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Saturday 25 September 2021
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HDFC Securities to start low-cost brokerage platform

HDFC Securities is working on an alternate tech-led platform to take on low-cost digital broking firms. The target segment for the new platform are digital-savvy millennials and generation Z individuals who are taking to the stock market in large numbers. This segment is comfortable with service without human intervention, is cost-conscious and participates in low-value transactions.

The broking arm of HDFC Bank, which is among the top full-service brokerage firms in the country has historically been tapping customers of its parent bank. This allowed the group to provide a three-in-one account where the parent’s savings and depository participant account enabled seamless transactions.

A key difference in the offering would be the unbundling of the three-in-one accounts where customers can link their brokerage accounts. Until last year HDFC Securities was linking the trading account to demat accounts of HDFC Bank. Last year the bank got demat account on its own. The new offering will allow the customers to link their trading account with any bank or demat account and enable transactions through a payment gateway.




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