Close to 12,500 individual distributors and 350 NDs have taken membership of BSE Star MF platform so far.
Omkeshwar Singh, Head – BSE Star MF attributes this to their robust distributor support system. “In my view, engaging with distributors through a social media group on Telegram has helped us gain popularity among distributors. We use this platform to resolve their queries on time. In fact, we are available to help our distributors 24*7 through this group. In today’s world of digitalization, no one likes to call customer care and press 1 or 2 to get queries resolved. Hence, our team ensures that we reach out to IFAs personally to resolve their queries.” BSE Star MF has 12 officials on the group of which at least two members being available at any given point of time.
Another activity that has helped BSE Star MF gain popularity among distributors is events. BSE holds at least 200 events a year to promote the platform. “We conduct demo sessions with IFAs to help them make better use of our services and grow business,” he adds.
Further, Singh said that BSE Star MF accounts for 26% of the incremental SIPs. “Of 6 lakh new SIPs that the MF industry has added in June, we facilitated 1.58 lakh SIPs. Similarly, the industry added 7 lakh new SIPs and we facilitated 1.85 lakh new SIPs in May. In terms of net inflows, we have received net inflows of Rs.480 crore through SIPs and Rs.862 crore through lump sum in June. We have been getting 26% of new SIPs and 50% of lump sum equity investment every month. Overall, we have 16 lakh active SIPs.”
Currently, BSE Star MF charges Rs.2,000 plus GST as one-time registration fee. Also, the company holds events to carry out spot registration of distributors at select locations.
Transaction platforms like BSE Star MF and NSE NMF II offer variety of services such as allocation and transfer of funds, reconciliation of fund, maintaining CMS, transaction reporting, e-mandate and so on. Simply put, a platform can do a lot of operational work of AMCs and registrar and transfer agents apart from uploading transaction feeds and executing transaction. These platforms claim that they help AMCs save on cost and time.
