June 18: BSE StAR MF app, BSE’s newly-launched application, has processed over 10,000 transactions in a month (May 15 – June 15), amounting to Rs 101 crore. The app was launched to help the IFAs (Independent Financial Advisors) to register clients on real-time basis and execute paperless transactions.
The self-explanatory and easy to transact app creates and uploads mandate for SIPs, generates the basket of multiple of orders, tracks and allows the distributor to analyse his business on the go, said a BSE statement.
Ashishkumar Chauhan, BSE MD & CEO, said, “The growing users on the app are testimony to BSE’s ability to offer comfort of doing business to its members that would not only increase their productivity, but would also enable IFAs to take their business anywhere, anytime. We look forward to more users leveraging the BSE StAR MF app and taking their business to a new level altogether.”
More than 200,000 distributors are working on BSE StAR MF platform of which close to 25,000 distributors are direct IFAs. BSE also plans to provide the mobile application to individual investors shortly.
BSE StAR MF accounts for 20% of all MF transactions and 40% of all new subscribers to MF industry. On June 10, 2019, the exchange set a new record by crossing over 7.62 lakh transactions in a day.