40 banks enabled for e-mandate on BSE StAR MF

India's largest mutual funds distribution Infrastructure, BSE StAR MF announced on Tuesday that about 40 banks have been enabled for e-mandate on BSE StAR MF. The e-mandate facility, introduced on January 20, 2018, is a 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.

BSE had implemented e-mandates through HSBC and ICICI along with Digio as an e-sign service provider on 20th January. Furthermore, the e-mandates will also be processed through YES Bank and Bill desk.   

A total of 32 AMCs out of the 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. These agreements for payment decided on bi lateral basis with each individual AMCs will allow BSE additional resources to provide even better services to AMCs and all investors in mutual funds bringing further automation and certainty to the mutual funds investment process in India. 

BSE StAR MF platform has become the largest mutual fund distribution platform with more than 20 per cent of market share. In current fiscal BSE StAR MF has processed over 1.55 crore transactions amounting to Rs. 1,02,493 crore.

On March 6, 2018, BSE ended at Rs. 794 per share, down by 0.79 per cent on NSE.