The Bombay Stock Exchange plans to launch its mutual fund platform, BSE Star MF. It has signed up with Tata Asset Management Company.
This move comes close on the heels of the launch of the National Stock Exchange's Mutual Funds Service System (MFSS) yesterday, which allows NSE brokers to buy and sell mutual fund units. The NSE started trading with 30 schemes of UTI Mutual Fund. On day one, it saw 316 applications worth Rs 78 lakh.
The exchange plans to restructure itself. It plans to raise capital next year and also reduce its reliance on the cash segment.
The BSE, which was founded in 1875, has seen its market share dwindle against NSE over the past few years. In 2009, the daily average turnover on the NSE was three times that of the BSE.
Source:moneycontrol.com
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