“Our account opening numbers have grown by 35% week-on-week and this jump can be directly attributed to the demand for the upcoming LIC IPO,” said Varun Sridhar, CEO, paytm money,
Many broking houses are not passing on the demat account opening charges as well as stamp duty and other statutory charges on the incoming new customers. As an added benefit, some are also waiving the demat maintenance charges for the entire lifetime, while some are limiting the freebie to only the first year.
Religare Domestic broking house Broking has recently joined hands with Spice Money, a fintech company focused on rural India, to open demat accounts in the hinterland of India. Under the partnership, Spice Money’s agents in rural areas, called officers, will assist people in opening demat accounts with Religare and also help them invest in LIC IPOs.
according to this Sanjeev KumarIts partnership with Religare, the co-founder and CEO of Spice Money, will provide rural citizens with an opportunity to participate in future mega LIC IPOs and other capital market linked products. “The access to IPOs of a country-wide trust brand like LIC will help rural citizens to know about investment opportunities that they are still unaware of,” Kumar said in a release.
Paytm Money is also tapping remote potential customers to open accounts with it and invest in the life insurer’s IPO. It has placed QR codes at kirana stores across the country to empower the common man to invest for life with free demat accounts, it said in a release. “By using these QR codes, one will be able to easily create their free demat account… and place their bid for LIC IPO.”
A mailer of the company said that Integrated, a domestic broking house, is offering a discount of Rs 500 for customers opening a demat account with it.