Alankit Ties-up With Stockal to Help Indians Invest in US Stocks
Termed as World Investing, the platform comes with fractional share investing feature that lets investors buy as little as $5 or $10 of a stock in a single trade
Alankit Imaginations, a subsidiary of e- governance service provider Alankit Limited, has launched a service that will enable Indian investors to invest and trade in multiple global markets, starting with the United States.
Termed as World Investing, this service has been started in association with Bengaluru-based global investment platform Stockal.
An AI-enabled platform, World Investing comes loaded with fractional share investing feature, which will allow investors to buy as little as $5 or $10 of a stock in a single trade support for flexible trading. “The Alankit platform is fuelled by Artificial Intelligence and enables automated research functioning, portfolio tracking and personalized stock advice. One can easily invest in fractional stocks to create a diversified investment portfolio. An AI-enabled platform curates tailored investing ideas & insights, automates portfolio monitoring and executes the trade,” the company statement said.
Alankit Imaginations facilitates sale/purchase of all types of commodities and derivatives traded on the commodity exchanges.
Commenting on the reason for starting the new service, Ankit Agarwal, Managing Director, Alankit Limited said “Over the last two months since the lockdown, we have witnessed a surge in the number of demat accounts being opened up for the very first time.” “As compared to 4 million demat accounts opened in the previous year, there has been a 22.5 per cent increase and these numbers gave us the confidence to start offering the service to be able to trade in US stocks, which has always been as aspirational market to trade in.”
Simplifying the long, complicated processes involved in cross-border investments, the company claims users will be able open a brokerage account online within just 5-7 minutes on its platform.
Reiterating Indian investor’s increasing interest in global stocks, Sitashwa Srivastava, Founder and CEO of Stockal, said “We are very excited to power the World Investing platform for Alankit. We’ve experienced a great surge in demand for US investing and international diversification from Indian investors – especially in the last three months.” Stockal is registered in New York.
Currently, HDFC Securities, ICICI Securities and Axis Securities in tie-ups with foreign brokers allow direct investment in foreign stocks. Apart from these, some foreign brokerages and investment advisors too have presence in India that offer global investment options to Indian investors.