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BSE StAR MF, the largest online mutual funds distributor platform, has recorded the highest-ever single-day transaction of 11.58 lakh worth ₹1,593 crore on Monday.
Interestingly, the previous highest transaction of 10.35 lakh transactions of ₹1,103 crore was registered last month.
The online platform has been breaking its previous record transactions for the third consecutive month amid mutual funds shutting down offline transactions of distributors due to the nationwide Covid lockdown announced by the government.
Ganesh Ram, Business Head-Mutual Funds, BSE StAR MF, said the online platform has simplified the distributor empanelment process and superior technology architecture that offers a seamless experience to all the participants.
The regional team of BSE StAR MF has been personally hand-holding many distributors who have been undertaking physical transactions, to switch over to the online platform.
BSE StAR MF had witnessed 60 per cent growth in transactions during the fiscal year ended March 2020.
It had processed 5.75 crore transactions last fiscal, against 3.59 crore logged in FY19.
The annual turnover last fiscal was ₹4.23 lakh crore.
As of last month, the StAR MF SIP book size was 39.01 lakh, amounting to ₹112.16 crore.
The platform registered 96,091 new SIPs amounting to ₹27.62 crore in the last 13 days, reflecting investors’ confidence in mutual funds as an investment vehicle.
The number of distributors registered with BSE StAR MF has seen multi-fold increase to 56,919 (as on date).
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