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

To: Mohan Marette who wrote (319)	3/5/2000 4:32:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

ICICI Web Trade received more than 10,000 registration-scaling up hardware ICICI Web Trade - the internet broking arm of ICICI - has received more than 10,000 registrations for its web trading account. This voluminous registration has promoted the company to scale up its hardware capabilities. Speaking to ET, Madhabi Puri Buch, CEO, ICICI Web Trade said that the company would soon be allowing account holders to put through their trades. "We have put in a few test trades and we should be getting permission to commence operations from the National Stock Exchange within a month," said Ms Buch. After the launch of the online trading system, ICICI Web Trade will offer investors the facility of applying to IPOs over the net through their Web Trade account. This will be possible as, Web Trade account holders are required to have a three-in-one account comprising an ICICI Bank and demat account in addition to their trading account. In future investors will also be in a position to buy mutual fund units online. ICICI plans to offer the same information and realtime trading facilities, that are available to members of stock exchanges, to the retail investors who become members of ICICI Web Trade. The company has fixed a commission of 0.85 per cent or a minimum of Rs 150 for a delivery based transaction. While the commission charged is less than most sub-brokers, the flat minimum fee makes it expensive for small deals where the charges of a sub-broker would work out lower. At the same time, sub-brokers can reap the benefits of scale by opening an account with ICICI Web Trade as it provides for commission rebates on large trades. "We have no way of verifying whether our account holder is buying on his own behalf or on behalf of a client," said Ms Buch. She said that sub-brokers could also use the web trading facility to effect deals on behalf of investors who do not have internet access. "We do not wish to kill the sub broking community. Our objective is to make trading more transparent, informative and realtime and encourage more investors to come to the market," she said. economictimes.com