More than 500 independent financial advisors (IFA) gathered in Mumbai for the launch of the StAR MF mobile app of the Bombay Stock Exchange (BSE). It is a mutual fund app where one can invest in funds directly.

“In the last 10 years, 500 brokers didn’t get together for business activity at BSE Hall even during Diwali. It shows how a new group of partners was created by the BSE over the last few years, whose business depended upon the BSE,” executives at the exchange said.

BSE will also be introducing new insurance products on the app.

“The relationship is set to grow and deepen further with a collection of commissions from the AMCs, on behalf of IFAs and the likes, as well as the introduction of insurance products and more. Almost 25,000 IFAs are directly connected to the BSE StAR MF now as well as over 200,000 indirect IFAs. It is a great franchise,” a senior BSE board member said.

BSE Managing Director (MD) and Chief Executive Officer (CEO) Ashishkumar Chauhan said, "BSE StAR MF platform has become a benchmark for the fintech industry in India by e-enabling more than 24,000 direct IFAs and 200,000 indirect IFAs to automate end to end processes in their front and back offices."

Last year BSE generated revenue of close to Rs 30 cr from BSE StAR MF. The platform is growing at 100 per cent every year.

The app will help distributors execute transactions, create mandate for SIPs, and track and analyse business on the go.

BSE StAR MF Mobile app will also help the distributor and the IFA (Independent Financial Advisors) to register clients on real-time basis and execute paperless transactions. In April 2019, the BSE StAR MF platform processed 42.6 lakh transactions. .

(palak shah)

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