Back Office Executive – Mutual Fund Operations

Role summary

The Back Office Executive runs day-to-day mutual fund operations end to end: every client transaction is executed correctly, before cut-off, and followed through until units are allotted or money is credited. The role is the practice's single point of execution, so the principal distributor can focus on clients and advice.

Position

Back Office Executive – Mutual Fund Operations

Reports to

Devendra Yadav, Mutual Fund Distributor (principal)

Location

Borivali West, Mumbai (office-based)

Works with

Clients, AMC relationship managers (RMs), RTAs (CAMS, KFintech), transaction platforms

Key responsibilities1. Online transaction execution

Execute all client transactions on the practice's platforms: BSE StAR MF, MF Utility (MFU), NSE NMF II, MF Central and AMC/RTA distributor portals.

Place purchases (lumpsum and NFO), redemptions, switches, STPs and SWPs as instructed by the client.
Register, modify, pause and cancel SIPs, and link them to the correct bank mandate.
Send payment links and transaction authentication links to clients (email/SMS OTP), and follow up until the client approves.
Meet cut-offs: 3:00 pm for equity and debt schemes, 1:30 pm for liquid and overnight funds. Orders received late are flagged to the client before placing.
Check order status the same day and confirm allotment (units, NAV, date) the next working day.
Confirm redemption credit to the client's bank within the SEBI timeline (3 working days) and chase any delay.

2. Client onboarding and KYC

Check KYC status with the KRA (KYC Registration Agency) and CKYC before the first transaction; complete fresh or modified KYC where needed.
Create the client's UCC on BSE StAR MF and CAN (Common Account Number) on MF Utility.
Capture FATCA/CRS declaration, nomination (or a signed opt-out), and bank details with proof.
Register bank mandates (eNACH / OTM / ISIP) and track until they are approved by the bank.
Open a client file (physical and digital) with all documents, verified against originals.

3. Non-financial servicing

Process and track service requests through the RTA, MF Central or the AMC:

Change of bank mandate, address, mobile number or email
Adding or updating nominees
Transmission of units after an investor's death (nominee or legal heir claims)
Minor-to-major conversion and guardian changes
Consolidation of folios and change of distributor (ARN) requests
Account statements, capital gains statements and duplicate documents

4. Mutual fund back-office software

Maintain the practice's MF software (such as Investwell, Wealth Elite or the software in use) as the single source of client data.
Download and import RTA feeds (CAMS and KFintech mailback reports) every day; fix unmapped folios and duplicate clients.
Reconcile the software's holdings with RTA statements every month and resolve differences.
Generate client reports: portfolio valuation, SIP due and expiry lists, capital gains, and transaction history.
Keep client master data (PAN, contact, bank, nominee, family grouping) complete and correct.

5. Rejections and objections on online transactions

Find every failed or rejected transaction the same day, fix the cause, resubmit, and tell the client. Common causes and the usual fix:

Rejection reason

Usual action

Mandate not registered or rejected by bank

Re-register the mandate; ask client to verify with bank

Insufficient balance / SIP bounce

Inform client; retry next date; track repeated bounces

KYC not compliant or on hold

Complete KYC modification through the KRA

PAN not linked to Aadhaar

Ask client to link; hold transaction

Name or bank mismatch

Get corrected bank proof; update records

FATCA or nomination missing

Collect declaration; update on platform

Payment after cut-off or not realised

Explain NAV date to client; re-place if needed

Client did not authorise the transaction link

Re-send link; call the client

Keep a rejection register (date, client, reason, action, closed date) and review repeated causes with the principal every month.

6. Client query handling

Answer client calls, WhatsApp messages and emails about transaction status, statements, NAV, SIP dates, redemption credit and tax statements.
Reply within the same working day; if the answer needs the RTA or AMC, give the client a date and keep it.
Log every query and complaint in the query register with closure date.
Escalate complaints, and any client asking for investment advice, to the principal.

7. Coordination with AMC RMs and RTAs

Keep an updated contact list of RMs for every AMC the practice works with.
Escalate stuck transactions, delayed redemptions, and service requests to the RM with folio, date and reference number.
Collect NFO forms, scheme updates, product notes and marketing material from RMs and share with the principal.
Coordinate AMC empanelment and document updates for the practice.
Visit or contact CAMS and KFintech service centres for physical submissions when needed.

8. Brokerage (commission) reconciliation

Download monthly brokerage statements from CAMS, KFintech and platforms.
Reconcile brokerage against AUM by AMC and flag missing or short payments to the RM.
Prepare invoices where required and keep the brokerage register up to date.

9. Records and compliance

File every form, KYC document and client instruction, physically and digitally, so any transaction can be traced.
Keep a transaction register of client instructions (who, what, when, how received).
Follow the AMFI Code of Conduct for distributors and SEBI rules on client authorisation.
Keep client data confidential; never share one client's information with another person.

10. Reporting to the principal

Daily: transactions placed, pending items, rejections, and queries open
Weekly: SIP registrations and cancellations, mandates pending, service requests open
Monthly: AUM and SIP book, new clients, rejection summary, brokerage received vs expected

Work routine

The day is built around the 1:30 pm and 3:00 pm cut-offs: transactions first, servicing and records after.

When

Task

Daily, by 10:30 am

Import RTA feeds; check previous day's allotments, SIP debits and rejections

Daily, by 1:15 pm

Place liquid and overnight fund orders

Daily, by 2:45 pm

Place all other orders; confirm client authorisation and payment

Daily, afternoon

Handle rejections, service requests, client queries, RM follow-ups

Daily, before leaving

Update transaction, rejection and query registers; send daily report

Weekly

Review pending mandates, SIP registrations and open service requests

Monthly

Reconcile software vs RTA holdings; brokerage reconciliation; SIP expiry list; monthly MIS

Yearly

Capital gains statements for clients (April); KYC and nomination review; AMC empanelment updates

Authority limits

The executive acts only on a clear client instruction and never on their own judgment about investments.

May do

May not do

Execute transactions the client has instructed and authorised

Place any transaction without the client's instruction and authorisation

Explain processes, timelines, NAV and statement details

Recommend schemes or give investment advice (refer to the principal)

Send authentication and payment links to the client's registered contacts

Ask for, receive or use a client's OTP, password or login

Collect forms and documents from clients

Accept cash, or cheques in the office's name, for investment

Escalate issues to RMs and RTAs

Change a client's bank, mobile or email without the client's signed request

Share reports with the client concerned

Share any client's data with another person, including family, without consent

Performance measures

The role is reviewed monthly on accuracy and speed; suggested targets are below and can be adjusted after probation.

Measure

Target

Client instructions executed before the applicable cut-off

100% (when received and authorised in time)

Transactions with errors caused by the office

Zero

Rejections identified and acted on

Same working day

Client queries answered or given a firm date

Same working day

Service requests submitted after documents are complete

Within 1 working day

Software vs RTA reconciliation

Completed by the 10th of each month

Brokerage reconciliation and follow-up of shortfalls

Completed by the 15th of each month

Registers and daily report

Updated every day

Skills and qualifications

Graduate, preferably in commerce
1–3 years in mutual fund operations with a distributor, AMC or RTA (freshers with strong aptitude considered)
Hands-on use of BSE StAR MF, MF Utility, NSE NMF II or MF Central; MF back-office software is an advantage
Working knowledge of KYC, mandates, SIP/STP/SWP, transmission and cut-off rules
Good Excel (sorting, filters, lookups) and clear written English for client emails
Neat handwriting and accuracy with numbers, PAN, folio and bank details
NISM Series V-A certification preferred, or willingness to clear it within 6 months
Calm, polite phone manner and discipline in keeping registers up to date

Back Office Employee