IDBI Capital launches online trading portal

IDBI Capital launches online trading portal

Author | exchange4media News Service | Thursday, Jan 05,2006 8:19 AM

IDBI Capital launches online trading portal

IDBI Capital on Wednesday launched its online investment portal to provide easy and informed investing experience to investors. The portal allows investing online in equities, mutual funds and IPOs in a very simple and easy-to-use format specially designed for persons who are new to investing.

Furnishing total confidentiality of its customers, the site helps investors make the right decisions on transactions by imparting with pertinent news, information and analysis through Reuters, Business Standard and along with company specific fundamental analysis through comprehensive corporate data from CMIE and MyIris.

Speaking on the occasion, Sushil Muhnot, MD and CEO, IDBI Capital Market Services, said, “Currently, hardly 2 per cent of household investments go to stock markets due to the perceived risk associated with the sector. Our aim is to reduce this risk and ensure better returns for the investors.”

The company is also planning to open 350 franchises in one-and-a-half-year’s time. Asked why it chose to opt for online medium before opening its franchises, Muhnot said, “With broadband happening, the Internet user base is growing at a rapid pace. The younger generation, who have high disposable income and are tech-savvy, can take advantage of the online trading through our portal.”

Giving example of how online trading was increasing, Muhnot said, “The average daily turnover from online trading has reached Rs 700 crore as of September 2005, as compared to Rs 200 crore as on March 2004. Online trading turnover of just NSE has touched 11 per cent of the total turnover as compared to 5 per cent one-and-a-half-years back.”

Though the content of the portal will be free to access, to become a member and participate in the trading process one has to pay Rs 700 as a one-time fee. The portal will later include commodity trading after deriving necessary permission from the Reserve Bank of India.

Tags: e4m

Write A Comment