Mumbai, November 15: BSE STAR Mutual Fund (MF), promoted by the stock exchange, has surpassed its own earlier record of the number of transactions carried out in a single day.
It recorded 8.76 lakh transactions in a single day on November 11, 2019. The nature of MF transactions includes number of orders, new registrations and Systematic Investment Plans (SIPs) mobilisation. It had recorded 8.56 lakh transactions on August 13, 2019 and 7.62 lakh transactions on June 10, 2019.
With this, the share of BSE STAR MF, among the institutions providing such platforms, has risen to 78 per cent. New Mutual Fund (NMF) - the distribution platform of NSE - has a share of 20 per cent and Mutual Fund Utility (MFU) - the platform promoted by Association of Mutual Funds in India, has a share of 2 per cent.
Following it attained the top position, Ganesh Ram, Head-Business Development, BSE STAR MF said, “Our next target is to achieve 10 lakh transaction in a day and 50 lakh transactions a month with the help of our platform as well as the mobile app that was launched earlier this year. As more and more investors are getting acquainted with the digital economy and millennials in particular, I think this should be achieved shortly.”
He also said, “BSE management team is extremely thankful to the members, Asset Management Companies (AMCs), partners and vendors for their relentless support in this endevour.”
Earlier this year, BSE launched an Independent Financial Advisors (IFA) mobility app to help MF distributors and advisors to register clients on real-time basis and execute paperless transactions. Till date, over 1lakh transactions have been processed through IFA mobility app. “It is the superior support system and distribution reach of BSE STAR MF that is enabling the platform to grow exponentially with more than 55,000 distributors who can transact through BSE STAR MF.
Out of the total number of transactions carried out, majority are between SIPs and lump sum fund mobilisation, in the ratio of 76:24. The average ticket size of the SIP transaction is Rs 2,800 while that of lump sum transaction is Rs 32,800. BSE STAR MF platform has 55,000 registered distributors out of which 50 per cent are active and on an average more than 15,000 users of its IFA mobile app.