1 min read.Updated: 06 Jul 2021, 11:58 AM ISTLivemint
The new service will allow users to invest in stocks of leading global companies listed on the US stock exchanges, along with index exchange-traded funds
Digital wealth management service, Scripbox, on Tuesday announced that it is enabling direct US stock investment on its platform to cater to a full spectrum of customers’ wealth diversification needs.
Scripbox is already offering US equity-based mutual funds on its platform. The new service will allow users to invest in stocks of leading global companies listed on the US stock exchanges, along with index exchange-traded funds (ETFs).
The wealth management service provider has partnered Stockal, a global investment platform, to offer the service.
According to Scripbox, the announcement is in line with its overall strategy of offering customers a full stack of wealth management solutions for their financial needs.
“We are pleased to extend these additional investment opportunities to our investor community through our partnership with Stockal, an industry leader in global financial services. Scripbox will enable investing in the US market effortlessly, while we partner with customers to manage their wealth with diversified portfolios, all in one place," said Atul Shinghal, founder and CEO of Scripbox.
Over the last few years, an array of new mobile apps and portals have made investing in the US markets a breeze. High returns from US stocks such as Tesla and FAANG (Facebook, Amazon, Apple, Netflix and Google) have fuelled investor interest.
Under the Reserve Bank of India’s liberalized remittance scheme (LRS), Indians can invest up to $250,000 in global stocks and bonds in a year.
Scripbox will offer benefits such as easy access, guided remittances, zero account opening and maintenance fees, along with the option of investing in fractional shares.
“Our partnership with Scripbox will help us reach a truly wide market of Indian investors and introduce them to a hassle-free way of investing in US stocks. They are consistently performing well, and their size and structure are quite unique, thus offering investors a different way of maximising their wealth," said Sitashwa Srivastava, co-founder and CEO, Stockal.
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