New Delhi: Leading stock exchange BSE today said it has introduced two new services Systematic Transfer Plan and Systematic Withdrawal Plan -- on its mutual fund trading platform.
The exchange has a mutual fund trading platform – BSE StAR MF. It became operational for all investors in December 2009. "Further to the launch of various new developments and features, the exchange has enabled Systematic Transfer Plan (STP) and Systematic Withdrawal Plan (SWP) on the BSE StAR MF platform," BSE said in a circular.
Mutual fund distributors will have to register STP for their clients on BSE StAR MF platform in non-demat mode and SWP in demat as well as non-demat form. STP allows investor to give a mandate to the fund to periodically and systematically transfer a certain amount from one scheme to another while an SWP allow investors to take money out of a fund account according to a regular schedule that he chooses.
In the past few months, the exchange had introduced a host of new services on its mutual fund platform, including digital non-demat transactions, round-the-clock order acceptance and six-day order holding facility to help investors and distributors of such products.
From August 1, BSE has begun a multi-bank facility for distributors to register clients on its mutual fund platform. Earlier, mutual fund distributors can register only one bank account while registering the client on the BSE StAR MF platform.
The exchange introduced the multi-bank facility in UCC registration for non-demat transactions. This facility allows distributors to register up to five different bank accounts for their respective clients.
