Sharekhan launches Espresso1 min read . Updated: 22 Sep 2020, 04:55 PM IST
Sharekhan’s new offering is targeting the new-age investor with a 'pay when you profit' pricing model
Taking advantage of the rush in retail investor interest in stock markets, Sharekhan has launched a separate entity called Espresso for discount brokerage services. Sharekhan, a full subsidiary of BNP Paribas, is a retail full-service broker.
The move comes at a time when millions of millennials are trying their hands in stock trading, more so after India Inc moved to work from home amid the covid lockdown.
According to data sourced from Securities and Exchange Board of India (Sebi), a record 4.09 million demat accounts were opened between March and July. This comprises nearly 80% of the 5 million new accounts opened so far in 2020. In June and July, 1 million and 1.1 million demat accounts were opened, respectively. The total number of demat accounts in India stands at 44.3 million as on July end.
New-age investors with a high-risk appetite taking bets on stocks, have contributed to the markets rally of 50% since March end. Sharekhan’s new offering is targeting this new-age investors with a ‘pay when you profit’ pricing model.
“Customers need to pay ₹20 per order only when there is a profit for intraday trades across segments. The brokerage waiver is only on one side (buy/sell) of the order. There is also a one-year premium subscription free for MoneyFlix, wherein there are over 100 videos that have trading and investing strategies," said Sharekhan in a statement.