Systematic Investment Plan on StAR MF
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Distributors(MFDs)
A WEB-BASED ORDER ROUTING SYSTEM for Allotment & Redemption of Mutual Fund units with Facilities like Branch & Dealer Admin Creation and Assigning Client-level Transaction Limits.

SEBI vide its circular CIR /MRD/DSA/32/2013 dated 4th October, 2013 has allowed Mutual Fund Distributors to use re-cognised stock exchanges' infrastructure to purchase and redeem mutual fund units directly from Mutual Fund/Assets Management Companies on behalf of their clients.

BSE Ltd offers its platform to Mutual Fund Distributors (MFDs) to purchase and redeem mutual fund units on behalf of their clients.

For the aforesaid purpose, only a Mutual Fund Distributor registered with Association of Mutual Funds in India (AMFI) and who has been permitted by the concerned recognised stock exchange, shall be eligible to use recognised stock exchanges' infrastructure to purchase and redeem mutual fund units directly from Mutual Fund / Assets Management Companies.

Such MF Distributors shall not handle payout and payin of funds as well as units on behalf of investors. The payin will be directly received by Indian Clearing Corporation Ltd (ICCL) and payout will be directly made to investor's account. In the same manner, units shall be credited and debited directly from the demat account of the investors by the ICCL.

BSE launched its StAR MF platform on March 6, 2014 in the presence of Shri S Raman, Whole Time Member, SEBI. The platform is available for entering transactions between 9 a.m. to 3 p.m. on all working days of the Exchange.


Advantages to investors / other stakeholders of using BSE StAR MF:

Reduction of paper work: with respect to application forms, cheques, collection statements, etc. especially in Demat accounts.
Faster Execution: Allotment by way of Demat credit and hence Investors can get Demat units on the next working day.




Reduction of paper work: with respect to collection/submission of application forms & cheques, collection statements, etc. especially in Demat accounts.
Faster Execution: Allotment by way of Demat credit and hence Investors can get Demat units on the next working day.


BSE StAR MF (BSE Limited Platform for Allotment & Redemption of Mutual Fund Units): Process Flow





Process Flow: (Timelines)

Activity Requirement
T Day  
Order capture for subscription and redemption on the BSE StAR MF
- In case of L0/L1 schemes

9.00 am – 3.00 pm

9.00 am – 11.30 am

Fate of pay in
- In case of L0 schemes
- In case of L1 schemes

1.00 pm
2.00 pm
Allocation of units in case of L0 schemes 4.00 pm
T+1 day  
Fate of pay in (Normal Schemes) 9.30 am
‘Payment received' and ‘Payment not received' indication by MFDs to ICCL 10.30 am
Allotment and Redemption information from RTA (Units) 2.00 am
Credit in the depository account of the investor End of day process at Depository(6.00 pm)
Redemption proceeds credit in investor bank account/cheque dispatch As per TAT

The Documentation and Checklist for Registration as 'Mutual Fund Distributor' in BSE StAR Mutual Fund Platform of BSE Limited is given below :

No. Condition Requirement
1 Registration with AMFI MFD should hold a valid AMFI Registration Number (ARN)
2 MFD Fees Discontinued w.e.f 01.06.2015
3 Annual Fees Rs. 2,000/- (plus service tax as applicable)
4 Documentation As per point 'A' below


A] Documentation Checklist for Mutual Fund Distributors (MFDs) : :


No. Documentation Checklist for MFDs Refer
1 Application for Registration as the 'Mutual Fund Distributor' in the BSE StAR Mutual Fund Annexure 1
2 Applicant Undertaking on the Non- Judicial Stamp of Rs. 200/- (the value of the stamp paper should be Rs. 200/-) Annexure 2
3 Applicants Details & Additional documents Annexure 3
4 Registration of existing MFIs as MFD Annexure 4
5 Link for submission of application for registration of Mutual Fund Distributors(MFDs) https://membership.bseindia.com/Mem_Login.aspx