Leading stock exchange BSE today said another six asset management companies (AMCs) have agreed to pay fee to the bourse for the services provided through its mutual fund platform, taking the total tally to 32. Besides, the exchange said that 40 banks have been enabled for e-mandate on its mutual fund distribution platform BSE StAR MF, the bourse said in a statement. The exchange introduced e-mandate facility on January 20, this year.
This is completely paperless framework that reduces the time taken for mandate approval to 3 days from 10 to 35 days taken for paper based mandate approval. "Besides, 32 AMCs out of total 37 AMCs accounting for more than 80 per cent of total assets under management in Indian mutual fund industry have agreed to pay a nominal service charge per transaction on bilateral basis to BSE for its services being provided through BSE StAR MF platform," BSE said. The move will give BSE additional resources to provide even better services to these fund houses and all investors in mutual funds, bringing further automation and certainty to the mutual funds (MFs) investment process in the country. On February 26, the exchange announced that 26 AMCs have agreed to pay fee to the bourse for the services. The BSE said its mutual fund platform has become the largest mutual fund distribution platform with more than 20 per cent of market share. In the current fiscal so far, BSE StAR MF has processed over 1.55 crore transactions amounting to Rs 1,02,493 crore.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU