Tuesday, October 9, 2007

ICICI to start overseas investing

ICICIdirect.com, the online broking arm of ICICI Securities, today launched its overseas trading service that will allow its resident Indian customers to buy and sell equities across 13 US stock exchanges, including NYSE and Nasdaq.

It’s uncertain how well overseas investment services will fare, given the significant gains India’s own Bombay Stock Exchange and National Stock Exchange have seen over the past year, making the country one of the most attractive investment destinations worldwide. Market analysts say Indian investors’ lack of knowledge of overseas markets will also serve as a speed bump to placing their money in overseas equities and funds.

The Indian company is looking for similar tie-ups in other parts of the world, such as Europe, to allow Indian investors to buy equities listed on London Stock Exchange, or other markets, where the regulations permit such investments.

However,the forms are not yet available in most branches.