BSE StAR MF hits new highs, processes 2.65 mn transactions on Nov 8

Leading stock exchange BSE on Tuesday said its mutual fund distribution platform StAR MF has processed a record of 26.52 lakh transactions in a single day on Monday.

It surpassed its previous best single-day record of 24.08 lakh transactions registered on September 13, the exchange said in a statement.

Snehal Dixit, Business Head-Mutual Funds BSE StAR MF, said that numbers are an indication of growth at every level. It's a good sign as investors are getting educated, doing a variety of transactions like purchase, switch, redemption, on StAR MF platform.

"We expect to see investments growing further with increased number of transactions, long-term investment approach and asset allocation across multiple MF schemes. Imparting more knowledge through creating awareness is one of the objectives of StAR MF platform," she added.

In October, BSE StAR MF processed a record 1.6 crore transactions worth Rs 42,927 crore. The previous monthly record of 1.52 crore transactions was achieved in September.

Overall, the platform achieved 9.4 crore transactions in the first seven months (April-October) of the current financial year, as compared to 9.38 crore transactions in the entire 2020-21.

Besides, the platform registered 9.16 lakh new systematic investment plans (SIPs) amounting to Rs 208.55 crore in this month, the exchange said.

The exchange had launched the BSE StAR MF app to help distributors and independent financial advisors to register clients on a real-time basis.