Media Release
BSE partners with LIC Mutual Fund for BSE eKYC services
Mumbai: July 3, 2020: BSE had launched its eKYC platform on May 26, 2020 during lock down period as a service for IFAs, DFIs, Mutual funds and stock brokers to add new investors in their customers list without physically going to meet the investors.
To take this even further, BSE has now partnered with LIC Mutual Fund to power its eKYC services on BSE StAR MF, the market leading MF platform.
BSE StAR MF in partnership with LIC Mutual Fund (LICMF), is delighted to announce that the BSE eKYC services is now available for all the Members on BSE StAR MF platform.
The digital KYC process will facilitate members to ensure zero contact, hassle-free customer on boarding process, especially during this COVID situation.
The entire process is very user friendly and simplifies the user experience to perform the entire KYC process seamlessly.
Commenting on this partnership and powering the eKYC platform for BSE, Shri Dinesh Pangtey, CEO – LIC Mutual Fund Asset Management Ltd., said, “Digital is future and especially during this pandemic times, it is even more important to adapt and facilitate virtual contact. LICMF’s Adoption of eKYC is one such step towards going Digital. eKYC is not only important for Mutual Fund Industry but for the entire Financial Services Industry, to be able to provide a simpler and richer on-boarding experience to the new Customers and thus facilitate a completely paperless or Digital experience. In a strategic alliance with BSE, LICMF is able to facilitate a complete Digital Customer on-boarding experience to all Distributor Partners (MFDs) on BSE StAR MF platform.”
Commenting about this service launch and now being available to all the Members of StAR MF platform, Shri. Ashishkumar Chauhan , MD & CEO, BSE said, “Adopting technology-based solutions is the need of the hour. Our strategic alliance with LIC Mutual Fund is sure to attract more participants and bring in more operational efficiency, besides simplifying the user experience to perform the entire KYC process seamlessly.”
About BSE
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.
Media Contact:
Yatin Padia / Rahul Vyas/ Shruti Nitesh
022 2272 8516 / 2272 8472/ 8108000974
Yatin.padia@bseindia.com/ Rahul.vyas@indiainx.com/ shruti.nitesh@adfactorspr.com