J&K Bank subsidiary offers stock trading, other financial market-related services
BK News
Srinagar, Sept 29: J&K Bank Chairman and Managing Director RK Chhibber Tuesday inaugurated the new corporate office of JKB Financial Services Limited (JKBFSL) at Jawahar Nagar, Srinagar.
JKFBSL is a wholly-owned subsidiary of J&K Bank providing stockbroking and other related financial services mostly in Jammu and Kashmir.
With its strategic location and spacious premises, the new office is equipped with state-of-the-art technology infrastructure, a statement issued by the J&K Bank said.
The Bank’s CMD also launched multiple business and IT initiatives rolled out by the company like Dynamic Pricing Model, Margin Trading Facility, Online Demat and Trading Account Opening and Online Mutual Fund Management; which are aimed at enriching the customers’ digital experience besides increasing the company’s digital footprint. The entire product portfolio of the company has been devised to meet the dynamic customer requirements and increase public awareness on investment options available in financial services space.
Speaking on the occasion, the CMD said, “We have recently revamped the business model at JKB Financial Services to ensure that the benefits of profitable investment products and services do not remain a choice confined to the urban populace but are easily accessible to the people in semi-urban as well as remote rural locations of J&K and Ladakh UTs. Our focus is on aligning the technology infrastructure and services with the latest market developments on an ongoing basis so as to meet the expectations of diverse customer spectrum especially the younger and tech savvy generation.”
While commenting on the company’s business prospects the CMD commended its recent performance saying, “The renewed strategy combined with the efforts of the staff has already shown results with the Company turning around, for which I congratulate its management and the staff”, adding, “however, considering the huge market potential and the brand image of J&K Bank, the Company in near future is not only expected to compete better in the market-space but also add a significant number of first-time customers to its fold.”
Executive President Sunil Gupta, Special Secretary to CMD Karanjit Singh, Zonal Head Kashmir (Central-I) Syed Rais Maqbool, Vice President Rakesh Koul, JKB FSL Managing Director Mohammad Muzaffar Wani, Director on company’s Board Nissar Ahmad Zargar and CFO Pankaj Gaur were among the prominent persons present on the occasion.
On this occasion, the CMD also launched the company’s new corporate website www.jkbfsl.com, which is integrated with live capital market data and has a lot of features besides detailed content regarding the company, its products and services. The website is integrated with IT-driven services like online account opening and online mutual funds.
Expressing confidence on the occasion, the CMD said that the new products and services would prove to be path-breaking for JKBFSL and shall make financial investments convenient and hassle-free for the people of J&K and Ladakh UTs.
While extending his gratitude to the bank’s management, JKBFSL Managing Director Mohammad Muzaffar Wani gave a detailed presentation regarding the newly launched products and services of the company.
“The support and encouragement from our parent institution shall go a long way in helping us to stay at par with the competitors in market space”, he said.
Notably, all critical Corporate functions of the JKB Financial Services Limited (FSL) which include Business Strategy, Risk Management, IT, Compliance and Customer Services shall be managed from the new office.
The function concluded with the vote of thanks presented by the company’s CFO Pankaj Gaur.
Pertinently, the Online Account Opening shall enable a client to seamlessly open DEMAT and trading accounts within minutes using handheld mobile/tablet or desktop devices, while as the online Mutual Fund Management service provides the customer access to a huge array of MF products of over 35 Mutual Fund Companies in India.
New share trading product Margin Trading Facility (MTF) provides clients funded margin facility for carrying forward their share trading position for up to 180 days. The Company also rolled out a dynamic pricing model for ensuring that the pricing of its services is aligned with customer expectations.
The company has been established as a wholly-owned subsidiary of J&K Bank to function as a financial intermediary for providing investment services other than banking to its’ customers. Regulated by SEBI, the Company is registered with NSE and BSE as a Stockbroker and Self-Clearing Member and with Association of Mutual Funds in India (AMFI) for distribution of Mutual Fund products.
