UTI Securities to start online trading desk in Bahrain

Dubai, Mar 1 (UNI) India's largest brokerage house UTI Securities Ltd will start Bahrain's first online trading desk to be commissioned within a week.

The desk can be accessed from www.usectrade.com, the website of UTI Securities, making it the first for Bahrain, said its Equities Head Milind Pradhan.

Mr Pradhan, who is visiting the Bahrain capital of Manama for a board meeting of Indo Gulf Financial Services (IGFS), told the Gulf Daily News that the desk was primarily targeted at NRIs who wished to trade in Indian shares.

But it would also be a great asset for foreigners who wished to deal in US dollar stock, he said.

UTI Securities has recently acquired a 35 per cent stake in IGFS, as a result of which it has stepped into the Bahrain market.

Kewalram and Sons holds another 35 per cent of the shares in the company and Bahraini investors Mohammed Rahma Al Tajer and Abdul Wahab Al Mansoor hold 30 per cent.

Mr Pradhan said UTI Securities was an active member of the Bahrain Stock Exchange.

Through Usectrade, people can place on-line trades for virtually any stock listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

He said investors would also be able to deal in Initial Public Offerings (IPO) at the click of a button.

Among mutual funds, it offers access to more than 1000 mutual fund schemes from leading fund players, Mr Pradhan said.

UNI