Indore based brokerage firm Swastika Investmart has initiated 11,111 SIPs in a single day through BSE Star MF platform, says a BSE press release.
Sharing how his company achieved this magical number, Sunil Nyati, Managing Director, Swastika Investmart said, “We conducted more than 50 Investor Awareness Programs (IAPs) nationwide. With our 11,111 logins in a single day on October 10, 2018, we got many new investors to the mutual fund fold. The Swastika team is totally boosted up now and we will continue to inspire more and more people to invest in mutual funds.”
Harshit Roongta, Senior Manager, Swastika Investment attributes this achievement to the team. “The average ticket size of each SIP would be Rs.1200. Overall; we did a transaction of Rs.1.30 crore in a single day through BSE Star MF platform. We have 90 branches across the country with a strong network of over 1500 sub brokers. Around 2000 clients including 500 new clients have participated in this SIP drive.”
Talking about how his team managed to convince clients to invest in mutual funds despite volatility in the markets, Roongta said that many investors were their existing clients. “Many investors who have participated in SIP drive were our existing clients. These clients did not have exposure to mutual funds and we have explained to them about the significance of rupee cost averaging. For new clients, we have conducted over 50 IAPs to help prospective understand benefits of SIPs.”
Ashishkumar Chauhan, MD & CEO, BSE said, “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 mutual fund order placed on BSE StAR MF saves mutual fund industry more than Rs 300/- per transaction.”
Currently, over 15,000 IFAs use BSE StAR MF. The company claims that they add over 2500 new distributors every month. Overall, the industry has distribution network of over 2 lakh including EUIN holders across 3,000 cities across India.
So far this financial year, BSE StAR MF has processed over 1.70 crore transactions.