Mirae Asset Capital Markets (India) Pvt. Ltd has forayed into retail stock broking services in India. The diversified financial services company has named their product ‘m.Stock’, and they will directly compete with the leading discount brokerages in India.
Arun Chaudhry, director and chief business officer, Mirae Asset Capital Markets (India) private limited, said at the virtual launch event that they aim to bring about a revolution in the Indian retail broking industry by offering the latest in technology at affordable prices.
“We at Mirae Asset are extremely excited to bring m.Stock, a global platform that has been curated keeping in mind the ever-changing technological innovation in the investment management space. If anyone is looking for a simple, smart, safe, and intuitive platform, I am sure the search will stop at m.Stock. I would also like to reiterate that no matter how unbelievable the pricing may sound, it is true; this comes with no catch,” he says.
What is The Pricing?
There are two options that an investor has when choosing to open an account with m.stock.
Price Option 1 – You need to pay an account opening fee of Rs 999, and then your brokerage on trades would be zero. But, standard demat annual maintenance charges (AMC) would apply. But if an investor wishes to get a life-time 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 brokerage-free trading account in m.stock for option 1 would be Rs. 1,998.
Price Option 2 – In this pricing option, the account opening fee is Rs 149, and the brokerage on trades is charged at Rs 20 per trade. The demat AMC is chargeable at Rs 120 per quarter.
“We specifically emphasise that there are no hidden charges or additional charges apart from the prices mentioned in the plans. All of our plans are made keeping the end-user in mind, and hence we have launched two types of plans. Plan -1 is suitable for those who wish 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 stick with us in the long-term or not,” says Chaudhry.
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What Are The Other Key USPs?
In the hyper-competitive retail stockbroking industry, Mirae hopes to capture customers’ attention by using these key factors.
- Security: Mirae has said that their m.Stock web and app platforms are built on a scalable and stable technological platform with bank-grade security.
- User Interface: Mirae has said that each of the app’s touchpoints and actions have been tested and evaluated from the end-consumer’s perspective, and are, hence, user-friendly. It has also said that the UI 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, wherein a user can either type in or do a voice search for searching for the stocks. This voice search feature is powered by artificial intelligence, and is, therefore, very smart.
- Index Baskets: During the launch event, it was highlighted that m.stock is the industry’s first retail broking app to offer pre-designed index baskets trading and investing options. This essentially means that all the stocks in a respective index can be bought at once with a click. So, if you were to buy a Nifty 50 index basket, you will essentially buy all the 50 stocks at once.
- Platform Stability: Mirae has said that their platform can, at present, handle up to 12 million trades a day, and has the capacity to handle 90,000 orders per second. They can also handle close to 150,000 customers, all at the same time. They also have a dedicated team of 100 employees in departments like technology, data, and digital.
How To Open An Account?
Mirae claims that the onboarding process takes five minutes in total if all the necessary documents are handy. If at any point of time a user faces any problem, then MIRA, a digital voice assistant, is available to help and guide users. The voice assistant is quite robust; hence there is no need for any human telecaller. Head over here to open an account or download the respective Android/iOS app.
What Type of Assets Are Available To Trade/Invest?
Investors opening up a demat and trading account with m.stock can trade/invest in various asset classes, such as equity, currency, ipo, exchange-traded funds (ETFs), and mutual funds.
What Might Be Offered In Future?
Chaudhry said they might offer personalised investment advisory services and global investing options in the coming months depending on user feedback, government regulations, and other necessary factors. But, as of now, they will focus on the Indian retail stockbroking.