BSE StAR MF, India’s largest Mutual Funds Distributor platform, launched its mobile app — ‘BSE StAR MF’ — on May 15, 2019, at the BSE International Convention Hall, Fort, Mumbai. This newly launched app aims to encourage greater participation from Mutual Fund Distributors (MFDs) by enabling them to process transactions on the go. It simplifies the purchase and redemption of mutual fund units on behalf of clients.
The BSE StAR MF mobile app supports real-time client registration and paperless transactions. It allows MFDs to:
Create and upload SIP mandates
Generate baskets of multiple orders
Track and analyze their business at their fingertips
Impressive Growth
In April 2019, the platform processed 42.6 lakh transactions. During FY 2018–19, BSE StAR MF crossed 3.5 crore transactions, representing a 111% growth compared to 1.7 crore transactions in FY 2017–18.
Leadership Remarks
Commenting on the app launch, Ashishkumar Chauhan, MD & CEO of BSE, said:
“The BSE StAR MF platform has become a benchmark for the fintech industry in India by enabling more than 24,000 direct IFAs and 200,000 indirect IFAs to automate end-to-end processes in their front and back offices.
The app will provide greater convenience to our 24,000 members. It will not only boost their productivity but also allow IFAs to take their business anywhere, anytime. BSE StAR MF has recorded over 100% year-on-year growth for the past 10 years. With the launch of this app, we aim to help IFAs grow their business and maintain our No. 1 position in the online MF distribution segment.
This mobile application will also be made available to individual investors shortly.”
Future-Ready Features
With nearly 24,000 registered distributors, the superior support system and wide distribution network of BSE StAR MF have fueled its exponential growth. The app is expected to further boost the number of distributors significantly.
Looking ahead, the app also aims to incorporate online video KYC to onboard new investors. The BSE StAR MF app is available on the Google Play Store. To sign up, users must enter their member identification number after downloading the app.
About BSE
Established in 1875, BSE (formerly Bombay Stock Exchange) is Asia’s first and now the world’s fastest stock exchange, with a trading speed of 6 microseconds. BSE is India’s leading exchange group and has played a pivotal role in the development of the Indian capital market.
BSE is a corporatized and demutualized entity with a broad shareholder base. It counts Deutsche Börse, a leading global exchange, as a strategic partner.
BSE offers an efficient and transparent platform for trading in:
Equities
Debt instruments
Equity derivatives
Currency and interest rate derivatives
Mutual funds
Stock lending and borrowing
It also runs a successful dedicated platform for SME equity trading, and BSE StAR MF, India’s largest mutual fund distribution infrastructure. On October 1, 2018, BSE began trading in commodity derivatives, starting with delivery-based futures contracts in gold (1 kg) and silver (30 kg).
Services and Subsidiaries
BSE provides a wide range of services to capital market participants, including:
Risk management
Clearing and settlement
Market data services
Investor education
Its nationwide presence and global reach are supported by a robust infrastructure that ensures market integrity, fosters innovation, and enhances competition.
Key subsidiaries and affiliates include:
Indian Clearing Corporation Limited (ICCL) – A wholly owned subsidiary that acts as the central counterparty to all BSE trades, guaranteeing their settlement.
BSE Institute Ltd – One of the country’s leading capital market education providers.
Central Depository Services Ltd. (CDSL) – An associate company, and one of only two depositories in India.
.jpg)