ICICI Net Trading Fee Schedule -Applicable to Residents only
icicidirect.com
ICICI Internet trading arm to accept applications from today
Anurag Joshi & Suresh Nair
MUMBAI, FEBRUARY 21: ICICI Web Trade, the Internet-trading subsidiary of ICICI, will accept applications to open e-invest accounts from Tuesday, a senior official of the term-lending institution said on Monday.
"ICICI hopes to receive all approvals for launching icicidirect.com for trading in shares by early March and we do not wish to wait till then to accept applications to open e-invest accounts. Investors can open their accounts with a simplified 3-in-1 form, which integrates formalities for opening the bank, brokerage and demat accounts," ICICI joint general manager Madhabi Puri Buch said.
"Trading on icicidirect.com will commence once the live share price feed is obtained from the National Stock Exchange (NSE)," she said.
"Initially, trading, settlement and clearing will be on the NSE. The portal has asked the Bombay Stock Exchange (BSE) for extending trading facilities to its investors, but this is possible only when an interface with the exchange is established," ICICI Webtrade CEO Jaideep Arora said.
The site will enable customers to place orders for shares over the Net, make payments online and hold them in dematerialised form when fully operational. The website will feature news from content providers like Reuters and Indiainfoline and reports from equity research houses like ICICI Securities in the initial phase.
"The introductory offer from the content and news providers will be available six months down the line," Buch said.
The account-opening charge will be Rs 750, which is refundable against the brokerage paid to the portal.
Investors trading for an amount of or more than Rs 2 lakh at the present brokerage rates will be eligible for a refund of the entire account opening charges on September 30.
In case the brokerage paid is less than Rs 750, only the same will be refunded.
Trades resulting in delivery will be at a commission of 0.85 per cent of value of the trade, inclusive with a minimum of Rs 150 per trade. Trades that are squared off within the same settlement cycle will carry a commission of 0.85 per cent for the first leg and nil for the second leg.
No minimum balance will be required to be maintained for savings account opened with e-invest account trades. The depository participant (DP) charges for demat trades will carry no charges for account opening. The annual service charges will be Rs 300 payable at the time of signing of agreement and every year in April.
-Indian Express Newspapers (Bombay) Ltd. |
