May 16: BSE StAR MF, India’s largest mutual funds distributor platform, has unveiled its mobile app – ‘BSE StAR MF’. The newly-launched app, according to a BSE source, would look at enabling more participation from Mutual Fund Distributors (MFDs) by helping them process transactions on the go! The app would further ease the process of purchase and redemption of mutual fund units on behalf of their clients.
BSE StAR MF Mobile app supports real-time client registration and paperless transactions, creates and uploads mandate for SIPs, generates the basket of multiple of orders, tracks and allows the distributor to analyse his business at his fingertips.
In April 2019, the platform processed 42.6 lakh transactions. In FY2018-19, BSE StAR MF crossed 3.5 crore transactions witnessing 111% growth as compared to 1.70 crore transactions in FY2017-18.
Ashishkumar Chauhan, MD & CEO, BSE, 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. The launch of the app would further provide comfort of doing business to our 24,000 members. This app would not only increase their productivity, but would also enable IFAs to take their business anywhere, anytime. BSE StAR MF has seen more than 100% year on year growth every year for last 10 years consistently. With the launch of the app, we look forward to help IFAs grow their business and retain the No. 1 position in the online MF distribution platform segment. This mobile application will also be provided to individual investors shortly.”
The support system and distribution reach of BSE StAR MF has enabled the platform to grow exponentially with the registered distributors soon to touch 24,000 in India. The launch of the StAR MF app is expected to further increase the number of distributors significantly. In future, the app aims to support online video KYC to onboard new investors. The BSE StAR MF app can be downloaded from Google Play Store. Once the app is downloaded, the sign up can be done by providing the member identification number.