BSE to let four MF houses offer paperless SIP registration

Leading stock exchange BSE today said it will allow four mutual funds -- Mirae AMC, ICICI Prudential AMC, Tata AMC and Quantum AMC -- mandate to offer paperless registration for systematic investment plans (SIPs).
Additionally, the stock exchange said that they have technological system in place to offer e-wallet payment options for mutual fund investors and is awaiting regulator Sebi's approval on the same.
From November 18, BSE introduced ISIP services to help investors to set up a form of SIP without involvement of any physical documentation.
"ISIP is a facility offered by the exchange to the MFIs/MFDs/RIAs on StAR MF platform to start registering SIPs as well as transact for lump sum orders for their mutual fund clients without the physical copy of the mandate," BSE said in a statement.

"In addition to existing collection facilities of payment gateways, one time mandate, NEFT/RTGS and cheque collection, the users at BSE StAR MF platform will soon have access to e-wallet services, as soon as the bourse gets a nod from the regulator," the stock exchange added.
BSE StAR MF is the largest MF distributor platform in India with more than 4 lakh SIPs per month, adding over 40,000 new SIPs per month.
On many occasions, the platform has exceeded 1 lakh orders per day, most recent being on December 12.