Leading stock exchange BSE is introducing ‘Paperless SIP’ (systematic investment plans) that would allow mutual fund investors to make transactions through various modes of payments. The additional feature on BSE’s mutual fund platform – StAR MF – would allow MF distributors to register SIPs for their clients, who can pay SIP amounts through various modes.
The new facility, to be launched, is available only for non-dematerialised transactions and for instalment of amount more than Rs 2 lakh. MF distributors have the option to register only Exchange SIP (XSIP) for their clients which allows for ECS (electronic clearing service) payment route. XSIP, launched last year, offers the MF distributors on its StAR MF platform facility to register their client’s ECS bank mandates and upon successful registration with the destination bank, to start registering SIPs for their MF customers. Under the Paperless SIP facility, the investors would receive an e-mail for all the payment modes, including direct pay, nodal account, one-time mandate and cheque, after the SIP has been registered.
So let’s do:
1. Leading stock exchange BSE is introducing _________ that would allow mutual fund investors to make transactions through various modes of payments.
Source – The Hindu