The new discount brokerage is likely to be launched in the September ending quarter of the financial year 2021 after the broking firm finishes the process of beta testing.
Sharekhan, a subsidiary of BNP Paribas, on Tuesday announced the launch of its new discount brokerage platform.
The full-service broking firm, however, did not divulge details about the name of the new subsidiary. It announced that Project Leapp will be the first phase towards launching the discount broking category
through a new subsidiary company.
The new discount brokerage is likely to be launched in the September ending quarter of the financial year 2021 after the broking firm finishes the process of beta testing. The beta company will allow 100
alpha traders and investors to test the platform in the live market mode. On the basis of first in, first win the selected 100 alpha traders and investors will have to give Rs 5 lakh as margin and will receive one year of brokerage for free as a welcome gift.
“The 100 alpha traders and investors can test the new platform in live-market mode including many innovations on Watchlist, Detail Quotes, Orders and Reports and give their feedback to the ‘founding senior leadership team’ of Project Leapp,” the brokerage said in its statement.
Jaideep Arora, chief executive officer, Sharekhan by BNP Paribas, said, “Our approach is to have separate companies and brands for discount broking versus full service as we believe that given India’s
low penetration in equity markets there is a lot of relevance for both subcategories to grow.”