BSE StAR Mutual Fund introduce e-mandate facility
Mumbai, January 19, 2018: BSE StAR MF, India's largest mutual funds distribution Infrastructure is introducing e-mandate facility on 20th January. This is completely paperless framework that will reduce the time taken for mandate approval to 3 days from 10 to 35 days taken for paper based mandate approval.
BSE has always been sensitive to the requirement of Investors and its mutual funds members and understands the importance of SIPs therefore is introducing the 4th option to start SIP through BSE StAR MF. Currently BSE StAR MF already has 3 option to start SIPs with First Order Today Facility through BSE StAR MF
1) SIP - Payment Link based
2) ISIP - Biller Based
3) XSIP - NACH Mandate.
To begin with the e-mandate services will be available ONLY to the consented AMC schemes on BSE StAR MF.
BSE has implemented e-mandates through HSBC and ICICI (as sponsor banks) along with Digio as an e-sign service provider.
Commenting on the development, Shri Ashishkumar Chauhan, MD & CEO, BSE said, “This is a significant development. We are confident that BSE StAR MF has the potential to completely change the distribution framework of Indian Mutual Fund industry by reducing the cost and increasing the predictability of processes”.
On 10th January 2018, BSE StAR MF received a record 3.1 lakh transactions on a single day , worth Rs.685 crore . In January 2018 so far StAR MF has processed over 1 lakh Transactions on 5 occasion and twice over 2.5 lakh in 14 trading days of 2018,
In 2017 , BSE StAR MF processed over Rs. 1 lakh crores worth of transactions with a total of 1.3 crores transactions and added over 1.25 lakh new SIP in December 2018.
BSE StAR MF has experienced a overall growth of over 565 % and in terms of SIPs registered on BSE StAR MF has experienced a growth of over 800 % in last 2 years for the same period. The BSE StAR MF exchange Infrastructure is predominately catering to retail category of mutual funds Industry i.e. 99.73% in terms of transactions and over 76% in terms of value of transactions.
BSE StAR MF now has more than 200,000 IFAs, brokers, broker branches and associates on its Network in over 3000 cities and towns across India. Almost all the top distributors of mutual funds are part of BSE StAR MF now.
Yatin Padia/ Rahul Vyas
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