ICICI Securities enables Indian customers to invest in US securities

ICICI Securities Ltd. (I-Sec), an integrated financial services firm, today said that it has joined forces with Interactive Brokers LLC, a US-based online brokerage firm with multi-asset and multi geography trading capabilities, to offer ICICI Securities' customers the ability to invest in the US markets through a complete digital experience from onboarding to trading.

The alliance will enable ICICI Securities' 4.8+ million clients to diversify their investments outside of the Indian market and access multi-asset investment opportunities through Interactive Brokers' award-winning and intuitive trading platform. Domestic investors can now trade in US markets across stocks, ETFs, and fixed income products. There is no minimum ticket size and US markets even allow for fractional ownership of shares, so even small retail investors can build a portfolio effectively.

Interactive Brokers Group is a 42-year-old, US-based Nasdaq-listed brokerage firm with over $8 billion in equity capital and over $203 billion in client equity (Source: Press release named Interactive Brokers Group Announces 2Q2020 Results)

"For over two decades, ICICIdirect.com has been offering Indian investors the opportunity to invest and build their financial assets in a convenient and knowledgeable way. With ever increasing globalization, diversification has become an important objective for many investors to spread risks and tap opportunities across geographies and asset classes. Investing in a matured and well-regulated market like the US provides exposure to well-known and well tracked international companies. We feel it is the right time to offer such a facility for our customers and are happy to join hands with Interactive Brokers. Together we will make investing in the US markets almost as seamless as it is investing in the domestic markets. The complete investment journey, right from account opening, broking, portfolio monitoring and statements will be offered seamlessly and digitally. Based on investor demand, the facility could be extended to other markets as well in the future," said Mr. Vijay Chandok, MD & CEO, ICICI Securities.

Commenting on the alliance, Ankit Shah, Director of Interactive Brokers' Indian entity said, "This alliance will provide ICICI Securities' clients access to stocks, ETFs, bonds and mutual funds listed in the US. We believe that many Indians have interest in investing in companies outside of India and in brands that they use every day. Indian investors will now be able to utilize Interactive Brokers' award winning platform and execution capability to make it happen."

ICICI direct account holders can digitally open the account through the icicidirect website and choose from the subscription plans available depending on their trading preference. As an introductory offer, the company is providing two months of complimentary subscription to its customers, details for which are available on the website.

Shares of ICICI Securities Ltd was last trading in BSE at Rs.468.6 as compared to the previous close of Rs. 480.2. The total number of shares traded during the day was 15704 in over 1126 trades.

The stock hit an intraday high of Rs. 486 and intraday low of 466. The net turnover during the day was Rs. 7386459.

Source : Equity Bulls

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