Mandate restrictions for mutual fund transactions: payments must route only to approved accounts and intermediaries face strict controls. Payments for mutual fund subscriptions must be routed only to designated Approved Accounts; existing mandates may continue only if Payment Aggregators ensure beneficiary accounts are exclusively clearing corporation accounts (for exchange transactions) or mutual fund pool/scheme accounts (for other platforms). Exchanges, clearing corporations and AMCs must contract with PAs, implement checks and balances including annual third party audits, and maintain grievance mechanisms. AMCs remain liable for misuse by PAs or intermediaries. Non demat redemptions require Two Factor Authentication with an OTP as one factor.