The Hindu Business Line : 5paisa.com offers lifetime prepaid offer

AFTER telecom firms, the broking industry has now come out with `lifetime pre-paid' offers. On Thursday, 5paisa.com (the online trading Web site of India Infoline Securities Ltd), the wholly-owned subsidiary of India Infoline Ltd, announced the launch of a lifetime prepaid charge for its broking and DP (depository participant) customers at Rs 555.

"For this fee, the customer gets the company's Internet trading interface with real-time quotes, instant order confirmation, real-time updation of orders, trades, portfolio and market information," Mr Nirmal Jain, Chairman and Managing Director, India Infoline Ltd, said here.

The scheme was aimed at attracting retail investors, he said, adding that the company hopes to add more than 10,000 new customers per month. "Over a 12-month period, we hope to add one lakh clients through the new scheme," said Mr R. Venkataraman, Director, India Infoline.

Currently, the company has 55,000 active customers for the online trading division, which contributes to 60 per cent of its revenues, Mr Jain said.

According to the scheme, the customer will pay Rs 555 at the time of registration to commence broking and DP operations. However, the customer will have to keep a minimum margin of Rs 5,000 in the account, against which the customer will get trading limits. Post-registration, the customer will only pay brokerage and depository transaction as per actual usage.

It has also waived off all future annual maintenance charges for its existing depository customers. Other players in the e-broking business charge from Rs 650 to Rs 1,000 per year for DP services, officials said.

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