The deal enables ICICI Securities to receive international care and DMA flow from the 2,400 buy-sides and 550 sell-side firms connected to the Fidessa network
Fidessa group plc, provider of high-performance trading, market data and global connectivity solutions for the buy-side and sell-side, has said that ICICI Securities Ltd, an integrated securities firm based in India, has joined its global connectivity network. The deal enables ICICI Securities to receive international care and DMA flow from the 2,400 buy-sides and 550 sell-side firms already connected to the network, and enhances the ability of Fidessa's worldwide community to access India's rapidly evolving markets.
A Murugappan, executive director, ICICI Securities says, "Over the past few years, the Indian capital markets have witnessed a real transformation; the growth of electronic trading continues unabated and volumes on the BSE and NSE have grown significantly. By joining Fidessa's global trading community, we will be able to offer all members our specialist knowledge on the Indian capital markets along with access to critical exchanges. "
Enis Toumi from connectivity sales at Fidessa in Asia, says: "Recently, exchanges and regulators have introduced radical change with the introduction of DMA, algorithmic trading, co-location and SOR, which have all helped open up the space to new players. We are delighted, through the Fidessa network, to contribute to the growth in Indian market access and expand the reach from overseas. On-boarding a company of ICICI's scale and reputation expands the depth and quality of our local coverage and will please international firms requiring fast, reliable remote access."
ICICI Securities joins more than 20 Indian sell-side firms on Fidessa's network, which covers 150 markets across EMEA, Asia Pacific and the Americas.
Kotak Securities has launched the 'Mobile Stock Trader'-a mobile trading application developed by MarketSimplified
Kotak Securities has launched the 'Mobile Stock Trader'-a mobile trading application developed by MarketSimplified. This application can be downloaded by customers and non-customers, and gain access to the market on the move. Some of the key features include live streaming of quotes, customised watchlist, placing trade, viewing intraday charts, checking available margins and tracking the portfolio performance. The application launched is compatible with Blackberry and Java based phones. Both Android and iOS among others are likely to be added soon.
B Gopkumar, head-broking, Kotak Securities, said, "Mobile Stock Trader is our newest tool to empower those who trade with us and in line with our focus on providing customers the best interface tools to trade effortlessly. Being a native application resident on the handset, it seamlessly renders real time quotes and various other features thus providing the most user friendly experience unlike a traditional web based (WAP) application. It replicates the experience of actual trading on mobile with live streaming data. We also have a guest version for prospective clients who can make virtual watchlists and portfolio."
MarketSimplified Inc is the only true blue financial services mobile platform that develops native applications out of India. Kotak Securities is a subsidiary of Kotak Mahindra Bank and is the stock broking arm of the Kotak Mahindra Group.
Presently, income up to Rs1.6 lakh per annum is exempt from tax for individuals. For women and senior citizens, the limit is Rs1.9 lakh and Rs2.4 lakh, respectively
New Delhi: Standing Committee on Finance chairman Yashwant Sinha today suggested raising the income tax (I-T) exemption limit from Rs1.6 lakh to Rs2 lakh in the budget apparently to provide relief to common man reeling under the impact of high inflation, reports PTI.
"...He (the finance minister) should introduce some of the provisions which are part of the Direct Tax Code (DTC), like raising exemption limit," Mr Sinha told PTI in an interview.
When asked whether it should be raised to Rs2 lakh, as proposed in the Direct Taxes Code (DTC) Bill, the former finance minister remarked: "Whatever is in DTC."
Inflation continues to be a concern for the common man as well as the government. While food inflation had touched 18.32% in December 2010, before moderating to over 11% this month, the overall inflation still stood above 8% as against the comfort level of 5%-6%.
Presently, income up to Rs1.6 lakh per annum is exempt from tax for individuals. For women and senior citizens, the limit is Rs1.9 lakh and Rs2.4 lakh, respectively.
However, under the DTC Bill, which was introduced in Parliament last year, the I-T exemption limit is proposed at Rs2 lakh.
Under the bill, the government seeks to widen tax slabs to levy 10% rate on income between Rs2 lakh and Rs5 lakh, 20% on Rs5-Rs10 lakh and 30% above Rs10 lakh.
The DTC, which would replace the Income Tax Act, is slated to come into effect from April next year.
"The DTC is with the committee but that should not prevent the FM from introducing in this Finance Bill some of the more acceptable non controversial provision of DTC," Mr Sinha added.
He said the saving exemption limit, which is currently pegged at Rs1 lakh, should also be raised.
"There is a case for going for a larger limit of exemption of savings, which is today limited to Rs1 lakh," the former minister said.
Finance minister Pranab Mukherjee is slated to present the Union budget on 28th February.