ICICI Web Trade to launch services by end-February
I don't know about the listing of WebTrade unit on Nasdaq since the company denied it in an earlier report but here Business Standard says the information was from a company official, anyhow it looks like the service for the domestic customers should start by end of this month and that part wasn't denied by the company.
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(Thursday, February 10, 2000)
Our Corporate Bureau in New Delhi
Banking major ICICI's subsidiary for Internet trading, ICICI Web Trade Ltd will launch its operations by the month-end and subsequently list on the Nasdaq, a company official told Business Standard.
ICICI will continue to hold a major equity stake in the Internet trading firm after the Nasdaq listing, the company official said
All the 90 ICICI centres across the country would be used to market Internet trading. "We expect to get 7,000 e-broking accounts per center," the official said.
The company will use its web site `icicidirect.com', for net trading through the company web site, where investors would be given live share quotations of National Stock Exchange (NSE). The company is also negotiating with Bombay Stock Exchange (BSE) for supplying its live quotes on the web site.
The trading would be done by ICICI Brokerage, the broking subsidiary of the company, which has memberships of leading stock exchanges of the country including NSE and BSE.
'We would have synergy between ICICI's various subsidiaries,' the official said.
The newly formed subsidiary will function as the umbrella organisation for ICICI's Internet trading activities.
'The new company will be the coordinating agency for trading activity on the Internet. We are still in the process of finalising the details of functioning,' he added.
As per the plans of the banking company, prospective investors would have to open up an e-broking account with ICICI Web Trade.
ICICI Web Trade would be among the first few to start stock trading on the Internet, following the Securities and Exchange Board of India's clearance to trading of stocks over the Internet recently.
The first transaction on the Net in India was done on the Geojit Securities site by Sebi chairman D R Mehta. The company is yet to decide on the operational details.
business-standard.com |
