Process Updates & Policies

Living document. The newest changes are at the top within each section. When something here is wrong or stale, update it in place rather than creating a new doc.

Source-of-Truth Policy

• Do NOT refer to the legacy Partner Handbook (Google Doc) for any answers. Use only product docs in this knowledge base, and knowledge confirmed in internal channels.
• Whenever new product / process knowledge is confirmed, also keep this page in sync.

Proposal Restrictions for Non-ARN Partners

Effective: 2 February 2026.

Partners without a valid ARN (or with an expired ARN linked to their profile) cannot create the following proposals:

• SIP / STP / SWP
• One-time transactions
• Tracker / Internal switches

This applies to all employees under an office owner — their proposal access depends on whether the office owner has a valid, linked ARN.

Still allowed (existing validation rules apply):

• Pause, Edit, Cancel actions for SIP / STP / SWP / Mandate / Withdrawals
• Goal Merge proposals
• Insurance proposals
• Demat proposals
• Wealthcase proposals

Customer Support for STP / SWP / Internal Switch Requests

Customers can reach support via:

• In-app chat support
• customer.support@wealthy.in

Profile / Investment Change Policy

• No changes will be made to a customer’s profile or investments without an email request from the respective client
• Verbal or chat requests are not sufficient — email is mandatory

GST on MF Brokerage

GST-Registered Partners

• Total brokerage = ₹100 → ₹84.70 revenue + ₹15.30 GST
• Partner must pay the ₹15.30 GST portion to the government
• If GST isn’t deposited for 3–4 consecutive months, Wealthy holds the partner’s payout
• Wealthy verifies GST deposits via the GST portal

Non-GST-Registered Partners

• Total brokerage = ₹100 → ₹100 revenue + ₹0 GST
• No GST obligation
• GST registration is not mandatory for empanelment

Many partners don’t fully understand GST — explain proactively. Loop in the finance team for further clarity.

KYC — Status, Sync & Profile Edge Cases

RI KYC — Validated vs Registered

• A Resident Individual (RI) must have Validated KYC to invest in new folios
• An RI with Registered KYC can only transact in existing folios
• When an RI with Registered KYC initiates a new online transaction through Wealthy, full KYC is completed as part of that flow

Definition of Compliant KYC

Folio Logic When Client Starts with Wealthy

• Fresh client (no prior MF history with Wealthy) → new folio created per AMC
• If first transactions came via Change of Broker (COB) or Tracker Switch → those existing folios are used. Even if it’s the client’s first online transaction through Wealthy, it uses the migrated folio
• Transaction is processed normally either way

Partner Folio Selection at Transaction Time

• New folio — always available
• Existing folio — available if the client already has holdings in that AMC

Demat Folio Restriction

• Wealthy supports only non-demat folios through the partner flow
• The demat-folio restriction will soon be added to the client app as well

KYC Abandoned Midway — No Auto-Sync

If a client starts a profile on Wealthy, abandons KYC midway, then completes KYC via KRA through a different channel:

• The latest KYC data does not auto-sync to Wealthy
• The client will still be asked to complete full KYC on Wealthy
• Action: raise a support ticket — the support team will assist manually

This applies only to incomplete profile scenarios. If the profile is already complete, the latest KYC records sync normally.

KRA KYC Status in Profile

• The KRA KYC status shown in a client profile is for reference only
• It is not used to complete the profile unless the profile / onboarding journey has been started

All-in-One Account (MF + Demat)

Clients starting an All-in-One account must complete full KYC — mandatory for Demat account opening.

Demat Account Opening Journey

If a client starts Demat account opening, they’re redirected to the latest stage in the pending KYC journey — even if the MF account is already ready for investments.

Onboarding Status

Reflects the latest profile / KYC journey of the account. If incomplete, the status shows In-Progress with a percentage completion.

Mandate Logic — SIP Debits

Selection Order (when a SIP debit is initiated)

1. Only 1 mandate from SIP-linked bank → that mandate is used
2. UPI + E-mandate (1 each), same bank account → E-mandate wins
3. Multiple E-mandates, same bank → Highest-value E-mandate wins
4. Multiple E-mandates of the same value, same bank → Latest E-mandate wins
5. Multiple UPI mandates, same bank → Latest UPI mandate wins
6. No active mandate from SIP-linked bank → SIP fails — even if active mandates exist from a different bank

Key principle: mandate selection is always scoped to the SIP-linked bank account. Mandates from other banks are ignored entirely.

E-Mandate vs UPI — Current Preference

E-mandates are now prioritised over UPI mandates due to high UPI mandate failure rates.

The earlier amount-based logic is no longer applicable:

SIP ≤ ₹15,000 → UPI mandate preferred. SIP > ₹15,000 → highest-value mandate used.

E-Mandate Type Preference

1. Net Banking / Debit Card E-Mandate — preferred (faster approval: 30 min to 7 days)
2. UPI Mandate — higher failure rates, but convenient and accessible for less tech-savvy users
3. Aadhaar-based E-Mandate — least preferred (approval can take up to 45 days; used only when other options are unavailable)

Aadhaar-based E-Mandate

• Fallback only — for clients with none of: Net Banking, Debit Card, UPI
• The client’s bank must have enabled Aadhaar-based mandate (not all banks support it)
• An individual can have this service with only one bank at a time
• Feasibility and control sit entirely with the bank — not Wealthy
• Approval TAT: up to 45 days

Manual Verification Fallback

If auto-verification fails during mandate setup, clients can still set up a mandate via:

• Bank account addition
• Proof collection (manual)

The mandate status is synced back to the client’s profile only if the bank account is approved — this prevents deductions from third-party / unverified accounts.

Current Account Restriction

The PSP (Payment Service Provider) does not support mandate setup from current accounts. Only savings accounts are supported.

SIP Bank Linking

• The SIP bank is linked only via a proposal from the partner — during setup or edit-proposal
• Client-side bank selection for SIPs is not available yet (feature in progress)

SIP Amount vs Mandate Value

New SIPs

If the SIP amount is higher than the existing mandate value, the client must set up a new mandate with a higher value. The client is automatically redirected to the mandate setup flow.

Existing SIPs

Existing SIPs continue running even if the mandate value is less than the SIP amount (grandfathered behaviour).

Debit Behaviour When Mandate Value < SIP Value

• First debit: only ONE debit is initiated, capped at the maximum mandate value
  • e.g. ₹50K mandate, ₹1L SIP → first debit = ₹50K (used to create the folio)
• Subsequent debits: multiple debits are initiated to match the full SIP value
  • e.g. ₹50K mandate, ₹1L SIP → two debits of ₹50K each (total ₹1L)
  • Condition: this only applies AFTER the folio has been created by the first successful transaction

SIPs at the Goal Level

SIPs set up at the goal level (whether Wealthy-created goals or custom goals) are processed as lumpsum investments — even though they are technically SIPs.

Reason: the investment value in each fund within the goal may change every month to automatically rebalance the portfolio to the desired allocation percentage.

Tax-Saver Funds — No Step-Up SIPs

Step-up SIPs are NOT allowed in tax-saver (ELSS) funds. This restriction applies to all new and existing SIPs in ELSS funds.

Reference Links

• MF Daily Performance Report: Google Drive — folder link. Also accessible via the CRM resource section. Updated daily.
• IRDAI Insurance Commission Overhaul (2026): ETBFSI coverage — IRDAI may overhaul insurance commission norms in 2026 as costs surge.