ICICI Securities extends eATM facility to NSE
Author(s): City Air NewsMumbai, August 1, 2019: ICICI Securities Limited (I-Sec), India’s leading technology based securities and financial products distribution firm, today said that it has extended its popular eATM facility – the near...
Mumbai, August 1, 2019: ICICI Securities Limited (I-Sec), India’s leading technology based securities and financial products distribution firm, today said that it has extended its popular eATM facility – the near real time credit of share sale proceeds-- for trades on the National Stock Exchange Ltd. (NSE) as well.
Under eATM, the ICICIdirect account almost becomes like an ATM where clients can sell their stocks and within 30 minutes the sale proceeds gets credited to their account, against the usual waiting period of T+2 days under the current settlement system. eATM gives new dimension of liquidity to stock investing by helping clients remain invested in the market till the 11th hour. This facility comes at no extra cost and has a daily limit of ` 50,000 per client, helping clients meet any emergency fund requirement.
eATM facility, originally applicable for trades on the BSE Ltd. (BSE) only, has now been extended to NSE as well. About 600 stocks in the cash segment, accounting for over 95% of market cap, are under eATM coverage.
Vijay Chandok, MD & CEO, ICICI Securities, said, “Since the launch of eATM in December 2018, we have seen a great response from our clients as it has helped them manage their cash flow and meet emergency fund requirement. They are able to remain invested in the market for longer as the share sale proceeds are credited on a near real-time basis to their bank accounts. We are happy to extend this facility on the NSE as well and are sure that our clients will greatly benefit and utilise this facility which comes at no extra cost to them.”