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ICICI launches online trading facility for NRIs
Monday, Oct 6, 2008

ICICIdirect.com has launched an online Futures and Options (F&O) trading facility for NRIs. ICICI said this facility offers "safe and secure transactions through its fully integrated trading site." It added that the launch is supposed to provide an "exciting opportunity" for NRI customers to create short term trading positions and benefit from market volatility. According to ICICI, F&O will act as an effective tool for risk management and hedging by reducing potential downside. Apart from online trading, customers can also avail of its CallNTrade facility. The company claims that it is embarking on a massive educational campaign and customer empowerment programme for its NRI customers at various overseas locations with a special emphasis on F&O trading.

Anup Bagchi, executive director at ICICI Securities said, "The GCC region is home to a large population of non resident Indians. The present strength of Indian community in the UAE is around 1.4 million. It is estimated that about 33 per cent of the total population and over 50 per cent of the work force in the UAE are Indians. In Bahrain nearly 290,000 Indian nationals form the largest expatriate community. This provides the right platform for us to launch this type of product and focus on the GCC. We have been providing advisory and investment solutions to the NRI community in GCC for a long time now, and it has been well received. With the launch of NRI F&O, we are further reinforcing our organisation focus and commitment to serve the NRI community and GCC region and empower our customers to take educated decisions that will enable them to maximise the benefits of investing their money".

ICICIdirect.com claims it is the leader in the online share trading space with over 1.7 million customers and says it has a unique distinction of catering to a wide NRI customer base from over 100 countries ranging from the GCC, Europe, South East Asia and Africa.

 

 

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