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ICICI to venture into Internet trading - Views on News from Equitymaster
 
 
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  • Dec 22, 1999

    ICICI to venture into Internet trading

    ICICI Limited is the latest to be bitten by the Internet bug. After having entered into joint ventures with leading software providers in the country, it is now setting up a subsidiary, ICICI Web Trade Limited, which will offer facilities to trade on the Internet.

    ICICI is India's second largest financial institution, with a major presence in almost all areas of financial services. The company has an asset base of Rs 585 bn.

    In the United States, which boasts of the largest stock market (in terms of capitalisation) in the world, 40% of all trades are done online. The popularity of such a service is mainly due to its lower cost structure and easy accessibility. In view of the widespread popularity in international markets, domestic companies are gearing up to provide such services as and when regulations permit.

    The interest in providing such services has been aided by the increasing automation at stock exchanges and banks and the increasing dematerialisation of stocks.

    ICICI Web is planning to provide a platform to trade on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The preconditions for trading (initially) will be having an account with ICICI Bank.

    Currently a number of Indian broking houses are firming up plans to offer e-broking services. Some of them have even begun to offer intranet based services. This site, www.equitymaster.com, too, has firmed up plans to launch an e-broking service as and when regulations permit. In this regard, the site is close to tying up with a leading private sector bank for providing clearing services.

     

     

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