Sensex's StAR MF clocks 42.6 lakh transactions in a month
As per estimates, BSE star MF now accounts for 20% of all MF transactions and 40% of all new subscribers to MF industry.
BSE's Star MF has been one of the favourite platforms for mutual fund lovers. In the latest development, a new milestone has been touched by BSE StAR MF by recording 42.6 lakh transactions in a month. BSE Star MF has become a benchmark for 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. As per estimates, BSE star MF now accounts for 20% of all MF transactions and 40% of all new subscribers to MF industry.
In its notification, BSE said, "Ease of doing business for small IFAs and connecting them to all AMCs in a easy to operate way has ensured that subscription, redumption, switch and many other activities take place in safe, secure, automated, low cost, predictable and consistent manner for all IFAs associated with BSE StAR MF."
For the last 10 year, BSE StAR MF has seen more than 100% year on year growth every year.
BSE says, "It is a testimony to BSE’s ability to harness capital formation in India and help investors grow their wealth instead of indulging in day trading and speculation."
The Sensex benchmark operator launched BSE Star MF platform in December 2009. One can trade in mutual funds on this portal between 9AM to 3PM on all working days.
BSE StAR MFTM is a browser based front end. Its architecture provides scalable operation and flexible deployment options while ensuring data integrity for improved performance. The system uses ASP.NET as browser based front-end and RDBMS as the back end database.
Anybody with an investible surplus of as little as a few hundred rupees can invest in mutual funds. The investors buy units of a fund that best suit their investment objectives and future needs. A Mutual Fund invests the pool of money collected from the investors in a range of securities after charging for the AMC fees.