Citibank and kotakstreet.com, the online trading division of Kotak Mahindra Group, have entered into a tie-up to offer their customers e-broking (online share trading) facility.
Customers of the foreign bank can now buy and sell securities on the National Stock Exchange (NSE) online from their desktops by signing up with it for this service.
The trading site of kotakstreet.com has been integrated with the Citibank online site, which additionally also offers banking, demat, mutual fund investments, credit card and other services, a statement issued by the bank said.
The trading site allows customers to keep track of price movements of their preferred scrips, place orders to buy/sell securities, check the status of orders, make payments and transfer shares from their bank and demat account respectively with Citibank. Kotakstreet.com will also credit customer accounts for money and shares that are due.
To help Citibank customers take decisions, the latest news updates from CNBC, corporate performance reports, top gainers and losers for the day and such other information will also be provided by kotakstreet.
Citibank today also launched an online share transfer facility whereby customers having a depository account with it will now be able to give transfer instructions on the net.
Instructions for on-market (transfer to a brokers pool account) and off-market (transfer to a beneficiary account) can be given. There are no restrictions on the city and the depository participant (DP) with which the recipient has his depository account.
"The launch of the online share trading and share transfer will further increase our ability to be the financial services engine to the Asian markets," Amit Sah, marketing director (investments & banking services), Citibank India said.
According to Narayan S A, chief executive officer, Kotak Securities Ltd, both institutions by joining forces could together provide unparalleled service to their customers.
