ICICI Securities (ISec), India’s largest brokerage house has announced the launch of a revolutionary new offering, eATM orders, with which retail investors can get near real-time access to money in their bank account when they sell stocks on the BSE, instead of the usual waiting period of T+2 days under the current settlement system.
For retail investors, access to money is a very important consideration while making their investment decisions. eATM revolutionises investing in stocks with instant liquidity access to retail investors. The ICICIdirect account almost becomes like an ATM where clients can sell and within 30 minutes walk into any ATM and withdraw the cash. It gives new dimension of liquidity to stock investing.
The money would be credited within 30 minutes with a limit of Rs 50,000 per client per day. This new feature is offered to all ICICIdirect customers at no additional cost and will be available to stocks sold on the BSE.
Talking at the launch function of eATM, Shilpa Kumar, Managing Director and Chief Executive Officer, ICICI Securities, said “We are happy to launch yet another differentiated product which provides instant liquidity to the investors. Now your ICICIdirect account is like your ATM. With money being credited to your account within 30 minutes of your trade, you can remain invested till the 11th hour. The fact that this service is open to all and comes at no extra cost is testimony to our customer-first approach. We are confident that this will immensely benefit our over 4.5 million clients.”
The feature is open to all trades in cash segment on nearly 600 stocks traded on the BSE. The maximum amount to be credited under eATM is Rs 50,000 per day.
Talking at the launch, AshishKumar Chauhan, MD & CEO of BSE said, “We congratulate ICICI Securities for the launch of this revolutionary product. Liquidity has significant importance to an investor’s life and eATM will bring new ease to retail Investors.”
