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Financial services provider Edelweiss announced the launch of its Tap2Trade app — an online demat account opening facility that helps individual clients get started with a trading account within 60 minutes.
The minimum documents required are a PAN card and a cancelled personalised cheque for KYC-verified clients and can be accessed either via computers or the mobile trader app. The service, initially, will be available in eight cities. The company expects its mobile trading business in India to grow more than eight times in three years led by consumer preference for digital platforms.
High-end customer-orientedNitin Jain, CEO, Global Asset and Wealth Management, said the launch of the trading platform is part of the shift Edelweiss is taking to increase its focus on high-end retail customers, away from its traditional stronghold as a manager of institutional wealth.
“There is a large opportunity in retail for us. Since 2010, we have been investing in increasing this part of the business. In the next 8-10 years, we see retail becoming a large part of the organisation,” Jain said.
Edelweiss believes there has been limited retail participation in Indian capital markets till now, partly due to the hassles of getting documentation, lots of signatures and several verifications. Their new technology is designed to be hassle-free, while complying with all SEBI-mandated guidelines in the trading procedure.
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