Brokers set to launch Facebook Apps to woo young investors

Brokers set to launch Facebook Apps to woo young investors
Brokerage firms are planning to launch special apps for the country's most famous social networking website Facebook that will allow the targeted young investors to execute stock trade on the BSE platform, said a media report.

The report said that Kerala's Geojit BNP Paribas will be the first to launch this app, and similarly many other brokers are in line. BSE Chief Executive and MD Ashish Chauhan said at least 10 more brokers are in the process of launching similar apps allowing their clients to trade via Facebook.

"Facebook is the perfect platform to attract young investors and to educate them on stock markets," said CJ George, MD of Geojit BNP Paribas. Brokers believe that social media will help flow of information and can sustain interest in the asset class.

India has the largest base of Facebook users outside the US with over 43.5 million accounts while the social networking website also accounts for 53 per cent of country's online population.

The report said that Sebi will have no objections unless it is being misused and it may also soon issue guidelines for the use of social networking sites in trade.

Read more about: brokers
Story first published: Tuesday, May 7, 2013, 9:30 [IST]
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