Zerodha has a new rival! HDFC Securities launches Sky, a discounted broking app

Keeping up with the times of increased retail participation in Indian markets, HDFC Securities has launched Sky, a discounted broking app. While new-age broking apps like Zerodha, Groww and Upstox are gaining traction, HDFC Securities too has launched its discounted broking app.

Dhiraj Relli, Managing Director and CEO, HDFC Securities told BT TV that HDFC Sky is "an all-in-one application".

"With this application, customers can invest in equity, derivatives, currency, commodities, ETFs, mutual funds, IPOs and global assets also in one application only. It's priced at Rs 20 per order for everything except the global investing. So that way, we are democratising the investment landscape. It is developed on the latest technology, and it's an auto-scaling application. So, it is lightning fast and it's loaded with lots of features as well as we will offer our 23 years of expertise in research free of cost. So, that way we will be targeting all possible customers, but particularly we are looking at GenZ, millennials, and newer investors, as you see that we are seeing an explosion in the new investors joining the bandwagon of the capital markets," he said.

Relli also spoke about the fee structure for the app.

"It is a flat pricing model here. So, it will not be linked with the quantum of the order. It is per order pricing, irrespective of the size of the order," he said.

Relli said what separates HDFC Sky from its competitors is its expertise and research as well as technical and fundamental calls.

"HDFC Sky's pricing is in line with all other discount brokers at Rs 20 per order. I think we are in our broking industry at a rock bottom pricing already. So, it's at a par with the other brokerage houses. I don't call this as a discount broking, we call it as a low-cost broking service. What we bring to the table is our expertise on the research also. So, none of the other players are offering research along with the execution platform. So, we are offering fundamental, technical and as well as training calls on this application and we also provide a margin rate facility at 12%, which will enable customer in a bullish trend to take leverage and participate in the market with less amount from their side and we will pitch in with more amount from our side," added Relli. 

He said the pricing in the broking industry has hit the rock bottom and will only rise in future. 

"This is an already crowded space. And unfortunately, there are no entry barriers here. With limited investments, people can get into the broking space. I don't think we will go down further in terms of pricing. In fact, in all possibilities, the prices will go up only because we are almost at the rock bottom in terms of our pricing, with Rs 20 flat order for commodities, currency, derivatives and, you know, delivery or intraday trades," said Relli.
 

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