Mumbai, Mar 6 (PTI) Leading stock exchange BSE today said as many as 40 banks have been enabled for the e-mandate facility on StAR MF, its mutual fund platform.
The e-mandate facility, launched by the exchange on January 20, is a paperless framework that reduces the time taken for mandate approval to 3 days, from 10 to 35 days for paper-based approvals earlier.
The Bombay Stock Exchange (BSE) had implemented e-mandates through HSBC and ICICI acting as sponsor banks along with Digio as an e-sign service provider, the exchange said in a release.
"Additionally, e-mandates will also be processed through Yes Bank and BillDesk," it added.
Recently, the exchange had also announced that 32 asset management companies, which account for more than 80 per cent of the assets under management in the domestic mutual fund industry, have agreed to pay a nominal service charge per transaction on a bilateral basis to the BSE for its services through StAR MF platform.
The mutual fund platform is adding over 1,000 members per month and has more than 200,000 IFAs, brokers, broker branches and associates on its network in over 3,000 cities and towns across India.