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Leading mutual funds distributor platform BSE Star MF faced technical issues during the market hours on Monday, due to which many distributors faced difficulties in executing their orders. The technical issue in BSE Star MF comes close on heels of a similar issue at the NSE that halted trading in February.
Facing consistent issues in placing his order on Monday, one of the mutual fund distributors took to the social media claiming that the BSE Star MF outage disrupted thousands of mutual fund orders and large number of transactions on Monday.
In response to a BusinessLine query, a BSE spokesperson said “We received a few complaints from some members on the slowness of the response of MF Star system today between 12.30 pm and 1.30 pm. BSE Star MF system has over 68,000 direct members. Most of the members were able to conduct their business normally throughout the day.”
BSE Star MF is an order aggregation system which sends the data to RTAs (Registrar and Transfer Agents) at the end of the day and does not have the response time related criticality which equity and derivatives trading systems have with price time priority, he added.
Record turnover
The BSE mutual funds platform for distributors has seen good traction since the Covid pandemic broke last year. Incidentally, the BSE Star MF registered the highest-ever trade of over 17.83 lakh on Monday and this has been conveyed to the respective AMCs/RTAs, the spokesperson said.
Last week, the online platform registered 15.52 lakh transactions outdoing its previous best single-day record of 14.69 lakh transactions in January.
In fiscal year 2021 (FY21), the BSE StAR MF processed 9.38 crore transactions against 5.75 crore logged in the same period, previous fiscal. The platform also achieved its highest ever SIPs of 5.45 lakh registered in March.
The deteriorating telecom connectivity is posing a major threat to the digital strides being made across businesses in the country and it will start crumbling if enough attention is not given to the quality of telecom services, especially in the tier-II and tier-III cities, said a MF distributor.
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