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Stock Holding Corp set to open 'one-stop shop'

The Stock Holding Corporation of India Limited, the country's leading depository participant, will begin its vaunted 'one-stop shop' services soon with the interlinking of various elements of the securities transaction chain such as the stockbroker, bank, depository participant, stock exchanges, and depository, using the kiosk-based systems called request-transferring machines.

Disclosing this, SHCIL chief executive officer B V Goud said in Bombay that the facility would reduce the transaction cost by 50 to 100 per cent.

A number of commercial banks led by Corporation Bank will initially avail of the service at their selected branches.

Andhra Bank wanted to have the facility at Hyderabad while the State Bank of Saurashtra opted for the facility at Rajkot.

Officials from these banks and others like the State Bank of Patiala, Central Bank of India, Union Bank of India, and Punjab & Sind Bank are being trained on the kiosk-based system for smooth operation.

SHCIL has also entered into an agreement with Computer Associates to avail of their enterprise management solution software to monitor and manage its highly distributed and diversified information technology network.

Promoted by leading financial institutions -- the Industrial Development Bank of India, the Unit Trust of India, the Industrial Credit and Investment Corporation of India, the Life Insurance Corporation of India, the General Insurance Corporation of India -- and subsidiaries in 1988, SHCIL has come a long way from the custodian business to the hi-tech depository services.

It posted a profit of Rs210 million for the year 1998-99 and created an asset base of more than Rs500 billion.

The corporation now plans to focus on the needs of non-resident Indians in the Middle East and set up franchises abroad. It will also establish exclusive cells at Bombay, Hyderabad, Calcutta, Madras, New Delhi, Cochin and Ahmedabad.

UNI

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