Edelweiss expands the range of tradable products on its mobile app

 

Edelweiss Mobile Trader, India's highest-rated stock trading app on Google Playstore, plans to add mutual funds to the range of securities available on the platform. The broker, which also offers advice to customers on which funds to invest in, plans to add corporate bonds and other debt instruments and enable retail investors to subscribe to the National Pension System via the app in due course. Edelweiss has seen the percentage of the firms' orders executed on mobile devices rise from 4% to 17% over the past two years.

You could soon get to buy mutual fund units through the Edelweiss Mobile Trader app, which is currently the highest-rated Indian stock trading app on Google Playstore.

As part of efforts to provide improved convenience to retail clients, financial services provider Edelweiss is now looking to expand its offerings for this mobile app with the inclusion of mutual funds, Rahul Jain, Head — Retail Broking, Edelweiss Broking, said.

Call on other funds too “We will offer all the funds. We will also give advisory on which funds you should invest in. That might not be Edelweiss. If some other fund is performing well, we will recommend that one,” Jain told BusinessLine here.

He highlighted that a large part of retail customers are coming into capital markets through mutual funds.

“More people are investing in equities, but also coming through mutual funds,” he said while pointing out that the value of systematic investment plans (SIPs) on monthly basis has more than doubled to ₹2,500 crore now from ₹1,200 crore in January, 2014.

Mobile play Jain said in the coming days retail investors would also get to buy debt instruments, such as corporate bonds through the Edelweiss Mobile Trader app.

Edelweiss also plans to enable retail investors to subscribe to the National Pension System through this app.

For Edelweiss Broking, the mobile is the fastest growing platform.

“As much as 17 per cent of total orders (put through by Edelweiss Broking) go through our mobile trading app. This was 4 per cent two years back,” Jain said. Till date, about 22,000 app downloads have happened. “We want to have one lakh downloads in the next four-five months,” Jain said.

Currently, Edelweiss Broking has a customer base of three lakh. It is adding 30,000-40,000 every year.

“We want to add a couple of lakhs of customers in the next few years. This should be possible given the proliferation of smartphones and with more people taking to equities, especially through mobile apps,” he said.