Leading stock exchange BSE has begun a new facility for electronic submission of application for registration of mutual fund distributors on its mutual fund platform.
The exchange has a mutual fund trading platform, BSE STAR MF. It became operational for all investors in December 2009.
“The exchange is pleased to introduce a facility for electronic submission of application for registration of mutual fund distributors on BSE STAR MF platform. The facility shall be available with effect from Tuesday, August 9, 2016,” BSE said in a circular.
“Mutual fund distributors applicants are required to submit their application for registration in electronic form and discontinue submission of physical application to the exchange,” it added.
In the past few months, the exchange had introduced a host of new services on its mutual fund platform, including digital non-demat transactions, round the clock order acceptance and six-day order holding facility to help investors and distributors of such products.
Earlier, this month, BSE introduced Systematic Transfer Plan and Systematic Withdrawal Plan on its mutual fund trading platform.
It also begun a multi-bank facility for distributors to register clients on its mutual fund platform. Earlier, mutual fund distributors can register only one bank account while registering the client on the BSE STAR MF platform.
The exchange introduced the multi-bank facility in UCC registration for non-demat transactions. This facility allows distributors to register up to five different bank accounts for their respective clients.
