ICICI Securities, along with the BSE, has launched a facility wherein clients of the domestic brokerage entity would be able to receive the pay-out within 30 minutes of selling the shares. This is much quicker than the current system in which it takes at least two days after the transaction for investors to get the money in their bank account.
₹50,000 cap
The facility, called eATM, was launched on Monday and is available to all clients of ICICI Securities. The new service would have a cap of ₹50,000 per client a day, and would be applicable on about 600 stocks listed on the BSE. “Retail investors can get near real-time access to money in their bank account when they sell shares on the BSE, instead of the usual waiting period of T+2 days under the current settlement system,” ICICI Securities said in a statement.
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Incidentally, the service would be offered free to all investors. However, there would be a cost component for the brokerage, as the pay-out from the exchange would happen only on a T+2 basis. ICICI Securities said it believed that the costs would be offset by the new client accounts that the facility would help it in acquiring.
“Now, your ICICIdirect account is like your ATM. With money being credited to your account within 30 minutes of your trade, you can remain invested till the 11th hour,” Shilpa Kumar, MD & CEO, ICICI Securities, said, while addressing the media.