ICICI Securities launches overseas trading service

Mumbai, Oct 8 (UNI) ICICI Securities, in association with US-based broking company Penson Financial Services, today launched a direct access facility to US stock exchanges through its online broking service portal.

Commenting on the launch, Company Managing Director and CEO S Mukherji here today said, ''As per RBI's exchange regulations, we are offering delivery-based trading in equities, exchange traded funds and also facility for investing in US stock and index options.'' Presently, through this service, an Indian individual can remit upto 200,000 US dollar per financial year for investments in current and capital account transanctions, said Mr Mukherji while asserting ''as and when regulatory norms permit, we will increase our product offerings''.

According to the official sources, this overseas trading service through the ICICI Securities' portal will be accessible by a payment of Rs 999 for registration and further the user has to pay the brokerage at the rate of 75 basis point or 9 US dollar per transaction.

As the subscribers will have to remit the money to US and the transanction will be through the ICICI Bank branch, each time the the investor has to pay the exchange charges, sources added.

UNI