Stocks

ICICI Securities launches eATM to pay sale proceeds up to ₹50,000 in 30 min

Our Bureau MUMBAI | Updated on December 03, 2018 Published on December 03, 2018

Shilpa Kumar, MD and CEO, ICICI Securities Ltd   -  File photo

Facility open for deals via BSE; available for 600 select stocks

Retail investors facing a sudden liquidity problem will be able to access as much as ₹50,000 in a matter of just 30 minutes when they sell stocks on the BSE through a new facility launched by ICICI Securities.

The brokerage on Monday announced the launch of eATM orders through which retail investors can get near real-time access within 30 minutes to money in their bank account when they sell stocks on the BSE.

This is faster than the usual waiting period of T+2 days under the current settlement system.

The facility will be available on 600 select stocks on the BSE representing 99 per cent of market capitalisation.

No extra cost

“Now the ICICIdirect account is like an ATM. With money being credited to the account within 30 minutes of trade, an investor can remain invested till the 11th hour,” said Shilpa Kumar, Managing Director and CEO, ICICI Securities, adding that the service is open to all and comes at no extra cost.

The brokerage has 42 lakh customers and this facility could later also be extended to the NSE.

Vishal Gulecha, head of equities at the brokerage, said there will be a cost which ICICI Securities will have to incur on account of depositing the amount upfront as the transaction actually gets settled in two days by the market intermediaries.

“Liquidity has significant importance to an investor’s life and eATM will bring new ease to retail investors,” said AshishKumar Chauhan, MD and CEO, BSE.

Published on December 03, 2018
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