lic: LIC IPO: Brokers attract newbies with freebies – Times of India

MUMBAI: Forward of the opening of the maiden supply for all times insurance coverage behemoth LIC, brokers are making each effort to register new buyers. From opening free demat accounts with first 12 months’s fees waived off to voice-activated accounting opening in rural areas, it’s primarily the tech-driven brokers who’re on-boarding new buyers in massive numbers.
“Our account opening numbers have gone up by 35% week-on-week and this surge can immediately be attributed to the demand for the forthcoming LIC IPO,” mentioned Varun Sridhar, CEO, PayTM Money.

A number of broking homes are additionally waving off demat account opening fees in addition to not passing on stamp obligation and different statutory levies onto the in-coming new clients. As a further profit, some are additionally waving off the demat upkeep fees for your complete lifetime whereas some is proscribing the freebee to simply the primary 12 months.
Religare Broking, a home broking home, lately joined fingers with Spice Cash, a fintech firm focussed on the agricultural India, to open demat accounts in India’s hinterlands. Beneath the partnership, Spice Cash’s brokers within the rural areas, known as Adhikaris, will help folks to open demat accounts with Religare and in addition assist them spend money on the LIC IPO.
In line with Sanjeev Kumar, Co-Founder & CEO, Spice Cash, its partnership with Religare would convey forth the chance for rural residents to take part within the mega LIC IPO and different capital market-linked merchandise sooner or later. “Entry to the IPO of a model that instructions nation-wide belief, like LIC, will assist rural residents heat as much as the phenomenon of funding alternatives they’re hitherto unaware of,” Kumar was quoted in a launch.
PayTM Cash can be tapping potential clients within the hinterlands to open accounts with it and spend money on the life insurer’s IPO. It has positioned QR codes at kirana shops throughout the nation, to introduce the frequent man to the ability of investing with free demat accounts for lifetime, it mentioned in a launch. “Utilizing these QR codes, any particular person will be capable of simply create their free demat accounts…and place their bids for the LIC IPO.”
Built-in, a home broking home, is waving off Rs 500 for patrons opening demat accounts with it, a mailer from the corporate mentioned.

Leave a Comment