Fintech stock broking firm FYERS introduces zero brokerage for equity

Fintech stock broking firm FYERS on Thursday introduced the "FYERS - Free Investment Zone", that instils zero brokerage for equity traders.

This activity is primed as a simple reward system that will keep traders and investors motivated and more engaged during investments.

Moreover, if the participants are net profitable for a period of 30 trading days, FYERS will refund 100 percent of the brokerage incurred.

"Introducing zero brokerage for equity and the 30 day challenge makes us the lowest cost service provider in the industry. Traders and investors can save 95 percent to 98 percent of the brokerage amount when compared to other firms. Our aim is to encourage traders to be sustainably profitable all year round even if it will impact our revenues," said co-founder and CEO, FYERS, Tejas Khoday.

The Free Investment Zone offers the lowest brokerage charges, almost 95 percent less than other brokers.

Further, there is no upper limit or lower limit on the brokerage refund.
 

FYERS decided to reduce the cost barriers for equity investors, owing to the long term capital gain (LTCG) tax of 10 percent on equities, which was introduced in the Union Budget 2018.

Meanwhile, a report said that the note-ban decision upped investor interest in the country's fintech industry that led to a five-fold increase in deal activity in 2017.

Venture investing in the country's fintech sector shot up five times to USD 2.4 billion during the year and was a major factor driving the surge in investments into such new- age companies globally, it said.

At the global level, heightened activity in India, along with the UK and US led to a 18 per cent rise in fintech financing at USD 27.4 billion in 2017, the report said.

The report by global tech major Accenture attributed the surge in deals to the controversial demonetisation decision of the government.

"India s boom was driven by strong demand for cashless services following the country s 'demonetisation' events," senior managing director in its financial services practice Julian Skan said.

The note-ban decision upped investor interest in the country's fintech industry that led to a five-fold increase in deal activity in 2017, a report said today.

Venture investing in the country's fintech sector shot up five times to USD 2.4 billion during the year and was a major factor driving the surge in investments into such new- age companies globally, it said.

At the global level, heightened activity in India, along with the UK and US led to a 18 per cent rise in fintech financing at USD 27.4 billion in 2017, the report said.

The report by global tech major Accenture attributed the surge in deals to the controversial demonetisation decision of the government.

"India s boom was driven by strong demand for cashless services following the country s 'demonetisation' events," senior managing director in its financial services practice Julian Skan said.

(With inputs from agencies)