Stock exchange major BSE on Friday said it will introduce e-mandate facility on its Mutual Fund distribution platform -- BSE StAR MF -- from Saturday in order to reduce the time taken for Systematic Investment Plan (SIP) registration.
"This is completely paperless framework that will reduce the time taken for mandate approval to three days from 10 to 35 days taken for paper based mandate approval," the BSE said in a statement.
In December 2017, the e-mandate facility was introduced by the National Stock Exchange of India (NSE) on its Mutual Fund platform.
"BSE has implemented e-mandates through HSBC and ICICI (as sponsor banks) along with Digio as an e-sign service provider," it added.
"We are confident that BSE StAR MF has the potential to completely change the distribution framework of Indian Mutual Fund industry by reducing the cost and increasing the predictability of processes," said Ashishkumar Chauhan, Managing Director and CEO, BSE.
--IANS
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