vIndianz.com (21 Dec, 2009) — Shortly after introducing its Mutual Funds transaction platform, Bombay Stock Exchange currently plans to let its brokers place orders through mobile phones in the MF platform.
The exchange is expected to publicize the facility in the subsequent 10-15 days and hopes this would improve the convenience of traders to the latest platform — BSE StAR MF, BSE, deputy chief executive officer, Ashish Chauhan told reporters here.
“Using this facility, brokers can place orders from anyplace through their mobile phones. This would be launched in the coming 10-15 days. Moving ahead, we would also like to extend this facility to the investors,” Chauhan said.
BSE in addition devices to expand the BSE brokers equity back office software — SPARK, which is developed by Marketplace Technologies, to the brokers transacting in the StAR MF platform, Chauhan said.
UTI mutual fund today connected to BSE’s MF platform and will present 30 schemes, which comprise of 92 International Securities Identification Number (ISINs). With this, ten fund houses are presently offering their schemes in the BSE StAR MF platform, with a whole of more than 150 schemes. Ten more companies have decided to join in-principle in the near future, a BSE official said.
Announcing the tie up with BSE, UTI MF’s Chairman, UK Sinha said the MF incursion in the nation still remains low and introduction of fund transactions throughout the exchange infrastructure will assist to augment the penetration.
BSE had kicked off the MF platform early on this month, less than a week following NSE made its own platform ready. The bourse has chosen National Securities Depository (NSDL) and Central Depository Services (India) to help the latest venture.
On the first day, seven MF companies presented a total of 103 schemes in the BSE StAR MF platform. BSE, which is Asia’s oldest exchange, has a reach to more than 400 cities through 40,000 terminals.
Further Reading- A Novel Way to Sidestep Investor Suits – New York Times
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