ICICIdirect launches 'Cash on Spot' to its customers

ICICIdirect.com, the integrated online share trading site, has launched 'Cash on Spot' Facility to its customers from today. SPOT is a facility wherein the customer would receive the funds in his bank account on the same day as the sale transaction. Thus, in addition to trading in cash and margin, the customer would now be permitted to trade in SPOT also.

Ms. Madhabi Puri Buch, Chief Executive Officer, ICICIdirect said, "We have developed this product based on feedback from our customers. There is a need to provide instant liquidity when our customers require it. SPOT orders are also convenient, as our customers can withdraw the funds the same day across 572 ATMs of ICICI Bank".

ICICIdirect customers would be given a daily limit of Rs. 50,000/- under the Cash on SPOT facility. These funds can be withdrawn at the end of the day. With the SPOT facility, customers of ICICIdirect will not have to wait until the payout day of the Stock Exchange to receive their funds for sales. This would increase the liquidity for ICICIdirect customers. All S&P CNX NIFTY and CNX NIFTY JUNIOR scrips would be available in Cash on Spot.

The 'Cash on Spot' facility will be available at an additional charge over the normal brokerage. In case of Rolling Settlement T+5 days scenario, the additional charge would be 0.40% on the SPOT value traded. For scrips in Rolling Settlement, No Delivery period and Weekly Settlements the charges are proportionately applicable.

The SPOT facility compares favourably against the current offline practices as well. Under the current offline circumstances, a customer has to submit the request for instant sales by physically going to the counter of the provider. In addition to that, the customer has to travel the next day to the counter and pick up the cheque and deposit the same into the bank account. The clearing process takes an additional one to three days for the amount to be credited and only then the customer can avail the funds.

About ICICIdirect
Starting its services on April 17, 2000, ICICIdirect.com has become India's favourite online share trading site with a customer base of over 1,20,000. ICICIdirect.com has been launched by ICICI Web Trade Limited, a fully owned subsidiary of ICICI Limited (NYSE: IC).

The unique 3-in2 trading account of ICICIdirect.com offers a hassle-free and seamless trading experience for the customer. The customer's bank, demat and broking accounts are linked automatically so that all the customer needs to do is to just place an order of the scrip chosen and the desired price, and the rest is done by the system. The transactions are sent to the exchange, order confirmation is immediate by email and proceeds/shares are credited/debited to the bank and demat accounts.

ICICIdirect.com also offers trading for Non Resident Indians (NRI's) in the Gulf Co-operation Council (GCC) countries. ICICIdirect.com launched Asia's first integrated online Mutual Fund (MF) Plaza. Currently it offers schemes of Prudential ICICI Mutual Fund and Zurich India Mutual Fund through its MF Plaza.

Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICIdirect's and our ability to successfully implement our online strategy, our growth and expansion, the adequacy of our allowance for credit losses, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited with the Securities and Exchange Commission of the United States. ICICI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

For further press queries please contact:
ICICI: Mr Charudatta Deshpande
Head Corporate Communications,
Tel: 022-26538208,
Fax: 022 26531116
email: charudatta.deshpande@icicibank.com