Mumbai, Feb 28 (PTI) Leading stock exchange BSE today said as many as 26 asset managements companies (AMCs) have agreed to pay a nominal service charge per transaction on a bilateral basis for services on its mutual fund platform. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights
These AMCs, which include some of the top mutual fund houses, account for 74 per cent of the BSE StAR MF platform, the exchange said in a statement without naming the companies. Also Read - 'Jammu And Kashmir to Reopen For Tourism Soon', Says J&K Administration
These agreements for payment are decided on bilateral basis with each individual AMCs and will allow BSE additional resources to provide even better services to AMCs and all investors in MFs bringing further automation and certainty to the investment process in India, according to the BSE. Also Read - COVID-19: Centre Announces Guidelines For Unlock 2, Lockdown Till July 31 in Containment Zones
“I am sure, the remaining AMCs will also see the value being provided by BSE StAR MF by bringing them additional business and soon decide to pay the nominal service charge per transaction BSE requested as per bilateral agreements between each AMC and BSE more than a year back,” said Ashishkumar Chauhan, managing director and chief executive officer, BSE.
BSE StAR MF has processed over 2 million transactions with an average transactions per day of over 1 lakh and added nearly 1,000 new mutual fund distributors in February.
The platform has also witnessed 1.75 lakh new systematic investment plans this month and now has more than 200,000 independent financial advisors, brokers, broker branches and associates on its network in over 3,000 cities and towns across India.
This is published unedited from the PTI feed.