Sharekhan to enter discount broking business

Sharekhan, a full subsidiary of BNP Paribas, on Tuesday said it is entering the discount broking business through a new subsidiary. The discount broker provides a platform to purchase and sell order at a reduced brokerage.

In a statement, the retail broking company said it is confident that full-service brand Sharekhan continues to be relevant for aspiring India. The new company will be launched by using a beta-testing approach. Once the beta-testing step is done after receiving customer feedback, the launch of the project leap will take place during the second quarter of the current financial year 2020-21.

"Our approach is to have separate companies and brands for discount broking against full service as we believe that given India's low penetration in equity markets, there is a lot of relevance for both sub-categories to grow," Jaideep Arora, chief executive officer of Sharekhan, said..