BSE mulls facility for MF distributors to access StarMF
Press Trust of India / Mumbai Feb 04, 2010, 10:33 IST
After launching its mutual fund transaction platform, Asia's oldest bourse Bombay Stock Exchange is considering a new facility which will allow distributors directly access the new platform in a more efficient manner.
The Exchange is discussing the proposal with market regulator Securities and Exchange Board of India and hopes to launch the new facility over the next two to three months, BSE General Manager, Market Operations, Khushro A Bulsara said.
"There are around 70,000 distributors in the country and even if at least 10,000 of them access this facility, that will be a very encouraging sign," Bulsara told PTI.
Distributors generally access the MF platform through registrar and transfer agents (RTAs). The new facility will enable them place orders directly from their own terminals through a browser-based system, which will be fast.
This will help to enhance the efficiency of transactions by faster realisation, the official said.
BSE launched its MF transaction platform-BSE Star MF in December on the heels of rival NSE launching its own facility.
As on date, 14 found houses have joined the BSE StarMF platform to offer their schemes.
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