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| Capitalstars Investment Adviser |
In a bid to push up its market share of mutual fund transactions, the BSE has unveiled a set of add on services for mutual fund distributors using its BSE Star MF platform, free of cost. The services include empanelment with multiple Asset Management Companies (AMCs), a client portfolio management software and a distributor commission calculation software. The portfolio management software, launched in association with with Vijya iPrism, will have features like a dashboard for client holdings and data on fund returns.
“The client portfolio software will be useful for Independent Financial Advisors (IFAs) who don’t do goal planning and need a basic version," said Vinyak Sapre, a Mumbai-based IFA. “The brokerage calculation will also help if it is fully automated. Multiple products listing on the BSE platform will prove very handy for IFAs," he added. BSE recently announced that it had received IRDA approval for insurance distribution.
BSE competes with rival National Stock Exchange (NSE), multi-AMC owned MF Utility, Registrar and Transfer Agents (RTAs) like CAMS and Karvy and directly with Asset Management Companies (AMCs) in the market for mutual fund transactions. BSE Star MF has around 55,000 mutual fund distributors registered on its platform and processes 7.84 lakh transactions per day. In terms of market share of mutual fund transaction volume, BSE Star MF commands a roughly 20% market share said Ganesh Ram, Business Head, Mutual Funds, BSE. Apart from the new add-on services, BSE also launched the iOS version of its Star MF app.
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