FinnSys Software | ARM Fintech Consultants Pvt Ltd - Blog by Avaish Ahmad

Newsletter Sample - Month Ending Apr' 2024

Mon, 06 May 2024 13:57:03 +0530

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Fri, 01 Mar 2024 17:57:56 +0530

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Join for DDQ training session

Wed, 28 Feb 2024 11:37:33 +0530

What is the importance of DDQ in MFD business ?

As per SEBI circular No. Cir/IMD/DF/13/2011 dated August 22, 2011, the Asset Management Companies (AMCs) are required to conduct due diligence in respect of mutual fund distributors (MFDs) . In this regard, AMFI has been organising unified due diligence of MFDs on behalf of participating AMCs by engaging the services of professional Chartered Accountants / consultancy firms, so as to avoid duplication of efforts by multiple AMCs and to ensure process efficiency. All distributors identified by AMFI on the basis of the aforesaid criteria, are required to undergo a unified due diligence.

Currently , DDQ is compulsory for those MFDs who meet any of the following criteria, in order to regulate the distributors:

a. AUM raised over ₹100 crore across the industry in the non-institutional category but including high net-worth individuals.

b. Commissionreceivedofover₹1croreduringtheyearacrosstheindustry. c. Commission received of over ₹50 lakh from a single mutual fund.

d. Multiple point presence in more than 20 locations.

However it is recommended for all MFDs to strengthen their business and grow it bigger and better !

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Newsletter Sample - Month Ending December 2023

Sat, 13 Jan 2024 12:21:28 +0530

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Wed, 06 Dec 2023 15:36:39 +0530

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Build a Great App by using external API

Sun, 07 May 2023 01:40:44 +0530

APIs are mechanisms that enable two software components to communicate with each other using a set of definitions and protocols. For example, the weather bureau’s software system contains daily weather data. The weather app on your phone “talks” to this system via APIs and shows you daily weather updates on your phone.

What does API stand for?

API stands for Application Programming Interface. In the context of APIs, the word Application refers to any software with a distinct function. Interface can be thought of as a contract of service between two applications. This contract defines how the two communicate with each other using requests and responses. Their API documentation contains information on how developers are to structure those requests and responses.

Some important 3rd Party APIs for a Financial Services App

Most of the MF distribution application need following APIs to make it useful and customer friendly :

NSE NMFII API : For enabling Online transaction in your application
BSE Star MF API : For enabling Online transaction in your application
MFU Utility API : For enabling Online transaction in your application
CAMS E KYC API : For creating Online KYC for new On boardings
Advisor Khoj/ Morning Star etc : For presenting scheme wide data and charts
PaySprint/ Bill Avenue etc : For enabling PAN card creation, Online payments and other Bill Payments
Policy Anchor/ Policy Bazaar etc : For presenting Insurance Quotes and comparison along with Online buying
Finnsys 360 API : For presenting complete customer data through RTA feed

How to get these APIs ?

All these APIs are available at free or reasonable annual charges, from the respective entities. We provide full support in getting these APIs in case the app development is done by us. APIs are classified both according to their architecture and scope of use. We have already explored the main types of API architectures so let’s take a look at the scope of use.

Private APIs

These are internal to an enterprise and only used for connecting systems and data within the business.

Public APIs

These are open to the public and may be used by anyone. There may or not be some authorization and cost associated with these types of APIs.

Partner APIs

These are only accessible by authorized external developers to aid business-to-business partnerships.

Composite APIs

These combine two or more different APIs to address complex system requirements or behaviours.

Can we get Counselling for our App ?

We provide our senior resource for Rs 25000/- one time , for a complete counselling session on the app building. Such session consist of 4 classes and it will help you in creating a sketch of your project. This session does not put you into any obligation to get the mobile application build through us.

Drop a message in our contact section, we will get back to you for more details. Follow us on your favourite Social Media