BSE introduces host of new services on Mutual Fund platform

To make transactions easier for its users, BSE has introduced a host of new features on its mutual funds…

BSE StAR MF has also extended its online payment services for demat mode of transactions to payment gateways – direct mode, payment gateways. (PTI)

To make transactions easier for its users, BSE has introduced a host of new features on its mutual funds distribution platform, including online payment facility for demat mode of transactions and multi-bank client registration system.

BSE StAR MF has also extended its online payment services for demat mode of transactions to payment gateways – direct mode, payment gateways – nodal banks, one-time mandate and cheque collection services for MF distributors, apart from existing NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement) collection service.

Earlier, online payment services were enabled for non-demat mode only.

Besides, provision has also made to choose NEFT/RTGS mode and enter Unique Transaction Reference in online payment services on its MF platform. Earlier, payment gateways were enabled in the online order payment confirmation services only.

“In addition to existing ICICI Bank collection service for NEFT/RTGS, users will now have HDFC Bank collection services too,” the exchange said in a statement.

BSE StAR MF will soon enable its multi-bank client registration and also enable investors to have five banks for making subscription payments.

The platform processed over 33 lakh orders worth Rs 44,235 crore in the past fiscal. Besides, in the first two months of the current financial year (2016-17), it received orders over Rs 12,370 crore.
BSE StAR MF was launched in December 2009 to encourage retail investments in the mutual funds market.

In March, BSE had announced several new services on its mutual fund platform, including digital non-demat transactions, round the clock order acceptance and six-day order holding facility to help investors and distributors of such products.

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