BSE Launches BSE StAR MF Mutual Fund Trading Platform
Mr. C B Bhave, Chairman, SEBI, today inaugurated the ‘BSE StAR MF’ BSE’s Mutual fund trading platform. Investors will get widespread access through BSE’s vast reach spreading over 400 cities and spanning over 40,000 terminals in India. The Exchange mechanism would extend the present convenience to secondary market investors to mutual fund investors. The platform would enable exchange’s members to use its existing infrastructure for transaction in MF schemes and all existing MF investors can also use this electronic platform.
BSE StAR MF’s browser based front end will aid the IFAs to connect and facilitate a smooth access; UCC facility for brokers; and robust clearing and settlement infrastructure of ICCL (Indian Clearing Corporation Limited).
Both, CDSL (Central Depository Services Ltd) and NSDL (National Securities Depository Ltd) have agreed to work as the depositories for the new venture.
BSE framework will be available to any grievances of the investor relating to the faulty or wrong submission of purchase or sell transactions by the brokers to the exchange.
To begin with, more than 20 fund houses have confirmed their participation in this venture and a good number of schemes from 7 to 8 fund houses will be available for trading on day 1. Other fund houses are expected to start operations in next few days.
BSE looks forward to reiterate its commitment of continual improved services and products for its investors with the use of its robust and time tested infrastructure to now make this convenience available to the Mutual Fund investors.
Commenting at the launch, Madhu Kannan, MD & CEO, BSE, Said, “Mutual Funds have become an essential vehicle for investors to channelise their savings. Given breadth of our nationwide network, we are positive that investors will find value in this platform. The BSE’s new StAR MF platform will offer a low cost inclusive network to all Mutual Funds and intermediaries in the Mutual Fund industry.”