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ICICI Web Trade receives good response

Mar 6, 2000

ICICI Web Trade–the Internet broking arm of the ICICI–has received more than 10,000 registrations for its web trading account. The company has fixed a commission of 0.85% or a minimum of Rs 150 for a delivery based transaction. Internet trading or e-broking as it is more popularly known refers to the system by which investors can trade in shares over the Internet. The movement of money and shares takes place electronically. The implementation of secure transaction systems and the flexibility offered by Internet trading have made it a rage in more developed markets like the US and Europe where it is estimated that orders over the Internet account for about 40-45% of trading volumes. South Asian countries like Japan and Korea have also jumped on the e-trading bandwagon.

We had mentioned in a story earlier that the most important implication would be in the fall of the brokerage rates themselves since the current brokerage rates vary between 0.25% to 1%. Only if one were to invest through a sub–broker who in turn has an account with the broker does the rate go up to 2.25%. In the same story we had mentioned that the rates that the ICICI plans to charge are on the higher side for the retail investor.

What has actually happened is that it is the sub–brokers who are using the ICICI facility to route their orders. This is because the smaller deals can be routed through the sub–broker at cheaper rates whereas when the sub–broker consolidates his clients orders and routes them through ICICI Web Trade he enjoys a discount for the larger trades.

Also at present, the facility is open for those deposit holders who have a bank account, a depository account with the ICCI Bank. This has also possibly limited the scope of the users to ICICI’s account holders.

However, the fact remains that if the response is any indication it could revolutionise the broking business in India. While the introduction of the screen based system heralded the first revolution (which ended the reign of the jobbers) Internet based trading could herald the second.

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