Free Press Journal

HDFC Sec to open 50 branches, add 4 lakh customers this fiscal


Mumbai: Brokerage firm HDFC Securities will open 50 branches across the country and add 4 lakh new customers during this financial year to expand its operations. “We are looking forward to expand our distribution reach by opening 50 more branches in the current financial year,” HDFC Securities managing director and chief executive Dhiraj Relli told PTI. The firm, having 250 branches in 185 cities across the country, is focusing more on offering digitised services through its website and mobile applications.

With over 20 lakh customers currently, Relli said the brokerage is “looking at adding at least 4 lakh new customers this financial year”. He said 55 per cent of customers are using the digital platform on their own. “With increase in distribution and expanded customer base we (will) still be able to reach 65-70 per cent level through mobile and website,” Relli added. HDFC Securities, a subsidiary of HDFC Bank, recently launched a mobile trading application in 11 different languages as part of its plans to expand digital offerings. Other initiatives launched include a next-generation trading-cum-investment platform, which allows customers to complete transactions 40 per cent faster. Additionally, the firm has introduced an online relationship manager platform that offers information on investment options and portfolio tracking, along with real-time call or chat support.