 "Naspers-backed online wealth manager Fisdom enters stock broking")
Online wealth management Fisdom, which has backing of venture capital firm Naspers, has entered the stock broking business.
“The new venture will offer a comprehensive product suite to the customers including equity, derivatives, IPOs, sovereign gold bonds, currencies and ETFs,” the company said in a release. At present, Fisdom operates a successful mutual fund distribution platform.
The broking foray comes amid a frenzy to open new accounts underpinned by the buoyancy in the market. The number of demat accounts in the country have more than doubled to 70 million so far this year. Fisdom said it will offer a low-fee structure with premium offerings such as research coverage on 3,500 individual scrips, proprietary screeners and tools.
“The new venture will offer a comprehensive product suite to the customers including equity, derivatives, IPOs, sovereign gold bonds, currencies and ETFs,” the company said in a release. At present, Fisdom operates a successful mutual fund distribution platform.
The broking foray comes amid a frenzy to open new accounts underpinned by the buoyancy in the market. The number of demat accounts in the country have more than doubled to 70 million so far this year. Fisdom said it will offer a low-fee structure with premium offerings such as research coverage on 3,500 individual scrips, proprietary screeners and tools.
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