IIFL Securities ties up with Stockal for foreign investments
Premium- This strategic B2B partnership will offer both companies an edge to increase their reach and product offering for savvy investors
IIFL Securities, the broking arm of the IIFL group, has partnered with global investment platform Stockal for foreign investments. This partnership will help IIFL Securities’ customers have access to over 3,500 US-listed companies, invest in fractional stocks, and expert-curated stocks and ETFs to suit the risk and industry preferences of individual investors, IIFL said in a release.
Millennials form more than 50% of Stockal’s customer base due to the high awareness of international companies and ease of trading online without any paperwork. The tie-up between the two companies will help increase the number of millennials who are eager to invest in the US stock market. This strategic B2B partnership will offer both companies an edge to increase their reach and product offering for savvy investors, the release added.
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Vinay Bharathwaj, co-CEO and co-founder of Stockal said, “The trust that investors have on IIFL will help global investments soar to the next level. This partnership will help the company offer global investment options to their existing and new customers, thereby ensuring long-term relationships. It will also enable thousands of young Indian investors to get exposure to opportunities offered by the global markets. Together with IIFL, we will help establish a seamless pathway for all investors country-wide."
Sandeep Bhardwaj, CEO, IIFL Securities, said, “The new Indian retail investors, mostly comprising the millennials and Gen-Z-ers, are increasingly looking at diversifying their portfolio in global assets. A general interest in investing in US stocks, especially fractional investing, has been witnessed ever since the Covid-19 pandemic led to domestic market uncertainties. Our partnership with Stockal will open up new avenues for our customers to invest seamlessly in global markets."
Indian residents are allowed to invest up to $250,000 per year in international stocks and bonds under the Liberalised Remittance Scheme of the RBI.
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