Shortly after launching its Mutual Funds (MF) transaction platform, Bombay Stock Exchange now plans to allow its brokers place orders through mobile phones in the MF platform.
The exchange is likely to announce the facility in the next 10-15 days and hopes this would enhance the accessibility of traders to the new platform -- BSE StAR MF, BSE, Deputy Chief Executive Officer, Ashish Chauhan told reporters here.
"Using this facility, brokers can place orders from anywhere through their mobile phones. This would be launched in the next 10-15 days. Moving ahead, we would also like to extend this facility to the investors," Chauhan said.
BSE also plans to extend 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 joined BSE's MF platform and will offer 30 schemes, which include 92 International Securities Identification Number (ISINs).
With this, ten fund houses are currently offering their schemes in the BSE StAR MF platform, with a total of over 150 schemes. Ten more companies have agreed to join in-principle in the near future, a BSE official said.
Announcing the tie up with BSE, UTI MF's Chairman, U K Sinha said the MF penetration in the country still remains low and 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 NSE made its own platform operational. The bourse has designated National Securities Depository (NSDL) and Central Depository Services (India) to facilitate the new venture.
On the first day, seven MF companies offered a total of 103 schemes in the BSE StAR MF platform. BSE, which is Asia's oldest exchange, has a reach to over 400 cities through 40,000 terminals.
