In spite of the nationwide lockdown due to coronavirus, mutual funds distributor platform BSE StAR MF continued its stellar performance and processed over 70.36 lakh transactions amounting to Rs 24,714 crore in March. This was the record number of transactions achieved in a month. Prior to this, the highest figure was 57.33 lakh in February.
“BSE StAR MF has helped asset management companies (AMCs), members and their clients in smooth, automated, paperless transactions, witnessing a 23 per cent hike in transactions as compared to the previous month,” the platform said in a statement.
In comparison, BSE StAR MF had witnessed 37,72,835 transactions in March 2019. Overall, the platform achieved 5.75 crore transactions in the just concluded financial year 2019-20.
The platform registered 2.84 lakh new systematic investment plans (SIPs) amounting to Rs 82 crore in March this year. At present, total SIP book size stands at 38.96 lakh amounting to Rs 1,120 crore.
Moreover, distributor count has seen a spike to 56,861 as on March, 2020 from 23,041 in the same month last year.
BSE StAR MF App
BSE StAR MF App (StAR MF Mobility) has processed over 3.69 lakh transactions since its launch in May 2019, amounting to Rs 2,881 crore.
The app was launched to help distributors and independent financial advisors register clients on real-time basis and execute paperless transactions.