The facility empowers stock brokers to integrate their trading and depository systems with the Bank through API
ICICI Bank on March 03 announced the launch of an array of digital solutions for participants of the capital market and clients of custody services.
The Bank has launched these solutions to offer expeditious onboarding and convenience to all participants of the Indian capital market which has seen significant growth in the last few years.
According to the Bank, these solutions will make it possible for different market participants, such as stock brokers, Portfolio Management Service (PMS) providers, Foreign Portfolio Investors (FPIs), Foreign Direct Investors (FDIs), and Alternative Investment Funds (AIFs), to easily satisfy all of their banking needs.
The recently introduced “3-in-1” account gives stock broker clients the ability to quickly and easily open online trading, demat, and savings accounts from any location in the nation, the bank said in a statement.
The facility empowers stock brokers to integrate their trading and depository systems with the Bank through API, providing them with the advantage of real time information on availability of investor funds.
The Bank has also enabled providers of PMS services to digitally open savings account and demat account in a single working day, significantly reducing
onboarding and activation time.
Additionally, the Bank has launched a digital platform for onboarding and registration of FPIs/FDIs from any country across the globe. It said that the platform helps FPIs/FDIs to upload documents and information seamlessly for pre-verification, thereby paring the registration and onboarding time down to a few days.
“Indian capital market has witnessed significant growth over the last few years,” said Sumit Sanghai, head of the large clients group at ICICI Bank. “This can be gauged from the increase in number of demat accounts, rise in AUM of the mutual fund industry, and surge in capital flows into the country.”
“We think that the sector will continue to grow strongly and help India reach its goal of having a $5 trillion economy by 2025. By significantly decongesting manual processes, the digital suite of solutions made available by the Bank will assist participants in the capital market and custody services in meeting regulatory requirements and enhancing their operational effectiveness and commercial scalability, according to Sanghai.