• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Paul Noronha

Mr Motilal Oswal (right), Chairman and Managing Director, Motilal Oswal Financial Services Ltd, with Mr Yogesh Agarwal, Chairman and Managing Director, IDBI Ltd, and Mr O.V. Bundellu, Deputy Managing Director, IDBI Ltd, at a press conference to announce the IDBI tie-up with Motilal Oswal Securities for online trading in Mumbai on Tuesday. —

Our Bureau

Mumbai, Feb. 26 Motilal Oswal Securities Ltd and IDBI Bank on Tuesday announced that they were entering into a strategic alliance to provide online trading facility to the bank’s customers.

IDBI customers now have the option of investing in equities, derivatives and IPOs using Motilal Oswal’s online trading platform.

“Our customers can benefit from Motilal Oswal’s technical platform for trading, its marketing aspects and the research reports which can be accessed by our clients,” said Mr O.V. Bundellu, Deputy Managing Director, IDBI Bank.

On the trading front, Motilal Oswal will provide the bank’s customers instant order/trade confirmation, single margin for equity/IPO/derivatives, “buy now sell tomorrow” and “after market hours” order placement facilities and margin benefit on hedged positions. E-broking is fast becoming an emerging trend in the equity broking business.

In a recent study by Dun & Bradstreet, it reported that 19,065 accounts were registered through e-broking at Motilal Oswal in 2007. Other broking firms too have registered similar figures stated the report.

Public sector banks seem to cashing in on this as more banks seem to be offering this service either through their own in-house platforms or by such tie ups.

Corporation Bank has tied up with IL&FS, Religare and Reliance Money; Asit C. Mehta has an arrangement with Union Bank while Bank of India has tied up with Anand Rathi.

IDBI Bank also has a similar tie-up with its subsidiary IDBI Caps.

This is the second such partnership that Motilal Oswal has got into; where last year it had tied up with SBI Bank.

The IDBI Chairman and Managing Director, Mr Yogesh Agarwal, said that they were expecting around 20,000 new accounts to be activated within the next year through this joint venture.

“We would be starting this service in 120 of our branches. As of now we are looking at just these branches due to connectivity and also as Motilal Oswal has their branches in these 120 sites.

"But this doesn’t mean that customers of these branches can only avail themselves of the service, all our customers can access this service,” he added.

More Stories on : Financial Services | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Corporate developments

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line