BSE StAR MF sets new transaction record
Popular distribution platform, BSE StAR MF processed over 4.72 lakh transactions on a single day, on June 11, 2018. The total transaction amounted to Rs. 660 crore. The platform's previous highest record was 4.34 lakh on March 12, 2018.
To increase the efficiency of BSE StAR MF, BSE has partnered with Axis Bank, whereby all branches for the bank offer cheque collection services. This has led to an exponential increase in the collection centres for the platform from 200 to 4,000 locations. This move has benefited members and clients of the platform, who can now deposit cheques to any branch of Axis Bank.
Speaking on the occasion, MD & CEO of BSE, Ashishkumar Chauhan said that reaching this new level of transaction was a significant development. “We are confident that BSE StAR MF has the potential to completely change the distribution framework of Indian Mutual Fund industry by reducing the cost and increasing the predictability of processes,” said Chauhan.
In FY17-18, BSE StAR MF platform had more than 20 per cent market share of the new subscription in the Indian MF industry.
Meanwhile, at 11:32 hours, the stock of BSE Limited was trading at Rs. 859.90 per share, up by 3.09 per cent on Tuesday.