Mumbai (Maharashtra) [India], May 26 (ANI): BSE Star MF on Tuesday announced the launch of e-KYC services to simplify and provide value-based services to the mutual fund industry.
This will eliminate the current challenges of onboarding a new investor, BSE said in a statement.
BSE also plans to provide e-KYC services to stock brokers and the other approved intermediaries in the near future for which it will issue application programming interfaces (APIs) for stock brokers and other intermediaries to connect their IT systems to BSE's e-KYC system.
BSE StAR MF contributed Rs 56,038 crore as net equity inflow during 2019-20 which is 66 per cent of the mutual fund industry net equity inflow of Rs 83,781 crore.
In April 2020, BSE StAR MF contributed 61 per cent in net equity inflow, that is Rs 3,806 crore out of the industry's total of Rs 6,212 crore.