST
MUMBAI - 400 051
MAHARASHTRA
MUMBAI INFRASTRUCTURE GIRISH PALSHIKAR 022-28570965
LEASING &
FINANCIAL SERVICES
LTD.
CHANDIVLI,
ANDHERI (EAST)
 148
MUMBAI - 400 072
MAHARASHTRA
MUMBAI COMPUTER AGE R. VAIDYANATHAN 022-25261431
MANAGEMENT
SERVICES PVT. LTD.
RAJABAHDUR
COMPOUND,
GROUND FLR,
BEHIND ICICI BANK,
30 MUMBAI
SAMACHAR MARG
MUMBAI - 400 023
MAHARASHTRA
MUMBAI KARVY MR. SANDEEP 022-66341966/67
COMPUTERSHARE BHOGLE
PVT. LTD.
26/30, FORT
FOUNDATION BLDG
MAH. CHAMBER OF
COMMERCE LANE
NEAR MSC BANK,
FORT
MUMBAI - 400 023
MAHARASHTRA
MUMBAI INTEGRATED MR. 022-24170417/18/19/20
ENTERPRISES (INDIA) GOPALAKRISHNAN
LTD. ANAND
217, SHILPIN CENTRE
- 2ND FLOOR NEAR
SHRIRAM
INDISTRIAL ESTATE
KATRAK ROAD,
MUMBAI - 400 031
MAHARASHTRA
MUMBAI DEUTSCHE INVESTOR M K BIJU 022 - 32583926
SERVICES PVT. LTD.
GROUND FLOOR,
PROSPECT BLDG,
OPP. HSBC BANK /
THOMAS COOK D. N.
ROAD, FORT.
MUMBAI - 400 021
MAHARASHTRA
MUMBAI KOTAK SECURITIES SURESH HARIHARAN 022- 22655005
LTD.
 149
RAJA BAHADUR
COMPOUND
GROUND FLOOR 32
MUMBAI SAMACHAR
MARG
MUMBAI - 400 001
MAHARASHTRA
MUMBAI KOTAK SECURITIES ARVIND PANCHAL 9820553056
LTD.
NIRLON HOUSE, 5TH
FLOOR, NEAR
PASSPORT OFFICE
WORLI
MUMBAI - 400 025
MAHARASHTRA
MUMBAI ICICI BROKERAGE AMI PANDYA
SERVICES LTD.
NIRLON HOUSE, 4TH
FLOOR 254-B, DR.
ANNIE BESANT
ROAD WORLI
MUMBAI
MAHARASHTRA
MUMBAI ICICI BROKERAGE NARENDRA JAIN 022- 66511320
SERVICES LTD.
2ND FLOOR,
STANROSE HOUSE
APPASAHEB
MARATHE MARG
PRABHADEVI
MUMBAI - 400 025
MAHARASHTRA
MUMBAI ICICI BROKERAGE RUTUJA SAWANT
SERVICES LTD.
A WING, 3RD FLOOR,
ICICI BANK TOWER
CHANDIVALI FARM
ROAD, CHANDIVALI
ANDHERI (EAST)
MUMBAI - 400 072
MAHARASHTRA
NAGPUR COMPUTER AGE ANITHA MOKHA
MANAGEMENT
SERVICES PVT. LTD.
145 LENDRA, BEHIND
 150
INDUS IND BANK
NEW RAMDASPETH
NAGPUR - 440 010
MAHARASHTRA
NAGPUR BAJAJ CAPITAL MR.SHAILESH DORLE 0712-6618577
INVESTOR SERVICES
LIMITED
SHOP NO.5
PUSHPAKUNJA
COMMERCIAL BLDG.
CENTRAL BAZAAR
ROAD,RAMDAS PETH
NAGPUR - 440010
MAHARASHTRA
NASIK BAJAJ CAPITAL MR.AMOL PAGARE 0253-2580314
INVESTOR SERVICES
LIMITED
G-13,SUYOJIT
SANKUL, TILAK
WADI SHARANPUR
ROAD
NASIK - 422002
MAHARASHTRA
NEW DELHI BAJAJ CAPITAL VIJAY PAL SINGH 41790444
INVESTOR SERVICES
LIMITED
UNITED INDIA LIFE
BUILDING F BLOCK
CONNAUGHT PLACE
NEW DELHI - 110001
NEW DELHI
NEW DELHI BAJAJ CAPITAL KAPIL PALIWAL 23317072
INVESTOR SERVICES 23313551
LIMITED
GROUND FLOOR,
HERALD HOUSE,
BAHADURSHAH
ZAFAR MARG
NEW DELHI - 110002
NEW DELHI
NEW DELHI BAJAJ CAPITAL CHANDAN SINGH 25734989
INVESTOR SERVICES 25822840
LIMITED
9, GROUND FLOOR,
RAJENDRA BHAWAN,
 151
(OPP. RACHNA
CINEMA), RAJENDRA
PLACE,
NEW DELHI - 110008
NEW DELHI
NEW DELHI BAJAJ CAPITAL RAVI PRAKASH 22751169
INVESTOR SERVICES 22752029
LIMITED
A-13, ACHARYA
NIKETAN, MAYUR
VIHAR- PHASE-I
NEW DELHI - 110009
NEW DELHI
NEW DELHI BAJAJ CAPITAL RAJ KUMAR NAGPAL 65515220
INVESTOR SERVICES 27121605
LIMITED
F-14/1, GROUND
FLOOR, BELOW
SATYAM I-WAY,
MODEL TOWN-II,
NEW DELHI - 110009
NEW DELHI
NEW DELHI BAJAJ CAPITAL ASHOK KUMAR 25113659/25117531
INVESTOR SERVICES
LIMITED
SHOP NO.3, GROUND
FLOOR, B-5, TAGORE
MARKET, (NEXT TO
POST OFFICE) KIRTI
NAGAR
NEW DELHI - 110015
NEW DELHI
NEW DELHI BAJAJ CAPITAL RATISH KURUP 26863789
INVESTOR SERVICES 26523166
LIMITED 41841143
19, DDA MARKET,
YUSUF SARAI
COMMERCIAL YUSUF
SARAI
NEW DELHI - 110016
NEW DELHI
NEW DELHI BAJAJ CAPITAL PRAMOD SHARMA 26674082
INVESTOR SERVICES 26689170
LIMITED
C-50, SHIVALIK,
 152
MAIN ROAD,
MALVIYA NAGAR
NEW DELHI - 110017
NEW DELHI
NEW DELHI BAJAJ CAPITAL RAJAN SHARMA 41693000
INVESTOR SERVICES
LIMITED
GROUND FLOOR 97,
BAJAJ HOUSE NEHRU
PLACE
NEW DELHI - 110019
NEW DELHI
NEW DELHI BAJAJ CAPITAL SUDHIR AGGARWAL 26223507
INVESTOR SERVICES 26443761
LIMITED
L-26 KALKAJI
NEW DELHI - 110019
NEW DELHI
NEW DELHI BAJAJ CAPITAL SANTOSH KUMAR 24338180/41553182
INVESTOR SERVICES MISHRA
LIMITED
GROUND FLOOR, A-
454 DEFENCE
COLONY
NEW DELHI - 110024
NEW DELHI
NEW DELHI BAJAJ CAPITAL AMIT BABBAR 65515221
INVESTOR SERVICES 27461651
LIMITED
SHOP NO. 15
GROUND FLOOR,
DEEP CINEMA
COMPLEX, PHASE-I,
ASHOK VIHAR
NEW DELHI - 110052
NEW DELHI
NEW DELHI BAJAJ CAPITAL MOHIT TANDON 25284360
INVESTOR SERVICES 25265909
LIMITED
G-8 & 9, GROUND
FLOOR, BHANOT
TOWER, A-BLOCK,
OPP. JAWALA HERI
MARKET, PASCHIM
VIHAR
 153
NEW DELHI - 110063
NEW DELHI
NEW DELHI BAJAJ CAPITAL MANISH SHARMA 26164343
INVESTOR SERVICES 26188644
LIMITED
112, IST FLOOR,
ANSAL CHAMBERS-I,
BHIKAJI CAMA
PLACE,
NEW DELHI - 110066
NEW DELHI
NEW DELHI BAJAJ CAPITAL DEBASHISH 26136319/26897632/65515223
INVESTOR SERVICES MOHANTY
LIMITED
15, LGF CENTRAL
MARKET,
MASOODPUR,
VASANT KUNJ
NEW DELHI - 110070
NEW DELHI
NEW DELHI BAJAJ CAPITAL ROHIT CHANDEL 42730057/58/65
INVESTOR SERVICES
LIMITED
F-4, PLOT NO. 6, HL
SQUARE, SECTOR V
NEW DELHI - 110075
NEW DELHI
NEW DELHI BAJAJ CAPITAL SURINDER SINGH 27315056
INVESTOR SERVICES 27312742
LIMITED
SHOP NO.4, FD
MARKET, NEAR
MADHUBAN CHOWK
PITAM PURA
NEW DELHI - 110088
NEW DELHI
NEW DELHI BAJAJ CAPITAL SACHIN AGGARWAL 22233120
INVESTOR SERVICES 45515224
LIMITED
DDA SHOP NO. 24,
GROUND FLOOR, CSC
MARKET NO. 1 I.P.
EXTENSION,
PATPARGANJ,
NEW DELHI - 110092
 154
NEW DELHI
NEW DELHI BAJAJ CAPITAL HARISH BHATIA 22509814
INVESTOR SERVICES 22533270
LIMITED
5/201, SIKKA
COMPLEX, 2ND
FLOOR, COMMUNITY
CENTRE, PREET
VIHAR,
NEW DELHI - 110092
NEW DELHI
NEW DELHI BAJAJ CAPITAL SANJAY SAINI 43036073/74
INVESTOR SERVICES
LIMITED
F-107, 1ST FLOOR, 'D'
BLOCK MARKET,
AJANARA COMPLEX
VIVEK VIHAR
NEW DELHI - 110095
NEW DELHI
NEW DELHI COMPUTER AGE SURESH KALRA 011-30481201
MANAGEMENT
SERVICES PVT. LTD.
304-305, 3RD FLOOR
KANCHENJUNGA
BUILDING 18
BARAKHAMBA ROAD
NEW DELHI - 110 001
NEW DELHI
NEW DELHI INFRASTRUCTURE NEERAJ SAINI 26443912
LEASING &
FINANCIAL SERVICES
LTD.
10, COMMUNITY
CENTRE 2ND FLOOR,
EAST OF KAILASH
NEW DELHI
NEW DELHI - 110065
NEW DELHI INFRASTRUCTURE MR. RAJESH 011-26435352
LEASING & BHATTACHARJEE
FINANCIAL SERVICES
LTD.
10, COMMUNITY
CENTRE 2ND FLOOR,
EAST OF KAILESH
 155
NEW DELHI - 110 065
NEW DELHI
NEW DELHI KARVY MR. MICHAEL 011-23737194
COMPUTERSHARE GEORGE 41511627
PVT. LTD.
212, ARUNACHAL
BLDG, 19
BARAKHAMBA
ROAD, CONNAUGHT
PLACE
NEW DELHI - 110 001
NEW DELHI
NEW DELHI KOTAK SECURITIES ANOOP GUPTA 011- 66313109
LTD.
1ST, 2ND 3RD & 4TH
FLOOR AMBADEEP 14
KASTURBA GANDHI
MARG
NEW DELHI - 110 001
NEW DELHI
NEW DELHI INTEGRATED MR. SUDARSHAN 9871997001/10/12
ENTERPRISES (INDIA)
LTD.
18/7, 1ST FLOOR,
W.E.A ARYA SAMAJ
ROAD, KAROL BAGH
NEW DELHI - 110 005
NEW DELHI
NOIDA BAJAJ CAPITAL DHIRENDER KUMAR 95120-2450100
INVESTOR SERVICES 2451496
LIMITED
A-2, BRAHMAPUTRA
COMMERCIAL
COMPLEX, (NEAR
RAIL RESERVATION
CENTRE), SECTOR 29,
NOIDA
NOIDA - 201301
UTTAR PRADESH
NOIDA BAJAJ CAPITAL MANMOHAN PASSI PHONE NO. 95120-
INVESTOR SERVICES 4340111/2570410
LIMITED
C-20, C BLOCK
MARKET, SECTOR 41,
NOIDA
 156
NOIDA - 201301
UTTAR PRADESH
PALAKKAD BAJAJ CAPITAL N.V.PARASURAMAN 0491 - 2545579
INVESTOR SERVICES
LIMITED
S.S. COMPLEX, 1ST
FLOOR COLLEGE
ROAD, NEAR H.P.O.
PALAKKAD - 678 001
KERALA
PANCHKULA BAJAJ CAPITAL SANJIV SAINI 0172-3951813
INVESTOR SERVICES
LIMITED
S.C.O.- 322, FIRST
FLOOR ABOVE SHER-
E-PUNJAB
RESTAURANT,
SECTOR -9
PANCHKULA
HARYANA
PANJIM KARVY MS. MALINI NAIK 0832-2426870/71-74
COMPUTERSHARE
PVT. LTD.
NO.7 & 8, EL DORADO
PLAZA HELIODORO
SALGADO ROAD
PANJIM - 403 001
GOA
PATNA KARVY MR. SHANKAR 0612-2321354/55/56
COMPUTERSHARE
PVT. LTD.
ANAND TOWERS,
2ND FLOOR,
EXHIBITION RD, NR.
REPUBLIC HOTEL
OPP. MITHILA
MOTORS
PATNA - 800 001
BIHAR
PATNA COMPUTER AGE SUNIL KUMAR
MANAGEMENT
SERVICES PVT. LTD.
KAMLALAYE
SHOBHA PLAZA (1ST
FLOOR) BEHIND RBI
 157
NEAR ASHIANA
TOWER EXHIBITION
ROAD
PATNA - 800 001
BIHAR
PATNA BAJAJ CAPITAL RABINDRA KUMAR 0612-2237951
INVESTOR SERVICES
LIMITED
ASHIANA PLAZA, 1ST
FLOOR FLAT NO. 106B
BUDHA MARG
PATNA - 800001
BIHAR
PONDICHERRY BAJAJ CAPITAL LAKSHMI 0413 2204911
INVESTOR SERVICES NARAYANAN
LIMITED
NO.127/A, 100 FEET
ROAD NADESAN
TOWERS, FIRST
FLOOR NATESAN
NAGAR
PONDICHERRY - 605
001
PONDICHERRY
PUNE BAJAJ CAPITAL MR.OMPRAKASH 020-40185600
INVESTOR SERVICES GUPTA
LIMITED
1ST FLOOR, OFFICE
NO.2 LAND SQUARE,
F.C COLLEG ROAD
NR.RUPALI
RESTAURANT
PUNE - 411001
MAHARASHTRA
PUNE BAJAJ CAPITAL MR.ABHAY SHITRE 020-24493355
INVESTOR SERVICES
LIMITED
SHOP NO.6, SANAS
PLAZA
1302,SUBHASH
NAGAR BAZIRAO
ROAD
PUNE - 411002
MAHARASHTRA
PUNE COMPUTER AGE YATIN DESAI 020-30283005
 158
MANAGEMENT
SERVICES PVT. LTD.
NO.6, 1ST FLR,
NIRMITI EMINENCE
OPP ABHISHEK
HOTEL, MEHANDALE
GARAGE RD,
ERANDAWANE
PUNE - 411 004
MAHARASHTRA
PUNE KARVY MR. ROOPESH 020-25533795
COMPUTERSHARE BALARAMAN 25532783
PVT. LTD.
SRINATH PLAZA, C
WING, 58 & 59 3 RD
FLOOR, SURVY NO.
184/4, F C ROAD
DYANESHWAR
PAKUKA CHOWK
PUNE - 411 004
MAHARASHTRA
PUNE INTEGRATED MR. L. SUDHAKAR 020-24473944
ENTERPRISES (INDIA) 24481891
LTD.
7 & 8 ARTHSHILP,
GROUND FLOOR 1349,
1350, SHUKRAWAR
PETH BAJIRAO ROAD,
PUNE - 411 002
MAHARASHTRA
PUNE DEUTSCHE INVESTOR KAMAAL ASHRAFI 9373337513
SERVICES PVT. LTD.
SHOP NO. 7, JALAN
CORNER, N C
KELKAR ROAD,
NARAYANPETH,
PUNE
MAHARASHTRA
RAIPUR KARVY MS. SHARDA 0771-6450194
COMPUTERSHARE
PVT. LTD.
12 / 13, GROUND FLR
MILLENNIUM PLAZA,
G E ROAD BEHIND
INDIAN COFFEE
HOUSE
 159
RAIPUR - 492 001
CHATTISGARH
RAJKOT KARVY MR. NILESH BELANI 0281-2233179
COMPUTERSHARE 2239338
PVT. LTD.
204, STAR CHAMBERS
DR. RAJENDRA
PRASAD ROAD
HARIHAR CHOWK
RAJKOT - 360 001
GUJARAT
RAJKOT BAJAJ CAPITAL MR.SHAILSH DEVDA 0281-3043588
INVESTOR SERVICES
LIMITED
PRATIBHA COMPLEX,
NR.JAYESH
PUBLICITY MOTI
TANKI CHOWK
RAJKOT - 360001
GUJARAT
RANCHI KARVY MR. RAVI RANJAN 0651-2331320
COMPUTERSHARE 2330386
PVT. LTD.
COMMERCE TOWERS,
3RD FLOOR BESIDE
MAHABIR TOWERS
MAIN ROAD,
RANCHI - 834 001
JHARKHAND
ROHTAK BAJAJ CAPITAL NAVEEN KUMAR 01262 252084
INVESTOR SERVICES BALHARA 320889
LIMITED
1ST FLOOR, NARAIN
COMPLEX CIVIL
ROAD, NEAR
CHOTURAM CHOWK
ROHTAK
HARYANA
SALEM BAJAJ CAPITAL D.SATHISH KANNAN- 0427 - 2441180
INVESTOR SERVICES AREA MANAGER
LIMITED
NO.22,
SWARNAMBIGAI
PLAZA OMALUR
MAIN ROAD
 160
SALEM - 636 009
TAMILNADU
SECUNDERABAD COMPUTER AGE BHAVANARAYANAN 040-39182471
MANAGEMENT
SERVICES PVT. LTD.
102, 1ST FLOOR, JADE
ARCADE PARADISE
CIRCLE
SECUNDERABAD - 500
003
ANDHRA PRADESH
SONEPAT BAJAJ CAPITAL RAJESH KOHLI 0130-2240623
INVESTOR SERVICES (95130 FROM DELHI)
LIMITED
GROUND FLOOR,
OPP. OLD CIVIL
HOSPITAL, RAILWAY
ROAD
SONEPAT - 131001
HARYANA
SURAT BAJAJ CAPITAL MR.HEMANSHU 0261-2475700
INVESTOR SERVICES DESAI
LIMITED
101,VISHWAKARMA
CHAMBER MAJURA
GATED CROSSING
ROAD, RING ROAD
SURAT - 395002
GUJARAT
SURAT COMPUTER AGE NAGEN BIHARI
MANAGEMENT
SERVICES PVT. LTD.
OFFICE NO 2 AHURA
-MAZDA COMPLEX
FIRST FLOOR, SADAK
STREET
TIMALYAWAD,
NANPURA
SURAT - 395 001
GUJARAT
SURAT KARVY MR. VIRAL MEHTA 0261-3017158
COMPUTERSHARE
PVT. LTD.
G/16 EMPIRE STATE
BUILDING NEAR
 161
UDHNA DARWAJA
RING ROAD
SURAT - 395 002
GUJARAT
THIRUCHIRAPALLI BAJAJ CAPITAL A. CHANDRAN - 0431 - 2763744
INVESTOR SERVICES AREA MANAGER
LIMITED
SWATI ARCADE, 73/1-
F 1ST FLOOR, SALAI
ROAD THILLAI
NAGAR
THIRUCHIRAPALLI -
620 018
TAMILNADU
THRISSUR BAJAJ CAPITAL M.K. SUNIL 0487-3293439
INVESTOR SERVICES
LIMITED
FIRST FLOOR,
AMBIKA ARCADE
M.G. ROAD
THRISSUR - 680 001
KERALA
TIRUNELVELI BAJAJ CAPITAL JOE RAYMOND 0462 -4000502
INVESTOR SERVICES
LIMITED
SHOP NO.1, FIRST
FLOOR K.S. ARCADE,
NEAR BYEPASS
ROUNDTANNA
TIRUNELVELI - 627
001
TAMILNADU
TRIVANDRUM BAJAJ CAPITAL PRASANTH 0471 -2735112
INVESTOR SERVICES KRISHNAN
LIMITED
EDAMALA PLAZA, TC
14/999
VAZAHUTHACADU,
VELLAYAMBALAM
ROAD
VAZAHUTHACADU,
SASTHAMANGALAM
POST
TRIVANDRUM - 695
010
KERALA
 162
TRIVANDRUM KARVY MR. SUDEEP 0471-2725987/89/91
COMPUTERSHARE
PVT. LTD.
2ND FLOOR,
AKSHAYA TOWERS
SASTHAMANGALAM
TRIVANDRUM - 695
010
KERALA
UDAIPUR BAJAJ CAPITAL VIVEK SINGHVI 0294- 5103574/3299574
INVESTOR SERVICES
LIMITED
GROUND FLOOR, 1,
SARDARPURA,
UDAIPUR - 313001
RAJASTHAN
VADODARA BAJAJ CAPITAL MR.JEETENDRA 0265-3088162
INVESTOR SERVICES KAMLATKAR
LIMITED
1ST,FLOOR 129
SIDDHATH COMPLEX
RC DUTTA ROAD
VADODARA - 390007
GUJARAT
VADODARA KARVY MR. RAJAN PATEL 0265-2225210
COMPUTERSHARE 3243293
PVT. LTD.
31-34, PAYAL
COMPLEX NEAR
VADODARA STOCK
EXCHANGE
SAYAJIGUNJ
VADODARA - 390 005
GUJARAT
VADODARA COMPUTER AGE SATISH SHAH
MANAGEMENT
SERVICES PVT. LTD.
109 - SILVER LINE
BESIDES WORLD
TRADE CENTRE
SAYAJIGUNJ
VADODARA - 390 005
GUJARAT
VADODARA DEUTSCHE INVESTOR PIYUSH SHUKLA 9825520624
SERVICES PVT. LTD.
 163
301, GOKULESH-II,
B/H, RC DUTT RD,
ALKAPURI
VADODARA
GUJARAT
VARANASI BAJAJ CAPITAL REENA SINGH 0542-2361122/3957285
INVESTOR SERVICES
LIMITED
B-58/53-54, 1ST
FLOOR, SHIVA
COMPLEX RATH
YATRA CROSSING
VARANASI - 221010
UTTAR PRADESH
VIJAYAWADA BAJAJ CAPITAL MR.K. MOHIUDDIN 0866-6538181
INVESTOR SERVICES
LIMITED
KALYAN COMPLEX,
39-1-89, 1ST FLOOR,
TEMPLE STREET, M.G.
ROAD, LABBIPET
VIJAYAWADA - 520010
ANDHRA PRADESH
VIJAYAWADA COMPUTER AGE BVD PRASAD
MANAGEMENT
SERVICES PVT. LTD.
40-1-68, RAO &
RATNAM COMPLEX
NEAR CHENNUPATI
PETROL PUMP M.G
ROAD, LABBIPET
VIJAYAWADA - 520
010
ANDHRA PRADESH
VIJAYAWADA KARVY MS. SRILAKSHMI 0866-2495200
COMPUTERSHARE 2495400
PVT. LTD.
39-10-7 OPP.
MUNICIPAL WATER
TANK LABBIPET
VIJAYAWADA - 520
010
ANDHRA PRADESH
VIZAG COMPUTER AGE SASTRY
MANAGEMENT
 164
SERVICES PVT. LTD.
47/ 9 / 17, 1ST FLOOR
3RD LANE ,
DWARAKA NAGAR
VIZAG - 530 016
ANDHRA PRADESH
VIZAG HDFC ASSET K NARENDRA KUMAR
MANAGEMENT
COMPNAY LTD.
GROUND FLR, SAI
GOPAL ARCADE,
OPP. WALTAIR CLUB,
WALTAIR MAIN RD.
SIRIPURAM
VIZAG
ANDHRA PRADESH
VIZAG BAJAJ CAPITAL MR. N.PAVAN 0891 -2598214
INVESTOR SERVICES
LIMITED
NO.10-1-125, 1ST
FLOOR, ASILMETTA
JUNCTION, BESIDE
PRASAD LABS
VIZAG - 530 003
ANDHRA PRADESH
 165

Chapter 5
General Insurance

Bancassurance- General Insurance

Tie up with New India

(CC Letter no. MCS/03-04/91 dated 24.10.2003 and MCS/03-04/247 dated

12.03.04)

The Bank has entered into a tie-up with New India Assurance Co. for
distribution of the general insurance products through our Branch network.
An MOU to this effect has been signed on 20th October 2003..

2. As in the case of life insurance products, the general insurance products can
be sold only through a trained and qualified employees of the Bank.
……………. The 50 hrs training is for Officers / Assistants who are CAIIB
and the100 hrs training for Officers/Assistants who are non-CAIIB. Faculty
support conducted at STC Hyderabad/Bangalore/Perambur which has been
accredited by IRDA for conduct of general insurance training. Immediately
after the training, the selected Officers/Assistants will be required to appear
for a Test conducted by IRDA. Arrangements for administering the Test to
the trained staff will be made by New India Assurance Co.

3.Once the selected Officials/Assistants from the identified branches complete

the training and are successful in the prescribed general insurance test, they
will be designated as ‘Specified Persons’(SP) authorised to sell insurance
products of New India Assurance Co viz. Fire, Marine(Cargo) and Motor
covers to begin with.

4. New India has allotted the Bank the corporate agency code no. 900042 and
when our SP sells select products under the allotted agency code, commission
from New India will accrue to the particular branch from where the insurance
business has been booked at the following rates:

a) For Corporate Clients:

If Paid up Tariff Non Tariff
Capital Business Business
< Rs. 10 Crs 5% 15%
Rs. 10 Crs to 2.5% 15%
Rs 25 Crs
> Rs 25 Crs NIL 15%
 166
b) For Individual Clients: 15%

5. To facilitate our trained and qualified officials/assistants viz ‘Specified

Persons’ to commence marketing general insurance products we furnish
below a few guidelines:--

i) While the choice of the general insurer from whom the customer may wish
to purchase insurance cover rests with the borrower, our branches concerned
should liaise with officials of New India in their respective areas of operations
and endeavour to book the business by encouraging the customers to
purchase the cover from us.

ii) In cases where insurance cover has already been obtained by the
customers, their renewal dates will need to be diarised so that at the time of
renewal they can be availed from us. For this the SP will need to contact the
concerned customer well before the due date for marketing the products of
New India.

iii)Neighbouring branches which do not have a SP may also utilize the

services of the SP from the identified branch. Suitable instructions should be
issued to all the branches to direct all such business leads to the SP from the
identified branch.

iv) The SP should interact with the visiting borrowers at the branch premises
to explore the scope of selling the products to the customers.
Branch/Divisional Managers are required to guide the SP suitably in this
regard.

v)SPs should be actively involved in Customer Relations Programmes and

other such events held or arranged by the Bank to spread awareness amongst
our customers of the Bank’s foray in general insurance through the corporate
agency route.

vi) Commission at the rates agreed to with New India, vide para 3 above will
accrue to the Branch.SPs will check the commission amount as calculated by
New India branch from where the business has been booked. For this
purpose, a suitable backup register needs to be maintained which will be
scrutinised by the Branch Manager/Divisional Manager

vii) SPs will need to actively liaise with local New India officials who will also
offer the necessary support to our branches.
 167

MOU to act as Corporate Agent of New India Assurance Co.

Renewal thereof
(CC Circular No. PBBU/MCS/06-07/12 dated 01.11.2006)
The Bank entered into an MOU with New India Assurance Co. on October
20, 2003 for a period of 3 years to act as its Corporate Agent for distribution of
select general insurance products through our Branches. The MOU has now
been renewed w.e.f., 20th Oct 2006 for a period of 3 years i.e. till 19th Oct
2009, on the same terms, and conditions, as the earlier MOU.
2. The tieup offers our Branches/Offices another income stream to augment
our “Other Income” in as much as all assets insured with New India
Assurance Co. under the Bank’s Corporate Agency Code No. 900042 will
generate a commission ranging from 5 % to 15 % of premium paid. In this
context, we enclose, at Annexure-A, IRDA Circular no.
IRD/CIR/BRO/074/Feb 05 dated 22.02.2005 containing the rates of
commission payable to our offices/branches.
3. All branches/offices are advised to maintain close liaison with the local
offices of New India Assurance Co. and endeavour to cover ALL our Assets
with New India Assurance Co.
4. Currently the strength of Specified Persons is very low and not
commensurate with our assets portfolio. Efforts should now be made to
increase the number of Specified Persons by multitasking the present
qualified and trained Certified Insurance facilitators and AMFI Certified
Employees. Adoption of cluster approach by Specified Persons to book
general insurance business of neighbouring branches not having Specified
Person(s) will also enhance the coverage of general insurance under the tie up
arrangement.
 168
2. Scale of Commission

Annexure A
IRD/CIR/BRO/074/FEB-05

22nd February, 2005

CIRCULAR

Subject: Special Discount in lieu of Agency Commission/Brokers

Remuneration and Remuneration payable to Direct Insurance
Brokers and Insurance Agents.

Attention is drawn to the Authority’s circular

No.GEN/CIR/009/MAR-04 dated 3 March, 2004 on special discount in lieu
rd

of Agency Commission/Broker’s Remuneration payable for Direct Insurance

Brokers and Insurance Agents in General Insurance Business”.

The above circular was valid for a period of one year starting from 1st
April, 2004 to 31st March, 2005. The Authority has reviewed the performance
of the industry, particularly the development of the system of brokerage and
the benefits to insuring public through increased market penetration. A
number of representations received from different stakeholders from time to
time on the same have also been examined.

Accordingly, this circular is issued superceding Circular

No.GEN/CIR/009/MAR-04 dated 3rd March, 2004 with the following
changes:

1. (a) The eligibility limit for Special discount of 5 per cent in

lieu of Agency
Commission /Broker’s Remuneration stands raised from paid
up capital of above Rs.3 crore to above Rs.15 crore without any
distinction between private and public sector.
(b) The cover under the mega risk policies and project insurance
(EAR/CAR/ALOP) above Rs.1500/- crore sum insured will also
be eligible for Agency Commission/Broker’s Remuneration
irrespective of the capital structure and the insured will not be
eligible for 5 per cent special discount.
(c) In respect of Government Departments where paid up capital
cannot be determined, the facility of 5% Special Discount in lieu
of Agency Commission/Broker’s Remuneration shall continue.
(d) Companies or firms, whether Private Limited Companies or
Public Sector Undertakings or statutory bodies having a paid up
capital above Rs.15 crore except Mega risk policies and project
 169
insurance (EAR/CAR/ALOP) of sum insured
above Rs.1500 crore shall henceforth have the option of either:
• availing a 5% Special Discount and place the Tariff business of Fire,
Petrochemical, Engineering, Consequential Loss (Fire), MLOP and IAR
directly with an insurer; or
• seeking the services of an Insurance Broker/Insurance Agent, in which
case they will become ineligible for availing the 5% Special Discount.
2. The scale of Agency Commission/Brokers Remuneration shall be
regulated as per the table given below:
No. Class of Risk Paid up Agency Direct Brokers
Capital Commission Remuneration
(% of final (% of final
premium premium
excluding excluding
service tax) service tax)
1. Tariff business of Individuals 10% 12.5%
Fire, Petrochemical, Paid up Upto 10% Upto 12.5%
Engineering, CL capital upto
(Fire), MLOP and Rs.15 crore
IAR insurances Paid up Upto 6.25% Upto 7.5%
capital above
Rs.15 crore to
25 crore
Paid up Upto 5% Upto 6.25%
capital above
Rs.25 crore
2. The above No cap on 5% 6.25%
mentioned risks in capital and
Sl.No.1 under Mega no special
Policy & project discount
insurance (CAR,
EAR, ALOP) with
sum insured above
Rs.1500 crore
3. Indian Motor Tariff N.A. Upto 10% Upto 10%
and Statutory
Insurances
(Workmen’s
Compensation Act,
1923; Motor
Vehicles Act, 1988;
Public Liability
Insurance Act, 1991)
4. All Non-Tariff N.A. Upto 15% Upto 17.5%
Business excluding
risks in Sl.No.2
 170

3. It is also clarified that:

• Special Discount in lieu of Agency Commission/Brokers Remuneration
shall be restricted only to Tariff business of Fire, Petrochemical, IAR,
CL (Fire), Engineering & MLOP for paid up capital above Rs.15 crore.
• In all cases where the insured is availing special discount in lieu of
Agency Commission/Broker’s Remuneration, the same should be
indicated on the face of the policy.
• The percentage of special discount in lieu of Agency Commission/
Broker’s Remuneration specified in item (c) above be applied on the
final premium excluding service tax.
• For the purpose of evidence of paid up capital a copy of the latest
Balance Sheet which is in public domain as per the requirements of the
Companies Act, 1956 should be acceptable. In case of a balance sheet
which is 2 years prior to the relevant year of placing insurance an
auditor’s certificate must be produced. In case of sole proprietorship
and partnership firms a certificate from a Chartered Accountant to the
client should be acceptable.
• In respect of branches in India of a foreign company reference should
be drawn from the paid up capital of the company in the country in
which it is incorporated and thereafter converting it into Indian
Rupees.

4. The above orders come into effect from 1st April, 2005.

5. For Marine Hull Tariff business the existing scale of remuneration shall
continue until further orders.

6. The Authority is examining the recommendations made by the Expert

Committee on the other matters and shall take a final decision in due course
of time.

(C.S.Rao)
Chairman
 171

ircular

04th December, 2006

IRDA Circular No. 033/ IRDA/ Brok-Comm/ DEC-06

Re: Limits on payment of commission or brokerage on general insurance

business

By virtue of the power vested in the Authority under Section 14 of the Insurance
Regulatory and Development Authority Act, 1999 and in terms of the provisions of
Sections 40(1), 40A(3) and Section 42E of the Insurance Act, 1938, the Authority hereby
directs that the percentage of premium that can be paid by way of commission or
brokerage on a general insurance policy shall not exceed the percentages of premiums
set out below. No brokerage can be paid in respect of an insurance where agency
commission is payable and likewise, no agency commission can be paid in respect of
an insurance where brokerage is payable.

Class of business Maximum percentage of premium payable

as agency commission or brokerage

(% of final premium excluding service tax)

Agency Comm. Brokerage

1. Fire, Engineering insurances

i. Individuals 10% 12.5%

ii. Corporate clients (including PSUs)

whose paid up capital is:

a) Upto Rs.15 crores 10% 12.5%

b) Between Rs.15 crs & 25 crs 6.25% 7.5%

c) Over Rs.25 crores 5% 6.25%

iii. Risks qualifying as large risks under

para 19(v) of File & Use Guidelines 5% 6.25%

 172
2. Motor insurance business (other than third

party)*, WC/ EL and statutory PL Business 10% 10%

3. Marine Hull insurance 10% 12.5%

4. Marine Cargo business 15% 17.5%

5. All other business 15% 17.5%

* - No commission shall be paid on motor third party insurance

For the purpose of evidence of paid up capital a copy of the latest Balance Sheet which
is in public domain as per the requirements of the Companies Act, 1956 should be
acceptable. In case of a balance sheet which is 2 years prior to the relevant year of
placing insurance an auditor’s certificate must be produced. In case of sole
proprietorship and partnership firms a certificate from a Chartered Accountant to the
client should be acceptable.

In respect of branches in India of a foreign company reference should be made to the

paid up capital of the company in the country in which it is incorporated converting it
into Indian Rupees at the current exchange rate on the date of insurance

No payment of any kind, including “administration or servicing charges” is permitted

to be made to the agent or the broker in respect of the business in respect of which he is
paid agency commission or brokerage.

This direction supersedes all existing directions on the subject and shall take effect in
respect of insurances or renewals commencing on or after 1 January 2007.

(C.S.Rao)
Chairman
 173
August 25, 2008

Ref: 011/ IRDA/ Brok-Comm/ Aug-08

Re: Limits on payment of commission or brokerage on general insurance

business with effect from 1 st October 2008

By virtue of the power vested in the Authority under Section 14 of the

Insurance Regulatory and Development Authority Act, 1999 and in terms of
the provisions of Sections 40(1), 40A(3) and Section 42E of the Insurance Act,
1938, the Authority hereby directs that the percentage of premium that can
be paid by way of commission or brokerage on a general insurance policy
shall not exceed the percentages of premiums set out below. No brokerage
can be paid in respect of an insurance where agency commission is payable
and likewise, no agency commission can be paid in respect of an insurance
where brokerage is payable.

Maximum percentage of
premium payable as agency
commission or brokerage

Class of Business (% of final premium excluding

service tax)
S. No. Agency Comm. Brokerage
1. Fire, IAR and Engineering 10% 12.5%
insurances

i. General
ii. Risks treated as large risks under 5% 6.25%
para 19(v) of File & Use Guidelines
2 Motor insurance business (OD 10% 10%
portion), WC/EL & statutory Public
Liability Insurance
3 Motor Third Party insurance Nil Nil
4 Marine Hull insurance 10% 12.5%
5 Marine Cargo business 15% 17.5%
6 All other business 15% 17.5%

No payment of any kind, including “administration or servicing charges” is

permitted to be made to the agent or the broker in respect of the business in
respect of which he is paid agency commission or brokerage.

This direction supersedes all existing directions on the subject and shall take
effect in respect of insurances or renewals commencing on or after 1 st
 174
October 2008 .

(J.Harinarayan)
Chairman
 175

3. Training and Certification as Specified Person

(CC Circular no. MCS/07-08/13 dated 24.10.07)

BANCASSURANCE : LIFE and /or GENERAL INSURANCE

REDUCTION IN TRAINING HOURS w.e.f 1st Nov 2007

Extant Instructions:
In terms of extant instructions of IRDA, Officers / Assistants short listed for
becoming Certified Insurance Facilitators (for life insurance) or Specified
Persons (for General Insurance) would have to undergo 50 or 100 hours of
practical training, from an approved institution , depending upon their CAIIB
status. Composite Insurance Agents eligible for marketing Life as well as
General Insurance products were required to undergo 75 or 150 hrs of
practical training , from an approved institution , depending upon their
CAIIB status.

Revised Instructions:
Now, IRDA vide its circular no. 42/IRDA/Agency/Oct 2007 of 15/10/2007,
has advised that with effect from 1st Nov 2007 , the number of hours required
for practical training stands reduced to 25 or 50 hours , from an approved
institution, depending upon the CAIIB status of the short listed Officer /
Assistant, in terms of Gazette Notifications, regarding IRDA (Training of
Insurance Agents) (Amendment) Regulation 2007 and IRDA (Training of
Corporate Agents) (Amendment) Regulation 2007, issued on 8th October 2007
(copies enclosed).

2. In case of Officers / Assistants short listed for undergoing both life as well
as general insurance training, to become Composite Insurance Agents, the
number of training hours stands reduced to 35 or 75 hours, from an approved
institution, depending upon their CAIIB status.
 176
4. Scheme for Reimbursement of Examination fees and Payment of
Honorarium : General Insurance

(Vide e-Circular P&HRD. Sl. No. : 266/2007 - 08

Circular No. : CDO/P&HRD-LANDD/22/2007 – 08 dated 11 August 2007)

1. In terms of extant instructions, vide our Cir./ HRD/ CDO/ 94/ 878 dated
24.11.2003, approval had been granted for payment of an incentive of
Rs.2500/- (Rupees two thousand five hundred only) to such employees who
successfully complete the training in the subject of non-life insurance and
qualify a mandatory test to be conducted by the institutions accredited by
IRDA for the purpose.
2. In this connection, during the last few years the general insurance market
has been growing at a substantial pace. A number of players have entered the
market and the existing as well as the new players have adopted aggressive
strategies to capture a larger share of the market. The Bank, too, is in the
process of entering the general insurance market and this is likely in the next
six months. The Bank needs to be well prepared by way of adequate number
of trained employees who are ready to seek significant business for the Bank
by the time the new general insurance business is launched. To capture a
sizable market-share of the growing business, the Bank needs
to significantly focus on marketing efforts and involve more and more
employees at the Branch level. This calls for further motivating our employees
for going in for certification in a big way. The existing Scheme for Payment of
Honorarium is now more than four years old and, in the meantime, there has
been an all round increase in prices.
3. In view of the above, it has been decided to increase the honorarium
payable on obtaining certification for non-life insurance from Rs.2500/- to
Rs.5000/- (Rupees five thousand only). It has also been decided that in view
of the large-scale appointment of CRE (PB)s, the Scheme may be extended to
cover such employees also.
4. All other terms and conditions as mentioned in our aforementioned
Circular would remain unchanged.
 177

Chapter 6
Credit Cards

1. Helpline
SBI Cards has created a dedicated cell for handling service related issues as
under:
Tel: +91 – 124 – 3987388
E mail id exclusively for SBI Staff: services.sbi@ge.com
The staff can send their feedback/complaints etc at this id. Their mails will be
acknowledged immediately on receipt thereof. SBI Card have fixed the turn
around time of 2 working days for the feedback/complaints received on this
id, but cases where some deep/discreet investigations are required, the Turn
Around Time will be a maximum of 5 working days.
The id may not be passed on to the customers in general. Efficiency of service
to the bank would get impacted if customers in general also start sending
mails to this id. In the case of any mail landing in this mailbox from other
than staff, this will be forwarded to feedback.gesbi@ge.com
 178

Chapter 7

Miscellaneous
1. Accounting System for booking of fee/commission/brokerage with BGL
and CGL Nos. ( CC letter no. MCS/07-08/18 dated 5th May 2007.)

Income received by the branches from cross selling is not being reflected
correctly in the Branch Performance Report. In order to rectify the position,
separate General Ledger heads classifying income from selling life insurance/
general insurance/mutual funds/credit cards have been provided in the Core
Banking System by Global IT Centre, Belapur and since activated by the
Central data Centre.
Necessary Service desk announcements have already been made by the IT
Deptt. about the availability of these accounts, instructing branches to credit
the income proceeds to the correct accounts.

P FORM Description along with

OLCC for Commission
P FORM Head GLCC No. GLCC Description BGL BGL DESCRIPTION
(Entered by
Account branches or CMP
Centre by posting the
Commission entry
1. Life Insurance
(Premium)
1a. Group 7435505001 Commission on 2399716
Life Insurance – COMM ON LIFE
Group INSURANCE-GROUP
1b. Individual 7428505001 Comm. On SBI Life 97924 Comm on SBI
/ Other Life/Others

2. MF (Gross)
2a. SBI Mutual 7426505001 Comm. On SBI 97925
Fund Mutual Fund Comm on Mutual Fund
2b. UTI Mutual 7436505001 Comm. On UTI 2399717 Comm on UTI Mutual
Fund Mutual Fund Fund
2c. Tata Mutual 7437505001 Comm. On Tata 2399718 Comm on Tata Mutual
Fund Mutual Fund Fund
2d. Fidelity 7438505001 Comm. On Fidelity 2399719 Comm on Fidelity
Mutual Fund Mutual Fund Mutual Fund
2e. Templeton 7439505001 Comm. On 2399720
Mutual Fund Templeton Mutual Comm on Templeton
Fund Mutual Fund

3. Gen. Insurance 7428505001 Comm. From sale 97937 Comm. from sale of
(Premium) of General General Insurance
 179
Insurance Products Products
4. SBI Cards Nos. 7405505001 Comm. On SBI 98328 Comm on SBI Card
Card Issu. Issue Others

2. Insurance Regulatory and Development Authority (Protection of

Policyholders’ Interests) Regulations, 2002.

In exercise of the powers conferred by clause (zc) of sub-section (2) of section

114A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the
Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the
Authority, in consultation with the Insurance Advisory Committee, hereby makes
the following regulations, namely:

Short title and commencement

(1) These regulations may be called the Insurance Regulatory and

Development Authority (Protection of Policyholders’ Interests)
Regulations, 2002
(2) They shall come into force on the date of their publication in the
Official Gazette and shall apply to all contracts of insurance effected
thereafter, except regulation 4(1) which shall come into force on 1st
October, 2002.
(3) These Regulations are in addition to any other regulations made by
the Authority, which may, inter alia, provide for protection of the
interest of policyholders.
(4) These Regulations apply to all insurers, insurance agents, insurance
intermediaries and policyholders.

Definitions

2. (1) In these regulations, unless the context otherwise requires:

(a) “Act” means the Insurance Act, 1938 (4 of 1938);
(b) “Authority” means the Insurance Regulatory and Development
Authority established under the provisions of section 3 of the
Insurance Regulatory and Development Authority Act, 1999 (41 of
1999);
“Cover” means an insurance contract whether in the form of a policy
or a cover note or a Certificate of Insurance or any other form prevalent
in the industry to evidence the existence of an insurance contract;
“Proposal form” means a form to be filled in by the proposer for
insurance, for furnishing all material information required by the
insurer in respect of a risk, in order to enable the insurer to decide
whether to accept or decline, to undertake the risk, and in the event of
 180
acceptance of the risk, to determine the rates, terms and
conditions of a cover to be granted.
Explanation: “Material” for the purpose of these regulations shall mean
and include all important, essential and relevant information in the
context of underwriting the risk to be covered by the insurer.
(e) “Prospectus” means a document issued by the insurer or in its behalf
to the prospective buyers of insurance, and should contain such
particulars as are mentioned in Rule 11 of Insurance Rules, 1939 and
includes a brochure or leaflet serving the purpose. Such a document
should also specify the type and character of riders on the main
product indicating the nature of benefits flowing thereupon;
(f) Words and expressions used and not defined in these regulations, but
defined in the Act, or the Life Insurance Corporation Act, 1956, (31 of
1956) or the General Insurance Business (Nationalisation) Act 1972 (57
of 1972), or the Insurance Regulatory and Development Authority Act,
1999 (41 of 1999) or the Insurance Rules, 1939 shall have the meanings
respectively assigned to them in those Acts or the Rules.

3. Point of Sale

(1) Notwithstanding anything mentioned in regulation 2(e) above, a

prospectus of any insurance product shall clearly state the scope of benefits,
the extent of insurance cover and in an explicit manner explain the
warranties, exceptions and conditions of the insurance cover and, in case of
life insurance, whether the product is participating (with-profits) or non-
participating (without-profits). The allowable rider or riders on the product
shall be clearly spelt out with regard to their scope of benefits, and in no case,
the premium relatable to all the riders put together shall exceed 30% of the
premium of the main product.

Explanation: The rider or riders attached to a life policy shall bear the nature
and character of the main policy, viz. participating or non-participating and
accordingly the life insurer shall make provisions, etc., in its books.

(2) An insurer or its agent or other intermediary shall provide all material
information in respect of a proposed cover to the prospect to enable the
prospect to decide on the best cover that would be in his or her interest.

(3) Where the prospect depends upon the advice of the insurer or his agent
or an insurance intermediary, such a person must advise the prospect
dispassionately.
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(4) Where, for any reason, the proposal and other connected papers
are not filled by the prospect, a certificate may be incorporated at the end of
proposal form from the prospect that the contents of the form and
documents have been fully explained to him and that he has fully
understood the significance of the proposed contract.

i. In the process of sale, the insurer or its agent or any intermediary shall act
according to the code of conduct prescribed by:
the Authority
the Councils that have been established under section 64C of the Act
and
the recognized professional body or association of which the agent or
intermediary or insurance intermediary is a member.

4. Proposal for insurance

(1) Except in cases of a marine insurance cover, where current market
practices do not insist on a written proposal form, in all cases, a proposal
for grant of a cover, either for life business or for general business, must be
evidenced by a written document. It is the duty of an insurer to furnish to
the insured free of charge, within 30 days of the acceptance of a proposal, a
copy of the proposal form.
(2) Forms and documents used in the grant of cover may, depending upon
the circumstances of each case, be made available in languages recognised
under the Constitution of India.
(3) In filling the form of proposal, the prospect is to be guided by the
provisions of Section 45 of the Act. Any proposal form seeking information
for grant of life cover may prominently state therein the requirements of
Section 45 of the Act.
(4) Where a proposal form is not used, the insurer shall record the
information obtained orally or in writing, and confirm it within a period of
15 days thereof with the proposer and incorporate the information in its
cover note or policy. The onus of proof shall rest with the insurer in respect
of any information not so recorded, where the insurer claims that the
proposer suppressed any material information or provided misleading or
false information on any matter material to the grant of a cover.
(5) Wherever the benefit of nomination is available to the proposer, in
terms of the Act or the conditions of policy, the insurer shall draw the
attention of the proposer to it and encourage the prospect to avail the
facility.
(6) Proposals shall be processed by the insurer with speed and efficiency
and all decisions thereof shall be communicated by it in writing within a
reasonable period not exceeding 15 days from receipt of proposals by the
insurer.
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5. Grievance redressal procedure
Every insurer shall have in place proper procedures and effective
mechanism to address complaints and grievances of policyholders
efficiently and with speed and the same along-with the information in
respect of Insurance Ombudsman shall be communicated to the
policyholder along-with the policy document and as maybe found
necessary.
6. Matters to be stated in life insurance policy

(1) A life insurance policy shall clearly state:

(a) the name of the plan governing the policy, its terms and conditions;

(b) whether it is participating in profits or not;

(c) the basis of participation in profits such as cash bonus, deferred bonus,
simple or compound reversionary bonus;
(d) the benefits payable and the contingencies upon which these are
payable and the other terms and conditions of the insurance contract;
(e) the details of the riders attaching to the main policy;
(f) the date of commencement of risk and the date of maturity or date(s)
on which the benefits are payable;
(g) the premiums payable, periodicity of payment, grace period allowed
for payment of the premium, the date the last instalment of premium,
the implication of discontinuing the payment of an instalment(s) of
premium and also the provisions of a guaranteed surrender value.
(h) the age at entry and whether the same has been admitted;
(i) the policy requirements for (a) conversion of the policy into paid up
policy, (b) surrender (c) non-forfeiture and (d) revival of lapsed
policies;
(j) contingencies excluded from the scope of the cover, both in respect of
the main policy and the riders;
(k) the provisions for nomination, assignment, and loans on security of the
policy and a statement that the rate of interest payable on such loan
amount shall be as prescribed by the insurer at the time of taking the
loan;
any special clauses or conditions, such as, first pregnancy clause, suicide
clause etc.; and
the address of the insurer to which all communications in respect of the policy
shall be sent.
the documents that are normally required to be submitted by a claimant in
support of a claim under the policy.
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(2) While acting under regulation 6(1) in forwarding the policy to the
insured, the insurer shall inform by the letter forwarding the policy that he
has a period of 15 days from the date of receipt of the policy document to
review the terms and conditions of the policy and where the insured
disagrees to any of those terms or conditions, he has the option to return
the policy stating the reasons for his objection, when he shall be entitled to
a refund of the premium paid, subject only to a deduction of a
proportionate risk premium for the period on cover and the expenses
incurred by the insurer on medical examination of the proposer and stamp
duty charges.

(3) In respect of a unit linked policy, in addition to the deductions under

sub-regulation (2) of this regulation, the insurer shall also be entitled to
repurchase the unit at the price of the units on the date of cancellation.

(4) In respect of a cover, where premium charged is dependent on age, the

insurer shall ensure that the age is admitted as far as possible before
issuance of the policy document. In case where age has not been admitted
by the time the policy is issued, the insurer shall make efforts to obtain
proof of age and admit the same as soon as possible.

7. Matters to be stated in general insurance policy

(1) A general insurance policy shall clearly state:

(a) the name(s) and address(es) of the insured and of any bank(s) or any
other person having financial interest in the subject matter of insurance;
(b) full description of the property or interest insured;
(c) the location or locations of the property or interest insured under the
policy and, where appropriate, with respective insured values;
(d) period of Insurance;
(e) sums insured;
(f) perils covered and not covered;
(h) any franchise or deductible applicable;
(i) premium payable and where the premium is provisional subject to
adjustment, the basis of adjustment of premium be stated;
(j) policy terms, conditions and warranties;
(k) action to be taken by the insured upon occurrence of a contingency
likely to give rise to a claim under the policy;
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(l) the obligations of the insured in relation to the subject matter of
insurance upon occurrence of an event giving rise to a claim and the
rights of the insurer in the circumstances;
(m) any special conditions attaching to the policy;
• provision for cancellation of the policy on grounds of mis-
representation, fraud, non-disclosure of material facts or non-
cooperation of the insured;
• the address of the insurer to which all communications in respect of the
insurance contract should be sent;
• the details of the riders attaching to the main policy;
• proforma of any communication the insurer may seek from the
policyholders to service the policy.

(2) Every insurer shall inform and keep informed periodically the insured
on the requirements to be fulfilled by the insured regarding lodging of a
claim arising in terms of the policy and the procedures to be followed by
him to enable the insurer to settle a claim early.

8. Claims procedure in respect of a life insurance policy

(1) A life insurance policy shall state the primary documents which are
normally required to be submitted by a claimant in support of a claim.
(2) A life insurance company, upon receiving a claim, shall process the
claim without delay. Any queries or requirement of additional documents,
to the extent possible, shall be raised all at once and not in a piece-meal
manner, within a period of 15 days of the receipt of the claim.
(3) A claim under a life policy shall be paid or be disputed giving all the
relevant reasons, within 30 days from the date of receipt of all relevant
papers and clarifications required. However, where the circumstances of a
claim warrant an investigation in the opinion of the insurance company, it
shall initiate and complete such investigation at the earliest. Where in the
opinion of the insurance company the circumstances of a claim warrant an
investigation, it shall initiate and complete such investigation at the
earliest, in any case not later than 6 months from the time of lodging the
claim.
(4) Subject to the provisions of section 47 of the Act, where a claim is ready
for payment but the payment cannot be made due to any reasons of a
proper identification of the payee, the life insurer shall hold the amount for
the benefit of the payee and such an amount shall earn interest at the rate
applicable to a savings bank account with a scheduled bank (effective from
30 days following the submission of all papers and information).
(5) Where there is a delay on the part of the insurer in processing a claim
for a reason other than the one covered by sub-regulation (4), the life
insurance company shall pay interest on the claim amount at a rate which
 185
is 2% above the bank rate prevalent at the beginning of the
financial year in which the claim is reviewed by it.

9. Claim procedure in respect of a general insurance policy

(1) An insured or the claimant shall give notice to the insurer of any loss
arising under contract of insurance at the earliest or within such extended
time as may be allowed by the insurer. On receipt of such a
communication, a general insurer shall respond immediately and give clear
indication to the insured on the procedures that he should follow. In cases
where a surveyor has to be appointed for assessing a loss/ claim, it shall be
so done within 72 hours of the receipt of intimation from the insured.
(2) Where the insured is unable to furnish all the particulars required by
the surveyor or where the surveyor does not receive the full cooperation of
the insured, the insurer or the surveyor as the case may be, shall inform in
writing the insured about the delay that may result in the assessment of the
claim. The surveyor shall be subjected to the code of conduct laid down by
the Authority while assessing the loss, and shall communicate his findings
to the insurer within 30 days of his appointment with a copy of the report
being furnished to the insured, if he so desires. Where, in special
circumstances of the case, either due to its special and complicated nature,
the surveyor shall under intimation to the insured, seek an extension from
the insurer for submission of his report. In no case shall a surveyor take
more than six months from the date of his appointment to furnish his
report.
(3) If an insurer, on the receipt of a survey report, finds that it is incomplete
in any respect, he shall require the surveyor under intimation to the
insured, to furnish an additional report on certain specific issues as may be
required by the insurer. Such a request may be made by the insurer within
15 days of the receipt of the original survey report provided that the facility
of calling for an additional report by the insurer shall not be resorted to
more than once in the case of a claim.
(4) The surveyor on receipt of this communication shall furnish an
additional report within three weeks of the date of receipt of
communication from the insurer.
(5) On receipt of the survey report or the additional survey report, as the
case may be, an insurer shall within a period of 30 days offer a settlement
of the claim to the insured. If the insurer, for any reasons to be recorded in
writing and communicated to the insured, decides to reject a claim under
the policy, it shall do so within a period of 30 days from the receipt of the
survey report or the additional survey report, as the case may be.
(6) Upon acceptance of an offer of settlement as stated in sub-regulation (5)
by the insured, the payment of the amount due shall be made within 7 days
from the date of acceptance of the offer by the insured. In the cases of delay
 186
in the payment, the insurer shall be liable to pay interest at a rate
which is 2% above the bank rate prevalent at the beginning of the financial
year in which the claim is reviewed by it.

10. Policyholders’ Servicing

(1) An insurer carrying on life or general business, as the case may be, shall
at all times, respond within 10 days of the receipt of any communication
from its policyholders in all matters, such as:
(a) recording change of address;
(b) noting a new nomination or change of nomination under a policy;
(c) noting an assignment on the policy;
(d) providing information on the current status of a policy indicating
matters, such as, accrued bonus, surrender value and entitlement to
a loan;
(e) processing papers and disbursal of a loan on security of policy;
(f) issuance of duplicate policy;
(g) issuance of an endorsement under the policy; noting a change of
interest or sum assured or perils insured, financial interest of a bank
and other interests; and
(h) guidance on the procedure for registering a claim and early
settlement thereof.

11. General
(1) The requirements of disclosure of “material information” regarding a
proposal or policy apply, under these regulations, both to the insurer and
the insured.
(2) The policyholder shall assist the insurer, if the latter so requires, in the
prosecution of a proceeding or in the matter of recovery of claims which
the insurer has against third parties.
(3) The policyholder shall furnish all information that is sought from him
by the insurer and also any other information which the insurer considers
as having a bearing on the risk to enable the latter to assess properly the
risk sought to be covered by a policy.
(4) Any breaches of the obligations cast on an insurer or insurance agent or
insurance intermediary in terms of these regulations may enable the
Authority to initiate action against each or all of them, jointly or severally,
under the Act and/or the Insurance Regulatory and Development
Authority Act, 1999.
 187

3. Role Sheet of Chief Managers / Asst. General Managers (Cross

Selling)
In the Circles

1. Draw up plans for marketing and cross selling the products and services
of the Subsidiaries / Joint Ventures of the Bank thought the branch in the
Network and monitor their implementation.
2. Assist the network in selling the products / services of the Subsidiaries –
e.g. insurance products, Mutual Fund products, General Manager and SBI
Cards products.
3. Identify suitable branches for delivery of products / services of the
Subsidiaries / General Insurance Company in consultation with Circle
functionaries / Network functionaries.
4. Arrange for publicity of products and services at the Circle / Network
level.
5. Co-ordinate with Marketing – Cross Selling Department at the Corporate
Centre in setting targets, with the approval of the CMC to Network for
selling the products and services of the Subsidiaries of the Bank/General
Insurance Company.
6. Participate in Network level and Regional ‘P’ Review meetings and
arrange for monthly review of performance of Branches, vis-à-vis the
targets set.
7. Arrange for performance review and put up periodic activity reports to
the CMC and Corporate Centre at monthly intervals (as per format below).
8. Interact with CirMAC members, General Manager (Network), Asst.
General Managers heading Regions and Heads of Branches on a regular
basis to promote cross-selling. To interact with functionaries in the
Network and guide them.
9. Interact and inter face with officials of subsidiaries / Joint Ventures like
SBI Life, SBI Fund Management Ltd. etc.
10. Help conduct refresher product training and certification training
programmes at regular intervals.
 188
11. Interact with the training system, to seek feedback and to share
information.
12. Co-ordinate with and participate in product presentation to Corporates,
institutions and groups of customers arranged / organized by Regions /
Network.
13. Actively cross-sell to MCG/CAG units within the geographical area of the
Network/Circle.

Cross Selling Activity Report for the Month of …………………….

(Rs. in Lacs)
A. INCOME
Commission
as reported
Income Budgeted
by Commission as per
category by Commission
Company Branch P report
Partner upto the month
upto the
month
SBI Life
SBI MF
UTI MF
Tata MF
Franklin
Templeton MF
Fidelity MF
Others
New India
SBI Cards
Total

(No. of Participants)
B. Conducted Conducted by
Trainings for Proposed by
by the
Certfication as Circle
Companies

CIF
ACEs
SPs
Total

(No. of Personnel)
C. Details of Trained at the No. trained No. passed during the
Marketing beginning of the during the Month
 189
Personnel month Month
Trained

CRE
OMR

CRA
RM-PB
RM ME
Others
Total

Total no. of
personnel trained
Marketing
as CIF/ACE/SP at
Personnel
the end of the
month

CRE
OMR
CRA
RM-PB
RM ME
Others
Total

Details of Marketing Activity / Special Campaigns Undertaken at

D. LHO/RBO/Branches/Others

a) Location
b) Details
c) Business Booked/
Remarks

E. Details of Cross Selling Activities for CAG/MCG Units:

a) Location
b) Contacts Made/ Details
c) Business Booked/
Remarks

F. Details of Major Campaigns / Promotion launched by our Partners

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Chief General Manager (Cross Selling)

………………………Circle

Date:
 191

4. Code of Conduct for Certified Insurance Facilitators (CIFs) and

Specified Persons (SPs):

Para 9 of LICENSING OF CORPORATE AGENTS REGULATIONS, 2002

dated 16th October, 2002 issued by Insurance Regulatory and Development
Authority prescribes a Code of Conduct for Insurance Agents i.e. Certified
Insurance Facilitators (CIFs) and Specified Persons (SPs).

2) Every CIF/SP shall follow the code of conduct specified below:

13. Every corporate agent/ corporate insurance executive/ specified person

shall,---
i) identify himself and the insurance company of whom he is a
representative;
ii) disclose his licence/ certificate to the prospect on demand;
iii) disseminate the requisite information in respect of insurance
products offered for sale by his insurer and take into account the
needs of the prospect while recommending a specific insurance
plan;
iv) disclose the scales of commission in respect of the insurance
product offered for sale, if asked by the prospect;
v) indicate the premium to be charged by the insurer for the insurance
product offered for sale;
vi) explain to the prospect the nature of information required in the
proposal form by the insurer, and also the importance of disclosure
of material information in the purchase of an insurance contract;
vii) bring to the notice of the insurer any adverse habits or income
inconsistency of the prospect, in the form of a report (called
“Insurance Agent’s Confidential Report”) along with every
proposal submitted to the insurer, and any material fact that may
adversely affect the underwriting decision of the insurer as regards
acceptance of the proposal, by making all reasonable enquiries
about the prospect;
viii) inform promptly the prospect about the acceptance or rejection of
the proposal by the insurer;
ix) obtain the requisite documents at the time of filing the proposal
form with the insurer; and other documents subsequently asked for
by the insurer for completion of the proposal;
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x) render necessary assistance to the
policyholders or claimants or beneficiaries in complying with the
requirements for settlement of claims by the insurer;
xi) advise every individual policyholder to effect nomination or
assignment or change of address or exercise of options, as the case
may be, and offer necessary assistance in this behalf, wherever
necessary;
 193

iv.No CIF/SP shall,----

i. solicit or procure insurance business without holding a valid licence/
certificate;
ii. induce the prospect to omit any material information in the proposal
form;
iii. induce the prospect to submit wrong information in the proposal form
or documents submitted to the insurer for acceptance of the proposal;
iv. behave in a discourteous manner with the prospect;
v. interfere with any proposal introduced by any other specified person
or any insurance intermediary;
vi. offer different rates, advantages, terms and conditions other than those
offered by his insurer;
vii. demand or receive a share of proceeds from the beneficiary under an
insurance contract;
viii. force a policyholder to terminate the existing policy and to effect a new
proposal from him within three years from the date of such
termination;
ix. No corporate agent shall have a portfolio of insurance business from
one person or one organization or one group of organizations under
which the premium is in excess of fifty percent of total premium
procured in any year;
x. apply for fresh licence to act as an insurance agent, if his licence was
earlier cancelled by the designated person, and a period of five years
has not elapsed from the date of such cancellation;
xi. become or remain a director of any insurance company;

(iii) Every CIF/SP shall, with a view to conserve the insurance business
already procured through him, make every attempt to ensure remittance of
the premiums by the policyholders within the stipulated time, by giving
notice to the policyholder orally and in writing.

(iv) No CIFSP shall hold similar position with another corporate agent of any
other insurance company.
v) Feedback received indicated that some CIFs/SPs who are also relatives of
agents employed by SBI Life Insurance Co./New India Assurance Co. were
engaged in mis-selling of insurance products, exposing the Bank to significant
reputational risk. Booking of policies to the Bank’s customers through the
Agency channel also results in loss of revenue to the Bank. With a view to
protecting the Bank’s interests the contents of bank’s book of instructions,
Volume 1, Chapter 1- Establishment and General Administration, Para 1,
Annexure-I (VI)
 194
1. An employee of the Bank may not act as agent for an Insurance Company
otherwise than for or on behalf of the bank.
Explanation: (i) canvassing by an employee in support of the business of insurance
agency, commission agency, etc. owned or managed by a member of his family shall be
deemed to be breach of this sub rule.
ii) An employee guilty of infringing any of the provisions of paragraph may render
himself liable to dismissal from the service
(CC letter no. MCS/06-07/244 dated 30th March 2007)
 195

5. Sharing of Customer Information (vide CC letter nos.

BBU/MCS/Card/21/77 dated 21.07.2005 and PBBU/MCS/06-07/232 dated
12.03.2007)

a) A number of branches are being approached of late by sales agents

purporting to be Sales Executives of our subsidiaries. They have reportedly
requested our branches to furnish details of Names, Addresses, telephone
numbers, three months statements of accounts etc. and various other details
of information regarding our customers. Branches are persuaded that the
information is sought only for selling/cross selling Banks products and has
the concurrence of the Controlling Office.

b) It is reiterated that as per the extant instructions of Reserve Bank of India,

it will not be proper to share customer data without the specific written
consent of the customer. This applies even to our own subsidiaries.
Branches should provide information in respect of the account including copy
of the statements only on receipt of specific authority signed by the customer
to furnish the information. Such written authority should be retained in the
Branch and filed with the Account Opening form.

c) This will not prevent the Branch staff from offering the products of our
subsidiaries to our customers over the counter or through mailers, campaigns,
melas and any other sales effort organized by the Bank. This also does not
apply to CIFs, ACEs, SPs, RMPBs, OBSF etc, who have booked business for
the Bank, obtained the customer’s signature and assent in the application
form and then forwarded the customer’s data to a Subsidiary.

d) Passing on addresses of customers to agents who are not fully aware of the
sensitivity of the relationship with the branch and do not understand the
customer needs fully, does not benefit the Branch. Our endeavour should be
to Cross sell the products to our customers ourselves, thereby enhancing the
value of our existing relationship and earns the Branch income by way of
commission, brokerage etc.
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Appendix

MASTER CIRCULAR

MARKETING - CROSS SELLING

LIST OF CIRULARS CONSOLIDATED IN THE MASTER CIRCULAR

S.No. Circular/Letter Date Subject

Number