BSE to allow MF brokers to place orders through mobiles
December 21, 2009
Shortly after launching its mutual funds (MF) transaction platform, the Bombay Stock Exchange (BSE) now plans to allow its brokers to place orders through mobile phones, in a bid to enhance traders’ accessibility to the new ‘BSE StAR MF’ platform, reports PTI.
The Exchange is likely to announce the launch of this facility in the next 10-15 days.
"Using this facility, brokers can place orders from anywhere through their mobile phones. It will be launched in the next 10-15 days. Moving ahead, we would like to extend this facility to all investors," Ashish Chauhan, deputy chief executive of the BSE said on Monday.
BSE also plans to extend the use of brokers’ equity back-office software, SPARK, which has been developed by Marketplace Technologies, to brokers transacting in the StAR MF platform.
UTI Mutual Fund joined the BSE's MF platform on Monday with 30 schemes available for trading. With this, ten fund houses are currently offering over 150 schemes for trading on the new platform. And ten more companies have agreed to join in the near future, a BSE official said.
Announcing the tie-up with BSE, UTI MF's chairman UK Sinha said the MF penetration in the country still remains low and the introduction of fund transactions through the exchange infrastructure will help to increase the penetration.
BSE had kicked off the MF platform early this month, less than a week after the National Stock Exchange (NSE) made its own MF platform operational. The bourse has designated National Securities Depository Ltd (NSDL) and Central Depository Services (India) Ltd (CDSL) to facilitate the new venture.
On the first day, seven MF companies offered a total of 103 schemes for trading on the BSE StAR MF platform. BSE, which is Asia's oldest exchange, is connected to over 400 cities through 40,000 trading terminals. — Yogesh Sapkale