BSE on Tuesday claimed its StAR Mutual Fund platform, the largest online platform for mutual fund distribution in India, with a strong distribution network of over 5,200 direct members, including national distributors having more then 2,00,000 business associates, contributed over 90 per cent subscription for the S&P BSE Bharat -22 ETF NFO on the exchange infrastructure.
In the recently-concluded government of India’s divestment through Bharat -22 ETF NFO, managed by ICICI Prudential Mutual Fund, BSE’s e-platforms (BSE StAR MF and BSE BiMF) garnered Rs 4,630.60 crore contribution from over 1,12,780 applications, predominately in the retail category.
BSE StAR MF witnessed a growth on a year on year basis in orders to Rs 65.5 lakh in FY 16-17 from Rs 33 lakh in FY 15-16. In terms of value, it has grown to Rs 75,000 crore in FY 16-17 from Rs 44,000 crore in FY 15-16.
BSE StAR MF became the largest distribution platform for Mutual Funds in India in 2016-17. Over 86.5 lakh orders were processed aggregating to Rs 62,157 crore on the BSE StAR MF Platform till November 20 of FY 17-18, which is close to 20 per cent of total mutual fund buying in India.
This distribution network has on BSE StAR MF are adding over 1 lakh new SIPs per month and have access to 3.66 crore UCC on BSE as of November 2017.