BSE launches eKYC services for stock brokers, IFAs and other approved intermediaries
Mumbai, June 5, 2020: BSE, Asia’s oldest exchange and now world’s fastest exchange with the speed of 6 microseconds, has been at the forefront in adopting newer processes and using technology. After launching eKYC services on its StAR MF platform, the Exchange has now announced eKYC services (Aadhaar & Video KYC based Investor Onboarding Solution) on BSE Citrus platform for Stock Brokers and other approved intermediaries’ w.e.f. June 5, 2020.
Besides eliminating the current challenges of onboarding new investors, some of the key features of the BSE eKYC solution on BSE Citrus platform are:
• User friendly web and mobile interface for approved intermediaries of Capital Market Industry
• Digital verification of KYC documents
• Integration with KRA systems
• Real-time approval in case of successful verification of all IDs and documents
• The said solution is compatible with various web browsers and operating systems
Commenting about the newly launched service, Shri Sameer Patil, Head of Business, BSE, said, “Through BSE Citrus platform, digital verification can be easily done. We believe adopting technology-based solutions is the need of the hour and this would encourage new crop of investors into the ecosystem. With the superior systems in place, there will be more operational efficiency and drop in the investor acquisition cost.”
BSE will shortly issue APIs for stock brokers and other intermediaries to connect their IT systems to BSE Citrus platform. They can use the web based front-end interface provided by the Exchange.
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 demutualized 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, commodity 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 Gold, Silver, Copper, Oman Crude Oil, Guar Gum, Guar Seeds & Turmeric.
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.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
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