Leading stock exchange BSE on Wednesday announced a host of 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.
The exchange has introduced a digital non demat/ physical mode of mutual fund transactions while keeping in mind all the benefits of physical mode on BSE StAR MF – country’s largest mutual fund platform.
Besides the bourse has enabled 24×7 order acceptance, flexible and multi-mode payment collection, six day order holding facility, two minutes SIP (Systematic Investment Plans) creations with flexibility of first order today as well as multi-mode platform accessibility.
BSE StAR Mutual Fund has become the largest mutual fund distributor platform in India with more than 4 lakh SIPs per month. On many days BSE StAR Mutual Fund has exceeded 70,000 orders per day.
As per the exchange’s estimate BSE StAR Mutual Fund accounts for more than 8 per cent of traction taking place in Indian mutual fund houses.
The mutual fund platform has processed over 31 lakh orders worth Rs 41,000 crore so far in the current fiscal.
In 2014, capital market regulator Sebi had allowed mutual fund distributors to use the stock exchange platform for non-demat transactions as well for sale or redemption of these financial products.
The move was aimed at allowing mutual fund distributors to leverage the stock exchange platforms to expand their reach.