Leading stock exchange BSE’s mutual fund platform today processed a record over 1 lakh orders in a day.
“This is a significant development. We are confident that BSE StAR MF has the potential to completely change the distribution framework of Indian MF industry by reducing the cost and increasing the predictability of processes,” BSE CEO and Managing Director Ashishkumar Chauhan said in a statement.
BSE StAR MF distribution platform, the largest distribution framework for Indian mutual funds, is a web-based transaction processing, fully automated online MF collection and settlement system.
According to the exchange, the platform is very popular among brokers which account for more than 80 per cent market share.
BSE has introduced host of new services on the exchange’s mutual fund platform to facilitate investors and mutual fund distributors.
This includes a completely digital non demat/physical mode of mutual fund transactions while keeping in with all the benefits of physical mode, 24×7 order acceptance, flexible and multi-mode of payment collection enabled, six day order holding facility, among others.