Bombay Stock Exchange’s (BSE) Mutual Funds(MF) Platform, BSE StAR MF, India’s largest MF distributor platform, has signed a memorandum of understanding (MoU) with Godavari Urban Multi State Credit Co-Op Society Ltd (GUMCCSL) to deepen its network of over 70,000 registered distributors.
- Objective: To promote the cooperation between BSE StAR MF and rural markets in areas like financial inclusion, investment goals and wealth creation.
Key points:
i.BSE StAR MF intends to promote investment behaviour by spreading awareness and onboarding new investors among prospective customers, especially in rural areas that are served by GUMCCSL.
ii.Under the partnership, customers are on-boarded through an easy and hassle-free digital process and the efforts are aligned towards a less-paper ecosystem.
GUMCCSL:
i.It is an autonomous association of people united voluntarily to meet their mutually social, economic, cultural, professional and personal aspirations.
ii.It holds the largest part of the share in Maharashtra, Telangana, Andhra Pradesh, Karnataka, and Gujarat, and it has investments with liquidity totalling Rs 962 crore.
Recent Related News:
BSE has signed an MoU with Dun & Bradstreet Information Services India to create an ecosystem for promoting, aiding, and fostering Small and Medium Enterprises(SME).
About Mutual Fund(MF):
An MF is set up in the form of a trust, which has a sponsor, trustees, asset management company (AMC) and custodian.
- The trust is established by a sponsor or more than one sponsor like a company promoter.
- The trustees of the MF hold its property for the benefit of the unitholders. Asset Management Company (AMC) approved by the Securities and Exchange Board of India (SEBI) manages the funds by making investments in various types of securities.
- Custodian, who is registered with SEBI, holds the securities of various schemes of the fund in its custody.
About Bombay Stock Exchange(BSE):
It is Asia’s first & the Fastest Stock Exchange in the world with a speed of 6 microseconds. BSE launched its BSE StAR MF platform on December 4, 2009.
Establishment – 1875
Headquarters – Mumbai, Maharashtra
Chairman – Justice Vikramajit Sen
MD & CEO – Ashishkumar Chauhan
About Godavari Urban Multi State Credit Co-Op Society Ltd (GUMCCSL)
Establishment – 8th May 2013
Headquarters – Nanded, Maharashtra
Chairman – Rajshri Patil
Managing Director – Dhananjay Tambekar
