Mutual fund agents can expect to undertake transactions through their mobile phones in the next 15 days.
The Bombay Stock Exchange (BSE) plans to allow brokers empanelled by asset management companies (AMCs) to do transactions on its mutual fund platform BSE StAR MF through mobile phones in the next 10-15 days.
“This facility would allow brokers and agents to access the platform more conveniently from anywhere in the country. Going forward, there is possibility of extending this facility to investors as well.” Ashish Chauhan, deputy CEO of BSE, said.
The exchange is also planning to extend the backoffice software ‘SPARK’ to the brokers transacting in the StAR MF platform in next 2-3 days.
“The software is currently under testing. This will be installed at the brokers’ place and will help them to share trade notes and fund advises for MF transactions with their customers,” Chauhan said.
BSE had launched the MF platform in early December, less than a week after NSE came out with its mutual fund service system (MFSS) platform.
Since then, 10 AMCs have formally listed their schemes on the BSE platform and 10 more are expected to come on board in some time. The BSE platform registered volume of Rs 26.36 lakh through 12 orders on Monday.
“Volumes on the MF platforms are still modest and way below the potential. I wouldn’t be surprised to see 5-10 times the current volumes in a year’s time,” said U K Sinha, chairman and managing director of UTI Asset Management.
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