Financial Daily from THE HINDU group of publications
Tuesday, Jan 17, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 17, 2006 |
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Money & Banking
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Alliances & Joint Ventures Markets - Financial Services Centurion beefs up retail thrust with IIL tie-up Our Bureau
Mumbai , Jan. 16 CENTURION Bank of Punjab has tied up with IL&FS Investsmart Ltd (IIL) for offering equity broking services to the bank's customers. This will provide customers seamless settlement of trade and funds for all their equity transactions done through the IL&FS platform. The MoU between Centurion Bank of Punjab and IIL is a referral arrangement. The customer can receive the settlement of securities and funds and trade in BSE, NSE and derivatives from a single window. The shares will also be automatically delivered from and into the bank's demat account while the sale proceeds will be credited to the account on settlement dates. The registration charges for `Smart invest (for occasional traders)' is Rs 500 while for `Smart trade (for active traders)' it is Rs 1,000. The brokerage charges are 0.5 per cent for delivery and trade while it is 0.10 per cent for derivatives and intra-day trading. The minimum quarterly balance that has to be maintained is around Rs 5,000 and the charge of Rs 500 for the demat account will be waived off in the first year. IIL will also offer portfolio management services and online/offline equity broking services to the bank's customers in the first phase. The e-broking service will be initially available in Mumbai followed by cities such as Chennai, Bangalore, Delhi, Chandigarh and Coimbatore in a week.
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