Feb 19, 2008, 04.54 PM | Source: Moneycontrol.com
Canara Bank announced that it has launched the online equity trading platform ‘www.canmoney.in’, through its wholly owned subsidiary, Gilt Securities Trading Corporation Ltd
Shri M. B. N. Rao, Chairman, Canara Bank and Chairman, Indian Banks’ Association (IBA) inaugurated the online trading facility ‘ www.canmoney.in ’ in Mumbai.
The online trading facility, to start with, will be available to all individual savings and current account holders in select CBS-compliant Canara Bank branches in India, to be extended to all CBS branches over a period in due course.
Existing Canara Bank SB / CA & DP account holders in CBS compliant branches can open trading account with GSTCL, while fresh Investors could avail the new online trading platform, opening an integrated 3-in-1 account i.e. a SB / CA at CBS Branch of Canara Bank, a demat account with Canara Bank and Trading account at GSTCL. The trading account would be offered free with concessional brokerage for a limited period.
Speaking on the occasion, Shri Rao said: “It’s indeed a privilege for us at Canara Bank, a Public sector bank to introduce online trading platform for our customers. It is our endeavor to continue to offer best of the financial products to our valued customers not just in metro cities but also across the Tier II and Tier III cities in the country. We intend to reach out to our customers across India with our online trading facility within a short time.”
True to the Canara Bank tradition and the brand image, the Company will offer superior and customer friendly products backed by in depth research and analysis. “We intend to be amongst the leading Institutions to spread the financial prosperity, to the common man and make him a partner in country’s economic growth, through informed investment in Indian equity market,” he said.
GSTCL is offering three market savvy products - Cash N Carry (delivery based product), Intra-day Trading (jobbing) and BITSOT (Buy In Today Sell Out Tomorrow), while the trading in F & O segment would be introduced shortly.
Salient features of the products are detailed below:
Cash N Carry (CNC) - A delivery based product. Trades can be put through in all the listed stocks in BSE & NSE. Funds / Shares have to be allocated in advance to put the trade.
Intra-day Trading (IDT) - Leveraged Product devised for jobbing activity. Client can take exposure upto 5 times the allocated funds. To start with, trading is permitted only in index scrips i.e. SENSEX & NIFTY 50.
BITSOT - Enables the client to sell the stock purchased in CNC, on the very next trading day. Client need not provide any margin for this trade.
VALUE ADDED SERVICES:
· Portfolio Tracker – to monitor online value of personal portfolio.
· Online back office with more than 40 detailed reports.
· View online Digital Contract Notes.
· Information on forthcoming IPOs.
· Information on various MF schemes, latest NAVs etc.
· Data bank of various listed Companies, Sector watch, News Analysis etc.
· IVR call centre for offline trading incase of loss of internet connection after the allocation of funds / shares.
· Flash demo on various functionalities available on the site.
Gilt Securities Trading Corporation Ltd. is a wholly owned subsidiary of Canara Bank. The company was incorporated in 1996 as a Primary Dealer in Government Securities. The PD business of the Company was taken over by the parent Bank i.e. Canara Bank in February 2007, after which, the Company diversified to Stock Broking, with SEBI registration and membership of BSE and NSE. The company commenced the broking activity in Proprietary / Institutional trading since June / August 2007 and is now offering Online Trading (OLT).
Sourced From: Sampark Public Relations Pvt Ltd