Mirae Asset Capital Markets (India) Pvt. Ltd has made a foray into retail stock brokerage services in India. The diversified financial services company has named its product “m.Stock” and will compete directly with major discount brokers in India.
Arun Chaudhry, Director and Chief Commercial Officer of Mirae Asset Capital Markets (India) private limited, said at the virtual launch event that they aim to revolutionize the Indian retail brokerage industry by offering the latest technology at affordable prices. .
“At Mirae Asset, we are extremely excited to bring m.Stock, a global platform that has been curated with ever-evolving technological innovation in the investment management space in mind. If anyone is looking for a simple, smart, safe and intuitive platform, I’m sure the search will stop at m.Stock. I would also like to reiterate that no matter how incredible the price may seem, it is true; it doesn’t have a hold,” he says.
What is the price?
An investor has two options when choosing to open an account with m.stock.
Pricing option 1 – You have to pay an account opening fee of Rs 999 and then your brokerage on trades would be zero. However, a standard annual maintenance fee (AMC) would apply. But if an investor wants to get a lifetime free AMC account, then he will have to pay an additional one-time fee of Rs 999. So, the total cost to open a lifetime free demat account and a no brokerage trading account in m.stock for l Option 1 would be Rs. 1,998.
Pricing option 2 – In this pricing option, the account opening fee is Rs 149 and brokerage on trades is charged at Rs 20 per trade. AMC demat is billable at Rs 120 per quarter.
“We specifically point out that there are no hidden fees or additional charges outside of the prices mentioned in the plans. All of our plans are designed with the end user in mind, and that is why we have launched two types of plans. The -1 plan is suitable for those who want to open an account with us and stay for the long term. Plan -2 is suitable for those who want to try us out and then decide whether to stay with us long term or not,” says Chaudhry.
m.Stock is online!
Introducing m.Stock by Mirae Asset, Future Without Brokerage. Get ZERO Brokerage on all products for a one-time fee of Rs. 999. Ab the wait, open an account today at https://t.co/JytsT8Ole7!#FutureWithoutBrokerage #stock Exchange #ZeroBrokerage pic.twitter.com/eCxOOddvHd
— mStock – Mirae Asset Capital Markets IN (@mstock_in) April 11, 2022
What are the other key USPs?
In the hyper-competitive retail brokerage industry, Mirae hopes to capture customers’ attention using these key factors.
- Security: Mirae said its m.Stock web and app platforms are built on a scalable and stable technology platform with bank-grade security.
- User interface: Mirae said that each of the app’s touchpoints and actions have been tested and evaluated from an end-consumer’s perspective and are therefore user-friendly. He also said that the user interface is so simple and easy that a user can place an order with just one click. There is also a universal search button in the app where a user can type or voice search to find the stocks. This voice search feature is powered by artificial intelligence and hence is very smart.
- Index baskets: During the launch event, it was highlighted that m.stock is the first retail brokerage application in the industry to offer baskets of predefined indices for trading and investment options. This basically means that all stocks in a respective index can be purchased at once with one click. So if you were to buy a basket of Nifty 50 indices, you would essentially be buying all 50 stocks at the same time.
- Platform stability: Mirae said its platform can currently handle up to 12 million transactions per day and has the capacity to process 90,000 orders per second. They can also process nearly 150,000 customers, all at the same time. They also have a dedicated team of 100 employees in departments such as technology, data and digital.
How to open an account?
Mirae says the onboarding process takes a total of five minutes if all the necessary documents are at hand. If at any time a user encounters a problem, then MIRA, a digital voice assistant, is available to help and guide users. The voice assistant is quite robust; therefore, no human pager is needed. Go here to open an account or download the corresponding Android/iOS application.
What types of assets are available to trade/invest?
Investors opening a demat and trading account with m.stock can trade/invest in various asset classes, such as stocks, currencies, IPOs, exchange-traded funds (ETFs), and mutual funds shift.
What could be offered in the future?
Chaudhry said they may offer personalized investment advisory services and global investment options in the coming months depending on user feedback, government regulations and other necessary factors. But, from now on, they will focus on Indian retail brokerage.