Media Release
40 banks enabled for e-mandate on BSE StAR MF
32 AMCs out of 37 AMCs accounting for 80% AUM India agree for payment of transaction charges to BSE
Tuesday, March 6th, 2018: BSE is pleased to announce that 40 banks have been enabled for e-mandate on BSE StAR MF, India's largest mutual funds distribution Infrastructure. BSE StAR MF introduced e-mandate facility on 20th January 2018. This is completely paperless framework that reduces the time taken for mandate approval to 3 days from 10 to 35 days taken for paper based mandate approval.
BSE StAR MF. BSE had implemented e-mandates through HSBC and ICICI (as sponsor banks) along with Digio as an e-sign service provider on 20th January. Additionally e-mandates will also be processed through YES Bank and Bill desk.
Besides, 32 AMCs out of Total 37 AMCs accounting for more than 80% of total assets under management in Indian Mutual fund industry have agreed to pay a nominal service charge per transaction on bilateral basis to BSE for its services being provided through BSE StAR MF platform. These agreements for payment decided on bi lateral basis with each individual AMCs will allow BSE additional resources to provide even better services to AMCs and all investors in mutual funds bringing further automation and certainty to the mutual funds investment process in India.
BSE StAR MF platform has become the largest mutual fund distribution platform with more than 20% of market share. March 2018 starts with a bang on BSE StAR MF with over 1.70 lakh orders on each of the 2 trading days in March 2018. In current fiscal BSE StAR MF has processed over 1.55 crore transactions amounting to Rs. 102493 crores. 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 adding over 1000 members per month 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.
Media Release
Yatin Padia /Rahul Vyas / Mihir Dani
022 2272 8516/ 22728472 / 7738012080
Yatin.padia@bseindia.com /Rahul..vyas@bseindia.com / mihir.dani@adfactorspr.com