ICICI Securities Ltd is a technology-based firm offering a wide range of financial services including investment banking, institutional broking, retail broking, private wealth management, and financial product distribution. It is one of the pioneers in the e-brokerage business in India. ICICIdirect is the company`s award winning proprietary electronic brokerage platform. The company has leadership position in the broking segment, with over 42 lac operational accounts as on 30 September 2018.
ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd.The Company has been the largest equity broker in India since fiscal 2014 by brokerage revenue and active customers in equities on the National Stock Exchange. The Company`s retail brokerage and financial product distribution businesses empower its customers to access the Indian financial capital markets through their ICICIdirect platform and provide them with a seamless settlement process through a 3-in-1 account, which links its electronic brokerage platform with customers` savings bank and dematerialised accounts held with ICICI Bank. In addition to allowing its retail customers to carry out a variety of transactions, its electronic brokerage platform provides an integrated interface that allows the customers to track various portfolio parameters, including the performance of their investments. The company offers its retail customers a wide range of products and services in equities, derivatives and research, and it also distributes various third-party products including mutual funds, insurance products, fixed deposits, loans, tax services and pension products.
The Company`s retail brokerage and distribution businesses are supported by its nationwide network, consisting of over 200 of its own branches, over 2,600 branches of ICICI Bank through which the electronic brokerage platform is marketed and over 5,400 sub-brokers, authorised persons, independent financial associates and independent associates as on 31 March 2018. The Company also offers its customers a wide variety of advisory services, including financial planning, equity portfolio advisory, access to alternate investments, retirement planning and estate planning.
The Company provides domestic and foreign institutional investors with brokerage services, corporate access and equity research. It is empanelled with a large cross-section of institutional clients, including foreign institutional investors, who it services through dedicated sales teams.
The Company`s investment banking business offers equity capital markets services and other financial advisory services to corporate clients, the government and financial sponsors. The Equity capital markets services include management of public equity offerings, share buybacks, tender offers and equity private placements. The Company also provides its clients with financial advisory services in relation to domestic and cross-border mergers and acquisitions, private placements, and restructuring.
ICICI Securities Limited was incorporated on March 9, 1995 as ICICI Brokerage Services Limited, as a public limited company. The Company was granted a certificate for commencement of business dated May 3, 1995. In 2000, the company launched its electronic brokerage platform ICICIdirect. In 2001, the company launched online mutual funds platform.
In 2002, the company launched derivatives, Direct Link and Buy Today, Sell Tomorrow`. In 2003, Government of India bonds were launched for trading on ICICIdirect platform. In 2005, the company expanded through ICICIdirect branches. In 2006, the company started distribution of health and life insurance products.
In 2007, the company launched overseas trading services. The name of the company was changed to `ICICI Securities Limited` on March 26, 2007. The name of the Company was changed due to the restructuring of operations undertaken by the then holding company, ICICI Securities Primary Dealership Limited pursuant to the RBI circular dated July 4, 2006.
In 2008, the company launched On-the-move`, a website, Active Trader Services and distribution of online insurance products. In 2009, the company launched online currency derivatives and private wealth management services.
In 2010, the company launched online National Pension System facilities, SIP in equity and F&O @ FingerTips` on ICICIdirect platform. During the year under review, ICICIdirect launched ICICI Centre for Financial Learning.
In 2011, the company launched life time prepaid brokerage plans, facility for filing income tax returns online, my GTC` (good till cancelled) under the equity cash product, Target Investment Plans, online document storage services and Webetorial` online tutorial programs.
In 2012, the company launched SPAN based margining for futures and options in the derivatives market, eLearn for stock market entrants, Shares as Margin in the equity segment and equity relationship services on ICICIdirect platform. In 2013, the company launched inflation indexed national savings securities - cumulative, e-voting facility, investment advisory services and Flexi Cash facilities on ICICIdirect platform.
In 2014, the company launched equity-linked debentures (structured products), facilities for auto renewal of SIPs, consolidated portfolio statement, and iGain Brokerage` on ICICIdirect platform. During the year under review, the company announced the extension of its FuturePLUS products with normal margin and stop loss margin for non-resident Indians in the derivatives segments on NSE. During the year under review, the company launched CIBIL TransUnion Score and the CIBIL report on ICICIdirect platform.
In 2015, the company launched Insta accounts` facility, Track and Act` robo advisory platform and bullet trade` facility on ICICIdirect platform. In 2016, the company launched equity advised portfolio services, cloud orders for equity segments, price improvement orders, VTC (Valid Till Cancel) Future Square off orders and portfolio X-ray reports.
In 2017, the company launched investment in AIFs on a private placement basis on ICICIdirect platform, margin trading facility, funding of employee stock option schemes, factor based portfolios (developed by MSCI), overseas trading facility (through a strategic partnership with an online multi-asset trading and investment platform) and multi price order` in the equity segment. During the year under review, live` notifications were launched on the ICICIdirect mobile application. During the year under review, the company introduced One Click Investment` for investment in mutual funds on ICICIdirect platform.
On 18/12/2017 the company filed Draft Red Herring Prospectus and on 19/03/2018 filed Red Herring Prospectus with SEBI for raising Rs. 3514.85 cr. The Issue dates were from 22/03/2018 to 26/03/2018 with Price Band of Rs. 519 to Rs. 520. The Issue got subscribed 0.99 times leading to its Issue Price being fixed at Rs. 520. The Shares got listed in BSE and NSE on 04/04/2018 at Rs. 431.10 which is 17.10% below Issue Price.