BSE StAR MF signs MoU with GUMCCSL to deepen network for rural engagement

BSE StAR MF, India's largest mutual funds distributor platform, has signed a memorandum of understanding with Godavari Urban Multi State Credit Co-Op Society Ltd (GUMCCSL) at Nanded to deepen its network of over 70,000 registered distributors.

GUMCCSL was established in 2013 and is an autonomous association of people united voluntarily to meet their mutually social, economic, cultural, professional and personal aspirations.

It covers a lion's share in Maharashtra, Telangana, Andhra Pradesh, Karnataka and Gujarat, and has investments with liquidity totalling Rs 962 crore.

BSE StAR MF aims to promote investment behaviour by spreading awareness and on-boarding new investors among prospective customers in areas, primarily rural, served by GUMCCSL.

"We are confident that with this MoU, the society will strive to leverage its reach and capacity for delivery of a wider range of financial products like mutual funds and so on," said Sameer Patil, Chief Business Officer of BSE.

The partnership with BSE StAR MF will ensure that customers are on-boarded through an easy and hassle-free digital process and the efforts are aligned towards a less-paper ecosystem, he said.

The MoU aims to facilitate cooperation between BSE StAR MF and rural markets in areas like financial inclusion, investment goals and wealth creation.