Stockbroking and trading company SMC Global Securities limited announced on January 13 that it has entered into a strategic alliance with Karur Vysya Bank to offer online trading services to bank customers.
Karur Vysya Bank customers will now be offered an integrated three-in-one account comprising a Savings account, a Demat account, and a Trading account. Clients will be able to enjoy a convenient trading experience by visiting the portal www.smctradeonline.com and using mobile trading app SMC ACE, and desktop-based software.
SMC Global, which has a customer base of 1.9 million and has a presence across over 550 major cities and towns in India, will be able to increase its client base by leveraging the bank’s presence in the country.
Karur Vyasa Bank, on the other hand, will be able to provide additional services to its account holders and generate an additional source of revenue through this tie-up.
Under the arrangement, SMC Global will open the trading account and the Karur Vyasa Bank, headquartered in Tamil Nadu, will maintain the bank account and the Demat account of the customers.
Speaking about the partnership, B Ramesh Babu, MD and CEO, Karur Vysya Bank said: “It is our pleasure to tie up with SMC. What started as a venture with a seed capital of Rs 1.20 lakh, has grown into a leading financial institution that offers a gamut of financial services, under one roof, to millions of its customers. With this tie up, we aspire for the unstoppable growth of both entities, blending the traditions with technology and our clients to have easy and smooth investing and trading experience with SMC.”
Ajay Garg, Director and CEO, SMC Global Securities Ltd, said: “It is prestigious for SMC to tie up with Karur Vysya Bank and it will bring in a fast, secure, and hassle-free experience to the bank clients for investing and trading in shares from a mobile or desktop. It will also help SMC strengthen its presence and client base in the southern part of India.”
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