ICICIdirect

ICICIdirect is the broking unit of ICICI Bank, owned by ICICI Securities, a public company listed on the NSE and BSE. Its services include retail brokerage in stocks, mutual funds, currencies, commodities and derivatives, and distribution of bank and corporate FDs, bonds, NCDs, NPS, and SGB, as well as insurance and loan products.

ICICIdirect
Type of businessPrivate
Founded2000 (2000)
Headquarters
Mumbai, Maharashtra
,
India
Key peopleVijay Chandok (MD & CEO, ICICI Securities)
Ajay Saraf (Executive Director, ICICI Securities)[1]
IndustryBrokerage
Financial services
Products
  • ICICIdirect Money
  • ICICIdirect Markets
Services
ParentICICI Securities
URLwww.icicidirect.com
Users54 lakh (FY 2021)[2]
Current statusActive

History

ICICIdirect was started in 2000 as the online trading platform of ICICI Web Trade (now ICICI Securities), allowing customers to electronically buy and sell shares through the integration of demat accounts and ICICI Bank savings accounts.[3][4]

In 2007, ICICIdirect began overseas trading services on exchanges such as NYSE and Nasdaq with the use of outward remittances.[5] In 2008, it launched its low-bandwidth website to facilitate trading using GPRS and data cards.[6]

In 2009, it introduced currency derivatives on its platform.[7] It then began offering National Pension Scheme and SIP on equity.[8]

In 2010, ICICIdirect launched a trading platform for independent financial advisers (IFAs),[9] and became the first broker to introduce e-voting system for retail shareholders in 2013.[10] In 2015, it started its robo-advisory platform called Track & Act.[11][12]

In 2018, ICICI Securities opened its ₹3,514 crore (US$513.82 million) initial public offering (IPO) and got listed on the National Stock Exchange of India and Bombay Stock Exchange.[13]

In 2018, the brokerage launched eATM service, which provided liquidity of sale proceeds in 30 minutes as opposed to the existing T+2 settlement period.[14][15] In 2019, the company began distribution of retail loan products including home loans, loan against property and credit cards.[16]

In 2020, ICICIdirect tied up with the American brokerage firm Interactive Brokers, allowing investments in global markets like US, UK, Japan, Hong Kong, Singapore and Germany on its platform.[17][18][19]

In 2020, ICICIdirect started commodity derivatives trading on its platform.[20] In 2021, ICICIdirect released ICICIdirect Money and ICICIdirect Markets apps for mutual fund and equity investors respectively.[21]

Products and services

Through its online platform and 149 offline branches (as of 2021), the company distributes financial products including:[22]

  • Retail brokerage: Trading accounts for buying and selling equities, derivatives, currencies, commodities and bonds.
  • Mutual funds: Second largest non-bank distributor of mutual fund schemes in India.[23]
  • Other financial products: Distribution of other investment products like NPS, GSB, Corporate FDs, NCDs, REITS/InViTS and Bank FDs.
  • Insurance: Distribution of insurance products through external tie-ups.
  • Loans: Distribution of retail loan products of ICICI Bank.[24]

See also

References
  1. "ICICI Securities". www.icicisecurities.com. Retrieved 30 November 2021.
  2. Raj, Shubham (22 April 2021). "Has ICICI Securities found a magic formula to beat margin rule impact?". The Economic Times. Retrieved 25 November 2021.
  3. "Seamless trading: All in a day". Outlook Money. Retrieved 24 November 2021.
  4. "ICICI Bank Limited" (PDF). sec.gov. Retrieved 24 November 2021.
  5. "ICICIdirect launches overseas trading service". The Economic Times. 9 October 2007. Retrieved 25 November 2021.
  6. "ICICIdirect.com launches new website 'On-the-move'". The Economic Times. 8 December 2008. Retrieved 25 November 2021.
  7. "ICICIdirect.com starts online trading in currency futures". The Hindu. 9 September 2009. Retrieved 24 November 2021.
  8. "ICICIdirect launches equity SIP". Business Standard India. 27 August 2010. Retrieved 24 November 2021.
  9. "ICICIdirect offers exclusive online trading platform for IFAs". Business Standard India. 6 January 2010. Retrieved 29 November 2021.
  10. "ICICI Securities launches e-voting facility for shareholders". The Economic Times. Retrieved 29 November 2021.
  11. "ICICI Securities launches 'Track & Act' robo advisory platform". The Times of India. Retrieved 29 November 2021.
  12. Adajania, Kayezad E. (5 October 2015). "Product crack - ICICI Securities' robo advisory platform, Track and Act". mint. Retrieved 29 November 2021.
  13. "Why ICICI Securities Ltd cut IPO size by Rs 500 crore to Rs 3,514 crore". The Financial Express. 27 March 2018. Retrieved 29 November 2021.
  14. Sultana, Nasrin (3 December 2018). "ICICI Securities launches eATM service for retail investors". mint. Retrieved 5 October 2021.
  15. "e-ATM for Mutual Funds: ICICI Direct launches facility for instant payout on redemptions". Zee News. 29 October 2021. Retrieved 29 November 2021.
  16. "ICICI Securities enters digital distribution of loan distribution segment". Zee Business. 9 July 2019. Retrieved 29 November 2021.
  17. "ICICI Direct customers can now invest in US securities, ETFs". mint. 17 August 2020. Retrieved 29 November 2021.
  18. Chakraborty, Chiranjivi. "ICICIdirect extends global investing services to more markets". The Economic Times. Retrieved 29 November 2021.
  19. "ICICIdirect launches curated international portfolios". Business Line. Retrieved 29 November 2021.
  20. "ICICI Direct Launches Commodity Derivatives Trading". Moneycontrol. Retrieved 24 November 2021.
  21. "ICICI Direct Launches Stock Trading Mobile App; Buy, Sell Stocks Faster. Know How". News18. 25 August 2021. Retrieved 9 December 2021.
  22. "Integrated Annual Report 2020-21" (PDF). ICICI Securities. Retrieved 9 December 2021.
  23. "NJ India, SBI and Axis are the top three distributors with highest commission". Cafemutual. Retrieved 9 December 2021.
  24. "Institutional Research - ICICI Securities" (PDF). HDFC Securities. 10 June 2020. Retrieved 9 December 2021.
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