Requirement: This policy is framed with the objective of prohibiting the flow of third party funds and unidentified money through pre funded instruments like NEFT/DD/PO/RTGS etc. The objective is to maintain audit trail for such acceptances of such funds and ensure that no third party funds are accepted unless with proper documentary evidences.
Scope: This policy is framed for accepting NEFT/DD/PO/RTGS at VIKSON SECURITIES PVT LTD
This policy covers all such instruments accepted from the clients.
If the aggregate value of pre-funded instruments is ` 50,000/- or more, per day per client VIKSON SECURITIES PVT LTD may accept the instruments only if the same are accompanied by the name of the bank account holder and number of the bank account debited for the purpose, duly certified by the issuing bank.
a. The mode of certification may include the following:
- Certificate from the issuing bank on its letterhead or on a plain paper with the seal of the issuing bank.
- Certified copy of the requisition slip (portion which is retained by the bank) to issue the instrument.
- Certified copy of the passbook/bank statement for the account debited to issue the instrument.
- Authentication of the bank account-number debited and name of the account holder by the issuing bank on the reverse of the instrument.
It is the duty of compliance officer to ensure that no pay order, Demand Draft, Banker’s cheque should be accepted in the Organization if the above mentioned criteria is not fulfilled. The compliance officer will also maintain an audit trail of the funds received through electronic fund transfers to ensure that the funds are received from their clients only. In case the bank draft /pre funded transfer instrument contain the details of the clients, the same also need to be considered to ensure no third party funds are used.