Sharekhan to enter retail broking business

NEW DELHI, June 2: Sharekhan, a full subsidiary of BNP Paribas, on Tuesday said it is entering the discount broking business through a new subsidiary.
The discount broker provides a platform to purchase and sell order at a reduced brokerage.
In a statement, the retail broking company said it is confident that full-service brand Sharekhan continues to be relevant for aspiring India.
The new company will be launched by using a beta-testing approach. Once the beta-testing step is done after receiving customer feedback, the launch of the project leap will take place during the second quarter of the current financial year 2020-21.
“Our approach is to have separate companies and brands for discount broking against full service as we believe that given India’s low penetration in equity markets, there is a lot of relevance for both sub-categories to grow,” Jaideep Arora, chief executive officer of Sharekhan, said. (PTI)