Stocks

BSE launches eKYC services on StAR MF platform

Our Bureau Mumbai | Updated on May 26, 2020 Published on May 26, 2020

The bronze sculpture of a charging bull at Bombay Stock Exchange is being dusted upon on the day of Union Budget in Mumbai on Saturday, February 1, 2020. Picture: Kamal Narang

BSE StAR MF has launched BSE eKYC services based on Aadhaar and Video KYC on Tuesday.

Open for onboarding mutual fund investors initially, it will be opened to stock brokers and other approved intermediaries. It will soon issue APIs for stock brokers and other intermediaries to connect their IT systems to BSE’s eKYC system, it said.

The user-friendly web and mobile interface for different participants of MF industry provides digital verification of KYC documents, integration with KRA systems and real-time approval in case of successful verification of all IDs and documents.

This apart, the software is compatible with various web browsers and operating systems and will eliminate the current challenges of onboarding a new investor, said BSE StAR MF.

Ganesh Ram, Business Head — Mutual Funds, BSE, said the new eKC service will go a long way in improving the experience of onboarding investors in a seamless manner.

With the superior systems, it will bring in more operational efficiency by reducing error-prone and time-consuming human efforts besides reducing the investor acquisition cost, he added.

66% share of net equity inflow

BSE StAR MF contributed ₹56,038 crore (Subscription: ₹1,41,473 crore less Redemption: ₹85,435 crore) as net equity inflow during FY19-20. This accounts for 66 per cent of the MF industry’s net equity inflow of ₹83,781 crore.

In April, BSE StAR MF contributed 61 per cent or ₹3,806 crore of the industry’s total net equity inflow of ₹6,212 crore.

BSE StAR MF processed over 63.17 lakh transactions amounting to ₹37,200 crore, in April.

Overall, the platform achieved 5.75 crore transactions in the financial year 2019-20. BSE StAR MF has added approx 14 lakhs Unique PAN in last two months..

StAR MF’s SIP book was ₹1,180 crore as on April with 39.54 lakh registered SIPs.

The platform registered 2.54 lakh new SIPs amounting to ₹60 crore in April.

Published on May 26, 2020
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