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of <h1>SEBI Bans Pool Accounts for Mutual Funds, Mandates Two-Factor Authentication for Online Redemptions from April 2022.</h1> The Securities and Exchange Board of India (SEBI) issued a circular to clarify the discontinuation of using pool accounts for mutual fund transactions, effective April 1, 2022. Stock brokers, clearing members, and other entities are prohibited from accepting payments through one-time mandates unless they are in favor of SEBI-recognized Clearing Corporations. Existing mandates can remain if they ensure funds are credited only to approved accounts. Asset Management Companies (AMCs) and other entities must implement checks to prevent misuse of funds and ensure compliance, with new mandates allowed only for mutual fund subscriptions. Two-factor authentication is required for online redemptions.
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