Stocks

MF distributor deals on BSE StAR jumps 59% to ₹24,714 crore

Suresh P Iyengar Mumbai | Updated on April 07, 2020 Published on April 07, 2020

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BSE StAR Mutual Fund, an online platform for mutual fund distributors, has recorded a 59 per cent increase in transactions to ₹24,714 crore in March against ₹15,542 crore logged in February.

The mutual fund industry decision to channel all transactions only through online platforms due to the outbreak of the Covid-19 pandemic has helped BSE StAR MF register a 23 per cent increase in number of transactions to 70.36 lakh last month against 57.33 lakh in February.

The overall transactions on the platform has jumped 60 per cent in the financial year ended March, to 5.75 crore, against 3.59 crore logged in same period previous year.

The transactions executed by the online platform during the unprecedented lockdown has given confidence to asset management companies, members and the company’s clients to switch over completely to online process for mutual fund transactions, the company claimed.

The BSE StAR MF app has significantly contributed to the spurt in number of transactions during the difficult period, it said.

Ganesh Ram, Head - Business Development, BSE StAR MF, said the app provides the comfort of doing business anytime, anywhere, and has resulted in smooth, automated and paperless transactions.

In addition, he said BSE StAR MF has a simplified distributor empanelment process and worked with AMCs to promote the platform through their communication to distributors.

The regional team of BSE StAR has been personally convincing many distributors who have been doing physical transactions, to switch over to the online paltform, he said.

Published on April 07, 2020

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