BSE launches e-KYC services on StAR MF platform

BSE Star MF, in its constant endeavour to simplify and provide end-to-end value-based services to the mutual fund industry has launched BSE eKYC services (Aadhaar & video KYC-based investor onboarding solution) w.e.f. today to provide seamless experience of onboarding investors.

Some of the key features of BSE e-KYC solution on BSE StAR MF platform include the user-friendly web and mobile interface for different participants of MF industry, digital verification of KYC documents, integration with KRA systems, real-time approval in case of successful verification of all IDs and document. The said solution is compatible with various web browsers and operating systems as well. This e-KYC service is expected to eliminate the current challenges of onboarding a new investor. BSE also plans to provide e-KYC services to stock brokers and the other approved intermediaries in the near future for which, it will issue APIs to stock brokers and other intermediaries to connect their IT systems to BSE’s e-KYC system.

Commenting on the newly-launched service, Ganesh Ram, Business Head of Mutual Funds, BSE said that BSE StAR MF is the first MF platform to enable e-KYC, which will go a long way in improving the experience of onboarding investors in a seamless manner. It will also simplify the KYC process and improve the TAT for completing it. With a set of superior systems, it will bring in more operational efficiency by reducing error prone and time-consuming human efforts, which would consequently, reduce the investor acquisition cost.

BSE StAR MF contributed Rs 56,038 crore (subscription: 1,41,473 crore minus redemption: 85,435 crore) as net equity inflow during FY 2019-20, which is 66 per cent of the MF industry net equity inflow of Rs 83,781 crore. In April 2020, BSE StAR MF contributed by 61 per cent in the net equity inflow i.e. Rs 3,806 crore out of the industry’s total of Rs 6,212 crore.