Media Release
BSE StAR MF app processes over 10,000 transactions in a month; clocks 101 cr
Mumbai, June 18, 2019: BSE’s newly-launched BSE StAR MF app has processed over 10,000 transactions in a month (May 15th - June 15th), amounting to Rs 101 cr. The app was launched to help the IFAs (Independent Financial Advisors) to register clients on real-time basis and execute paperless transactions.
The self-explanatory and easy to transact app creates and uploads mandate for SIPs, generates the basket of multiple of orders, tracks and allows the distributor to analyse his business on the go.
Commenting on the milestone, BSE MD & CEO, Shri Ashishkumar Chauhan, said, “The growing users on the app are testimony to BSE’s ability to offer comfort of doing business to its members that would not only increase their productivity, but would also enable IFAs to take their business anywhere, anytime. We look forward to more users leveraging the BSE StAR MF app and taking their business to a new level altogether.”
More than 200,000 distributors are working on BSE StAR MF platform of which close to 25,000 distributors are direct IFAs. BSE also plans to provide the mobile application to individual investors shortly. BSE StAR MF accounts for 20% of all MF transactions and 40% of all new subscribers to MF industry. On June 10, 2019, the exchange set a new record by crossing over 7.62 lakh transactions in a day.
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 demutualised 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, 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 delivery-based futures contract in gold (1 kg) and silver (30 kg).
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.
Media Contact:
Yatin Padia / Rahul Vyas / Mihir Dani/ Shruti Nitesh
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