PNB ties up with Motilal Oswal to launch online trading

Mumbai, Apr 17 (UNI) In a bid to inculcate equity culture among the masses, Punjab National Bank today tied up with Motilal Oswal to launch online trading facility for its customers.

Motilal Oswal Securities, a subsidiary of the Motilal Oswal Finance Services Limited, will provide an online platform for the PNB customers.

With this alliance, PNB customers will be able to trade in equity and derivatives online using the Motilal Oswal's online trading platform - MyBroker.

Speaking at the launch, PNB chief general manager U S Bhargava said, ''The PNB, with its reach across the country, is committed to extend these services all over the country and that too at the lowest cost to the customers using state-of-art technology with complete transparency in operations, no hidden charges and personalized services.'' According to Mr Bhargava, there are nearly 20 million investors in the country of whom only 8 million have demat accounts, meaning thereby that 60 per cent of the market is still untapped. Further, e-trade facilities represent only 10 per cent of the stocks trading leaving large scope for promoting e-trade business.

Motilal Oswal, CMD of Motilal Oswal Securities, said, ''The online trading community is a growing community globally and also in India, there is a heightened interest amongst investor's worldwide in the Indian markets. MyBroker online trading platform offers a state-of-the art option. This product is definitely going to make the experience of trading a lot more speedy and convenient for PNB customers.'' UNI