Business | Banking
ICICIdirect opens options trade for NRIs
ICICIdirect.com, a major online trading platform in India, on Monday launched its online Futures and Options (F&O) trading service for NRIs.
- Staff Report
- Published: 20:42 October 6, 2008
Dubai: ICICIdirect.com, a major online trading platform in India, on Monday launched its online Futures and Options (F&O) trading service for non-resident Indians (NRIs).
This facility offers secure transactions through its integrated trading site.
It provides the opportunity for NRI customers to create short-term trading positions and benefit from market volatility.
F&O will act as a tool for risk management and hedging by reducing potential downside, ICICIdirect said.
Apart from online trading, customers can also use the "CallNTrade" facility.
The firm will provide training in trading to NRI customers at various overseas locations with special emphasis on F&O trading.
"The strength of the Indian community in the UAE is around 1.4 million. It is estimated that about 33 per cent of the total population and over 50 per cent of the work force in the UAE is Indian," said Anup Bagchi, Executive Director - ICICI Securities Ltd. Indians form the biggest expat group in Bahrain also, he said.
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