BSE has said that SEBI Registered Investment Advisors can start transacting through BSE StAR MF from November 4.
“BSE is pleased to offer BSE StAR MF platform to SEBI Registered Investment Advisors (RIAs) to purchase and redeem mutual fund units on behalf of their clients with effect from November 4, 2016,” states the circular issued on October 24.
The guidelines for registration and operations will be issued shortly.
A senior official from BSE had earlier told Cafemutual that they are going to launch a separate platform for RIAs. “BSE Star MFD will continue to be a B2B platform and we will not allow direct plan on this platform. We will come out with a platform for RIAs called BSE Star MF RIA in which we will only offer direct plans,” said the BSE spokesperson.
SEBI has recently allowed RIAs to initiate transactions on stock exchange platforms for their clients.
So far, only MF distributors, stock brokers and clearing members were allowed to transact through stock exchange platforms.
