IDBI Bank to help investors make money
05 Jan 2006
New Delhi: IDBI Bank's financial services division IDBI Capital has launched an online investment portal to provide information, analysis and tips to retail investors to help them invest in IPOs, equities and mutual funds. The portal Idbipaisabuilder.in is targeted at retail investors who have missed out the boom in Indian stock market. The site will concentrate on helping them in right decision-making by minimizing risk involved in equity investment, the bank said. The investors will be given unique bank, demat and trading accounts, which will be safe for carrying out trading, the bank said.
Apart from this, investment information on the portal would free to all. To carry out trading, an investor would be required to enroll as a member by paying a one-time fee of Rs700 and thereafter only broking charges for trading in shares.
IDBI Capital has also roped in top 15 broking houses to give recommendations to retail investors. Besides online guidance, IDBI Capital will open about 350 franchises in urban and rural areas to help investors who do not have access to Internet.
The portal has two platforms 'Paisa Power Classic Account' for relatively new investors and 'Paisa Power Streaming Account' for active investors in BSE and NSE. The company aims to introduce trading in commodities, F&O and debt instruments later.
Meanwhile IDBI Bank is foraying into commodities, mutual fund, insurance and pension, as it has shifted focus from wholesale to retail segment to emerge as a financial powerhouse.
The bank has applied to SEBI and RBI for approvals to set up an asset management company (AMC) which would be in place by March 2006, said IDBI Capital CEO S Muhnot.
The AMC is likely to start operations from the first quarter of next fiscal or from April 2006.