The Hindu Business Line : SBICaps arm unveils e-broking services

Bangalore, Sept. 20 SBICaps Securities Ltd (SSL), the stock broking arm of the investment bank, SBI Capital Markets Ltd, intends to enlarge its suite of services.

Speaking at the launch of the electronic broking services to account holders of the State Bank of Mysore, Mr Sridhar Raju SSL, Managing Director, said, “These will include insurance services and the full suite of financial product.”

He said that SSL would apply for licence from the insurance regulator soon. The services would include both life and non-life products.

But the broking division of the arm itself was likely to be spun of as a separate arm, SBI sources said. Besides, there were also plans under way to foray into commodities broking at a later date by SBI Caps.

SSL’s electronic broking would offer the facilities of demat account and Internet trading to SBM account holders.

This facility would allow SBM’s customers to trade on both the Bombay Stock Exchange and National Stock Exchange. Initially, this facility would be offered only at select branches of the bank that included Bangalore, Mysore, Mumbai, Chennai and Ahmedabad.

But the SBM’s Managing Director, Mr P.P. Pattanayak, said the facility would be offered to more branches of the bank. The facility would be offered at nominal broking charges of anywhere between 0.15 per cent and 0.05 per cent.

The facility would also offer customers access to the latest research reports and high level of security to ensure privacy of information, he said.

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