Financial advisors using BSE StAR MF distribution platform have executed over 5 lakh transaction in a single day. The company claims that it is a record high for a day. The total value of these transactions is over Rs.700 crore, said a press release.
BSE StAR MF has recorded 15.62 lakh orders in 8 trading days of August 2018 with 3 days over 2 lakh orders in a day.
IFAs added 2.65 lakh new SIPs in July 2018 through the platform, which is nearly 26% of total SIPs added to MF industry.
The exchange platform said, “BSE StAR MF has experienced a growth of over 540% in the last 2 years. The BSE StAR MF exchange infrastructure is predominately catering to retail category of mutual funds industry i.e. 26 % in terms of transactions and over 40% in terms of value of transactions.”
Ashishkumar Chauhan, MD&CEO, BSE said “BSE StAR MF has a potential to do 1 crore MF transactions in a single day. We are sure, after witnessing this milestone, all AMCs will also whole heartedly work with BSE Star MF to reduce their distribution cost and automate the distribution processes. It is estimated that each MF order placed on BSE StAR MF saves MF industry more than Rs 300.”