Shcil Sell N Cash Scheme For Scrips On Cse Soon

The country's premier custodian, Stock Holding Corporation of India Ltd (SHCIL) will introduce its `Sell'n'Cash' scheme to scrips listed with the Calcutta Stock Exchange (CSE) from May 15.

The Sell'n'Cash scheme allows investors holding an account with SHCIL to realise payment by cheque on the day they sell their shares. The scheme is now available to scrips listed with the National Stock Exchange (NSE) only.

To make things more convenient for investors, SHCIL has introduced a net-based platform `Stock Direct' by which investors will be able to transmit orders for sale and purchase of shares. This platform would be connected to the investor's bank account, for verification of availability of funds, and automatic transfer of sale proceeds.

 

Currently, investors can access Stock Direct from request transmitting machines (RTMs) provided at select SHCIL centres and bank branches.

SHCIL has so far installed RTMs in six of its branches. It has ordered 35 more for installation in very near future.

Alongside, in becoming a `one-stop financial supermarket', SHCIL is also planning to introduce a slew of other schemes and products like housing loans, car loans, insurance products and arbitrage, said B V Goud, chief executive officer, SHCIL, at a press meet yesterday.

SHCIL is planning to expand its `loans against demat shares' scheme by tying up with various public, private, foreign and co-operative banks. The facility is currently available in Calcutta through the main branch of Bank of Madura in the city.

SHCIL intends to make a foray into banking services in near future. Goud said, "We applied to the Reserve Bank to allow us to offer restricted banking services. The matter is being considered."

SHCIL's objective is to provide integrated service comprising of broking, banking, settlement and custody. The company does not intend to bypass any of the intermediaries involved in the process currently - it would act as a platform connecting these.