SAMCO, India’s fastest growing discount broker and host of India’s biggest stock market competition the Indian Trading League, has launched industry innovative product ‘IntraPlus’ that is a Zero Balance Trading account.
Through ‘IntraPlus’ account traders can initiate intra-day trades even if the cash balance in their trading accounts is zero, which is first of its kind product in Indian stock market.
With IntraPlus, clients can pledge their shares and Exchange Traded Funds (ETFs) of 801 approved stocks and get margins to trade across exchange segments.
“As we continue to unbundle the entire brokerage model, we aim to solve another problem that many clients were facing. That is clients not being able to leverage their stock holdings! To solve that problem, we have introduced SAMCO IntraPlus,” said Mr. Jimeet Modi, CEO, SAMCO Securities.
“In the trading business, the only raw material is capital. However, when traders and investors invest their capital in stocks, their ability to initiate fresh trades is impaired since their capital is tied up. We at SAMCO have aimed to solve this problem with our Zero Balance trading account,” Mr. Modi added.
Through IntraPlus, traders can now leverage the power of their holdings even if they have no liquid cash in their trading account and initiate trades and never miss an opportunity. The design of the product is such that gives complete flexibility to customers.
With SAMCO IntraPlus, clients can get margins against shares up to 90% of value (after haircut) against securities (shares and ETFs) owned by them to trade Intraday in the NSE Equity, Future & Options as well as Currency Derivatives along with the BSE Equity segment.
This is a revolutionary product as existing facilities in this segment doesn’t allow a trader to truly utilize the power of their holdings. In most cases, the ability to utilize holdings is restricted to the amount of cash held and that’s a huge impediment for traders.
Explaining about the product, Mr. Modi added “Let’s say the value of your holdings post haircut is Rs. 1,00,000 and your Cash Available is Rs. 0. When you pledge your holdings with us, you can enter intraday trades with Margins of upto Rs. 1 Lakh even though your cash available is Rs. 0!”
This is the second product in SAMCO’s Plus series of products. ‘CashPlus’ was the first product of the company under its Plus series that was also an industry innovation and was received well among traders across the country.
In April, SAMCO launched Season 2 of the Indian Trading League (ITL), India’s first and only real stock market competition. ITL is making it easier for individuals to achieve better trading and investing returns by introducing a gamified platform of trading.
Courtesy by www.newsvoir.com
