India Infoline launches lifetime prepaid broking service
Mumbai, Feb 23 (UNI) India Infoline Ltd today said 5paisa.com, a wholly-owned online trading website of its subsidiary India Infoline Securities Ltd, has launched lifetime-prepaid account for broking and Depository Participants (DP) customers.
The 'Lifetime prepaid' broking and DP service is first such scheme in India. The customer who registers under this scheme, has to pay a one time charge of Rs 555 and does not have to ever pay any fixed or recurring charges for the broking and depository services, the company said.
For this nominal fee, the customer gets company's Internet trading interface with real time quotes, instant order confirmation, real- time updation of orders, trades, portfolio and market information.
According to the scheme, the customer will pay only Rs 555 at the time of registration to commence broking and DP operations. However, the customer will have to keep minimum margin of Rs 5000 in the account, against which the customer will get trading limits.
Post-registration, the customer will only pay brokerage and depository transaction charges as per actual usage, it said.
The company has also waived off all future annual maintenance charges for its existing depository customers.
The scheme is for retail investors. The company has a separate scheme for high volume 'traders' where the registration fee is Rs 8000 per annum, but is fully refunded through brokerage. With the introduction of this new scheme, the company has segmented the market in two parts, namely 'investors' and 'traders'.
Speaking at the launch, Nirmal Jain, CMD of the company said the country is still in the nascent stage of growth of equity cult.
It is a pity that less than 1.5 per cent of household savings get invested in equities. The wealth created by Indian enterprise and labor is increasingly owned by foreigners, he said.
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