BSE extends time for handling subscription applications

Leading stock exchange BSE today extended the cut off time for acceptance of subscription transaction for liquid funds as well as debt and equity schemes valuing at least Rs 2 lakh by half an hour on its mutual fund platform.

BSE runs a mutual fund trading platform -- BSE Star MF.

The platform provides a range of services for easy transactions and seamless order flow for asset management companies.

"We are extending the cut off time for acceptance of subscription transaction in liquid schemes to 1:30 pm (instead of 1:00 pm earlier) and L1 scheme or debt and equity schemes of Mutual Fund value Rs 2 lakh and above to 2:30 pm (instead of 2:00 pm earlier)," BSE said in a circular.

The changes would come into force with immediate effect.

BSE said that orders in liquid schemes, for which funds have been credited to the exchange's clearing corporation account before 1:00 pm on trading day will be processed on the same day with historical day's net asset value (NAV), while for orders for which funds are received after 1:00 pm will be processed on T+ 1 day.

The orders in L1 schemes, for which money has been credited to BSE's clearing corporation account before 2:00 pm.

on T day, will be processed on the same day with applicable NAV, and orders for which funds are received after 2:00 pm.

will be processed on T +1 day.

BSE Star MF is the largest MF distributor platform in India with more than 4 lakh Systematic Investment Plans (SIPs) per month. On many occasions, the platform has exceeded 1 lakh orders per day.