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BSE to roll out ‘paperless SIP’ for MF investors

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Mumbai : Leading stock exchange BSE is likely to roll out the paperless SIP facility for mutual fundinvestors by this month-end, a move that will drastically cut the registration time and also allow subscribers to transact through different payment modes including net banking.

As there will be no requirements of filling physical forms under the new facility, the chances of errors that presently result in rejection of many applications will also not exist.

At present, the paperless SIP (systematic investment plans) facility has been made available in simulation environment and will be made live tentatively by Diwali, the BSE spokesperson told PTI. The new feature, which would be available through BSE StAR MF, would allow mutual fund distributors to register SIPs for their clients, who can pay SIP amounts through various modes including net banking.