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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (201)	2/21/2000 9:28:00 PM
From: Mohan Marette	Respond to of 494

SHCIL wooing Gulf NRIs for Net Trading Vimala Vasan ABU DHABI, Feb. 21 STOCK Holding Corporation of India Ltd, SHCIL, is wooing more Gulf NRIs to enter trading on the Net and has tied up with Gulf institutions to handle NRI accounts. Mr. B.V. Goud, Managing Director and CEO, SHCIL, who is on a visit to Dubai, told Business Line that the response from NRIs to online trading had been very "encouraging", though the phenomenon is still in its early stages in India. *SHCIL has tied up with Elfina Financial Consultancy* in Dubai and Oman International Bank in Muscat, Oman, to handle accounts of NRI clients*, following the encouraging response it has received in the Gulf. Elfina is the sole agent for the corporation in the region, with regard to online and depository services. SHCIL hopes to rope in more clients through its Stock Direct product, which is aimed at bringing investors and brokers under one roof, with SHCIL acting as custodian, Mr. Goud said. "We take the entire responsibility for trading and settlement with regard to selling or purchase of shares,"* he said. The new product will address security concerns of investors, as their credit sometimes does not get settled for several days, he said. The 'sell and cash' product launched in India has also helped in addressing delays, he added. Mr. Goud indicated that in stark contrast to the scepticism voiced about the Indian capital market during his earlier two visits to the Gulf in 1998 and May last year, NRIs appear to be in a more favourable mood to invest now. He, however, cautioned against unverified investments in private placement shares by new software companies in the wake of the IT boom in the country. "NRIs are looking for big and quick returns due to the bullish situation in the market, but they should be cautious," he said. Online trading had got off to a steady start in India, he said. The corporation at present handles 40 to 50 transactions since the launch a few months back. Mr. Goud said that SHCIL has at present four lakh (400,000) members, with an asset base of Rs. 1,65,000 crores ($3.6 billion). Transactions have touched nearly Rs. 90,000 crores ($19.6 billion) in 1999-2000, compared to Rs. 28,000 crores ($6.1 billion) in 1998-99, he said. Mr. Goud is also visiting Oman, Doha and Kuwait during the current tour. Plans are on to hold a special seminar to promote SHCIL products in the Gulf, he added. NSDL expects client accounts to double National Securities Depository Ltd (NSDL), the largest depository in India, expects client accounts with it to double by the end of the year, according to its Executive Director, Mr. Gagan Rai. Mr. Rai was in Dubai to attend a talkshow organised by Mediascope and Khaleej Times. *Mr. Rai said that client accounts had grown to two million in the last three years and expected the accounts to grow to four million* by the end of this year.** He added that the response from depository participants in the UAE was very good and his visit was aimed at getting a direct feedback on how comfortable clients were with NSDL and its services. So far, 700 companies have signed agreements with NSDL, he said. -Business Line