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Bahrain NRIs get Online Trading Facility

Bahrain-based non-resident Indian (NRI) investors have been urged to shun middlemen and use new online technology. At a high-profile launch, Indian firm UTI Securities Limited and its associate company in Bahrain, Indo-Gulf Financial Services Limited, explained the benefits of their new online trading site to an audience of business figures. Promoting the website www.usectrade.com as valuable means for NRIs to oversee their portfolios, investors were told the volume of stock transactions made online will soon overtake that of those conducted through a broker.

"There are a lot of disadvantages in conventional trading, as far as the communication part is concerned," UTI Securities vice-president and e-brokering head Rakesh Singh told the GDN. "Typically a broker handles a number of customers and this can range from 30, to 50, to 100.
"Suppose a customer calls a broker at a particular time, but a broker only has three or four lines and if he has 100 customers then 100 people could be calling him at a similar time.

"But in online trading the customer can trade at ease in their home, in a cyber-cafe, or by using the internet in their offices," he added.

High returns on investments in recent years have seen the number of NRIs investing in stocks increase, said Singh.

He said the new website would offer an easy to use means for investors to acquaint themselves with the Indian market.

"It's basically an online trading product whereby customers do not have to call any broker or anything, the customer can just log-in to the site and make investments in products ranging from equity investments, to Initial Public Offerings (IPOs) and mutual funds," he revealed.

The site charges a flat brokerage fee of 0.5 per cent including1 transaction costs, a competitive rate compared to some brokerage houses, which charge 1.25 per cent, said Singh.

He said Bahrain is the financial hub for the entire Gulf region and an upcoming market.

"As far as the population is concerned, 25 per cent of the population in Bahrain are Indians, so we are looking out for these customers," said Singh.

Indo Gulf Financial Services Ltd is licensed by the Central Bank of Bahrain as a category two investment business firm.-(TradeArabia News Service)

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