BSE launches BSE StAR MF app; exchange's MF platform touches 3.5 crore transactions

After launching BSE StAR Mutual Fund distribution platform, the exchange on May 15 launched its mobile app BSE StAR MF.

The app will help distributors execute transactions, create mandate for SIPs, and track and analyse business on the go.

BSE StAR MF Mobile app will also help the distributor and the IFA (Independent Financial Advisors) to register clients on real-time basis and execute paperless transactions.

In April 2019, the BSE StAR MF platform processed 42.6 lakh transactions. In FY2018-19, BSE StAR MF crossed 3.5 crore transactions, witnessing 111 percent growth as compared to 1.70 crore transactions in FY2017-18.

Commenting on the launch of BSE StAR MF app, BSE MD & CEO Ashishkumar Chauhan 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."

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. 

BSE StAR MF distributor platform witnessed more than 100 percent year on year growth every year for last 10 years consistently.

With the launch of the app, Chauhan expects IFAs grow their business and retain numero uno position in the online MF distribution platform segment.

He also said the mobile application will also be provided to individual investors soon.

Currently, BSE's competitor NSE too has an NMFII app. AMFI's MF Utility also has goMF app, which can be used by empanelled distributors.