BSE StAR MF has launched four new services to woo new users and enhance experience for existing Independent Financial Advisers (IFAs) on its platform.
The platform which processes 7.84 lakh transactions per day will allow distributors to auto empanel with 21 fund houses.
It will also provide back office platform which will allow its users to track different business dashboards and client portfolio reports free of cost. BSE has collaborated with Vijaya iPrism to offer these services.
For all BSE StAR MF transactions, BSE will compute, collect and distribute commission to distributors. “Brokerage reconciliation is a game changer for IFAs. Currently, there is no proper mechanism to track and verify our brokerage. There is no way to verify what AMCs commit and what gets credited. This feature will be very helpful. Also, new IFAs joining the industry can empanel with fund houses through BSE StAR MF and get basic services like SIP book, MIS and transaction details free of cost. This will be a huge benefit for newcomers,” said Mumbai-based adviser Vasant Kulkarni.
The platform also offers a mobile app for its users to register clients on real-time basis and execute paperless transactions. Till now, over 1 lakh transactions got processed through IFA Mobility app. The app will now be available on iOS with additional features.
BSE StAR MF has more than 55,000 distributors registered on its platform. It competes with NSE MF II and MF Utility.
