Shcil Sees Nod Soon For Marketing Govt Paper

Financial intermediary Stock Holding Corporation of India Ltd (SHCIL)is likely to get the mandate for marketing government securities in a month's time.

SHCIL managing director and CEO B Viruprakash Goud said that the corporation has already got the in-principle approval from the Reserve Bank of India. The government notification and other procedural requirements are expected to be over in a month, he said. The financial intermediary will kick off marketing of government securities with government relief fund which will shortly be followed by others instruments.

However, he declined to comment on how much income the corporation is expected to generate from this.

 

Goud, who came to Calcutta to launch two products namely Stockdirect and Sell-n-Cash, said SHCIL's aim is to become an one-stop financial supermarket where all capital market instruments like mutual funds, government securities, PSU bonds, insurance, AAA-rated fixed deposits would be available. SHCIL would also undertake value-added services like loan against shares and financing of initial public offerings (IPO).

Stockdirect envisages combining the investor's bank, broker, stock exchange, depository and depository participant under one roof. "Our aim is to bring the share market to the investors' pocket through innovative use of information technology," he said.

Investors who do not have access to personal computer and Internet connection can also avail this facility by using the request transmitting machine (RTM) installed in the Royal Exchange branch of United Bank of India. This product, which has already introduced in Mumbai, Rajkot, Chandigarh, Delhi and Hyderabad, is slowly being accepted in the market place. Nearly 400 account holders are now availing the facility, he added.

The sell-n-cash facility enables SHCIL account holder to realize proceeds from the sale of securities on the same day without waiting for the pay-out of the exchange.

SHCIL has recently launched its on-line services through its website called online.stockholding.com, to provide direct access to information to its account holders.