BSE StAR MF, India’s largest Mutual Funds Distributor platform, launched its mobile app -‘BSE StAR MF’ – on May 15, 2019, at BSE International Convention Hall, Fort, Mumbai. The newly-launched app would look at enabling more participation from Mutual Fund Distributors (MFDs) by helping them process transactions on the go! The app would further ease the process of purchase and redemption of mutual fund units on behalf of their clients.
BSE StAR MF Mobile app supports real-time client registration and
paperless transactions, creates and uploads mandate for SIPs, generates the
basket of multiple of orders, tracks and allows the distributor to analysehis
business at his fingertips.
In April 2019, the platform processed 42.6 lakh transactions. In FY2018-19,
BSE StAR MF crossed 3.5 crore transactions witnessing 111% growth as compared
to 1.70 crore transactions in FY2017-18.
Commenting on the launch of BSE StAR MF app, BSE MD
& CEO, Ashishkumar Chauhan said, “BSE
StAR MF platform has become a benchmark for the fintech industry in India by
e-enabling more than 24,000 direct IFAs and 200,000 indirect IFAs to automate
end to end processes in their front and back offices. The launch of the app
would further provide comfort of doing business to our 24,000 members.This
appwould not only increase their productivity, but would also enable IFAs to
take their business anywhere, anytime. BSE StAR MF has seen more than 100% year
on year growth every year for last 10 years consistently. With the launch of
the app, we look forward to help IFAs grow their business and retain the No. 1
position in the online MF distribution platform segment. This mobile
application will also be provided to individual investors shortly.”
Overall, the superior support system and distribution reach of BSE StAR
MF has enabled the platform to grow exponentially with the registered
distributors soon to touch 24,000 in India. The launch of the StAR MF app is
expected to further increase the number of distributors significantly. In
future, the appaims to support online video KYC to onboard new investors. The BSE StAR MFapp
can be downloaded from Google Play Store. Once the
app is downloaded, the sign up can be done by providing themember identification
BSE (formerly Bombay Stock Exchange) established in
1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed
of 6 microseconds. BSE is India’s leading exchange group and has played a
prominent role in developing the Indian capital market. BSE is a corporatized
and demutualised entity, with a broad shareholder base that includes the
leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides
an efficient and transparent market for trading in equity, debt instruments,
equity derivatives, currency derivatives, interest rate derivatives, mutual
funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in
equities of small and medium enterprises (SMEs) that has been highly
successful. BSE also has a dedicated MF distribution platform BSE StAR MF which
is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018,
BSE launched commodity derivatives trading in delivery-based futures contract
in gold (1 kg) and silver (30 kg).
BSE provides a host of other services to capital
market participants including risk management, clearing, settlement, market
data services and education. It has a global reach with customers around the
world and a nation-wide presence. BSE’s systems and processes are designed to
safeguard market integrity, drive the growth of the Indian capital market and
stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned
subsidiary of BSE, acts as the central counterparty to all trades executed on
the BSE trading platform and provides full novation, guaranteeing the
settlement of all bonafide trades executed. BSE Institute Ltd, another fully
owned subsidiary of BSE runs one of the most respected capital market
educational institutes in the country. Central Depository Services Ltd. (CDSL),
associate company of BSE, is one of the two Depositories in India.