IL&FS subsidiary launches internet trading

MUMBAI, FEBRUARY 21: Investment India Ltd, an initiative of Infrastructure Leasing & Financial Services (IL&FS), has launched inte...

MUMBAI, FEBRUARY 21: Investment India Ltd, an initiative of Infrastructure Leasing & Financial Services (IL&FS), has launched internet securities trading on its fully functional website investsmartindia.com and announced major expansion plans on Monday.

Hemang Raja, managing director of Investsmart, said the broking firm has planned to set up around 50 branches around the country and also put in place 20-25 Internet kiosks to facilitate on-line trading.

The firm, a subsidiary of IL&FS, now has 3,700 customers. Raja said he expected this to increase to around 10,000 in three to four months’ time. Investsmart plans to offer the on-line trading facility to registered clients, he said.

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To facilitate seamless Internet trading, it plans to tie up with a group of banks so that the flow of funds for the transactions are also on-line, he said. The firm is a depositary participant and this will help investors access their securities balances on-line, he said.

Investsmart has also entered into an agreement with Japan’s Orix Corp for technical expertise in on-line Securities Trading, he said. As per the agreement signed about two months ago, Orix will pick up a 30 per cent stake in the firm, he said. It is currently awaiting approval from the Foreign Investment Promotion Board, he said.

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