Aiming to attract more young investors to Indian capital markets, Geojit BNP Paribas today launched 'Flip Social', India's first stock trading application suite for Facebook simultaneously in Mumbai and Kochi.
In Kochi, the event was presided over by C J George, Managing Director of Geojit BNP Paribas.
The launch in Mumbai saw Ashish Kumar Chauhan, MD and CEO of Bombay Stock Exchange punching the first trade order in the presence of A P Kurian, Chairman Geojit BNP Paribas, A Balakrishnan, MD of Geojit Technologies Ltd and others during an event held at the International Convention Hall,BSE,Mumbai.
The application suite which resides in Facebook includes investment tutorials, a stock market game that will give players a virtual real time experience of trading in the Indian stock markets and a trading application.
The application was developed by Geojit Technologies Ltd, a subsidiary of Geojit BNP Paribas.
'Flip Social' aims to tap the potential of Facebook to educate people about investments and make them active investors, C J George said. The company's facebook page itself had more than '100,000 likes', 66 per cent of which are by youngsters in the 18-24 age group. So it was decided to start trading through Facebook, he said.
Thirty-seven per cent of the total trade volume of Geojit come from Internet trading and 8 per cent of Internet trading comes from Mobile trading. On certain days, Mobile trading volumes has crossed Rs. 100 crore, he told reporters here.
In recognition of educational potential of Geojit BNP Paribas' Facebook trading game, 'Arthashastra', on the last trading day of each week, BSE will sponsor prizes for those who have made the highest notional profit during the week.
Balakrishnan said with 'Flip Social', Facebook users will now be able to trade on BSE and at the same time be in touch with their friends without leaving their Facebook page.
Ashishkumar Chauhan said BSE was proud to associate with such path breaking initiative from Geojit which will help connect Indian youth with Indian capital markets in a meaningful and sustainable way.