The BSE on Tuesday launched eKYC services on its BSE Star Mutual Fund platform including Aadhaar and video KYC based solutions. The services will provide digital verification of KYC documents, integration with KRA systems, real-time approval in case of successful verification of all IDs and documents, among others.

Share Market Live

NSE

The eKYC services will eliminate the current challenges of onboarding a new investor, BSE said in a release.

“BSE StAR MF is the 1st MF platform to enable eKYC, which will go a long way in improving the experience of onboarding investors in a seamless manner. It will simplify the KYC process and improve the TAT for completing it. With the superior systems, it will bring in more operational efficiency by reducing error-prone and time-consuming human efforts. Consequently, reduce the investor acquisition cost,” said Ganesh Ram, Business Head – Mutual Funds, BSE.

BSE also plans to provide the eKYC services to stockbrokers and the other approved intermediaries in the near future for which it will issue APIs for stockbrokers and other intermediaries to connect their IT systems to BSE’s e-KYC system, BSE said in a release.

BSE StAR MF contributed Rs 56,038 crore as net equity inflow during FY 2019-20, which is 66 percent of the MF Industry’s net equity inflow of Rs 83,781 crore. The platform has processed over 63.17 lakh transactions amounting to Rs 37,200 crore, in the month of April 2020, BSE added.

At 2:50 pm, shares of BSE Ltd were trading 2.33 percent lower at Rs 387.35 on the NSE.