The country’s premier bourse, Bombay Stock Exchange (BSE), would launch a facility to allow brokers to place orders through mobile phones on its mutual funds platform — BSE StAR MF.
Going forward, this facility would also be made available to investors also.
BSE StAR MF was launched on December 4, four days after National Stock Exchanged launched its own platform.
“Using this facility, brokers can place orders from anywhere through their mobile phones. This would be launched in the next 10-15 days. Moving ahead, we would also like to extend this facility to investors,” Ashish Chauhan, Deputy Chief Executive Officer of BSE, said.
However, BSE officials working on the facility refused to divulge details on the system.
BSE is also planning to extend the equity back office software, SPARK, developed by Marketplace Technologies, to brokers transacting on the BSE StAR MF platform.
UTI Mutual Fund become the tenth fund house to join the BSE StAR MF platform, with over 90 schemes. With this the platform offers over 210 schemes.
“Mutual fund penetration in the country is still low and introduction of fund transactions through the exchange infrastructure would help widen the market” said UK Sinha, Chairman of UTI Mutual Fund.
{{/usCountry}}“Mutual fund penetration in the country is still low and introduction of fund transactions through the exchange infrastructure would help widen the market” said UK Sinha, Chairman of UTI Mutual Fund.
{{/usCountry}}A BSE official said 10 more companies would join BSE StAR MF soon. It had 103 schemes on offer from seven companies at its launch.