SBI ties-up with Motilal Oswal for online trading
New Delhi, Nov 23 (UNI) State Bank of India (SBI) today tied-up with Motilal Oswal Securities Ltd (MOSL) and conducted the first trade using the eZ-Trade@ SBI account, a state-of-the-art online trading platform for SBI customers.
SBI has decided to enter this segment by introducing the demat account and a linked transaction account package and finalised with MOSL.
With the eZ-Trade@ SBI account, SBI customers will get the triple benefits of a SBI Bank account, a SBI Demat account and will also be able to trade in equity and derivatives online using the Motilal Oswal's online trading platform -- MyBroker.
This trading platform offers the customer a series of benefits like anytime, anywhere access to trading account, convenience of BSE, NSE, cash and derivatives trading from a single screen, without going through the hassles of giving separate transfer instructions / writing cheques.
SBI Managing Director (National Banking) Yogesh Agarwal said there are nearly 20 million investors in the country of which only eight million have demat accounts meaning thereby that 60 per cent of the market is still untapped.
Under the tie-up, the bank will extend bank accounts and demat services to its customers through its wide network of branches, e-trade services will be arranged through MOSL.
E-trade facilities represent only 10 per cent of the stocks trading leaving large scope for promoting e-trade business.
The non-availability of demat and e-trade services at the tier-two urban, semi urban and rural centres is due to non-existence of most of present players at these centres, Mr Aggarwal added.
UNI SRS PV KN1818