January 5, 2021

The derivatives market has grown rapidly in India over the last ten years due to the introduction of algorithmic trading (ie automated trading) and weekly index options. To help clients participate in the ever growing derivatives market, Sharekhan introduced an Algo strategy called BANKO in association with Finideas, a top wealth management services company based in Surat, Gujarat, in October 2020. Since then, the BANKO strategy has gained the momentum and got the required traction in the last month. So far we have added around 250 clients in this strategy and are doing a turnover of about Rs.600 crore daily. The strategy allows clients to create wealth using an automated trading strategy. It also helps in generating additional turnover and revenue for the company. We would like to thank the entire network team for encouraging trading clients to enroll for BANKO and look forward to their continued support in promoting the strategy among our clients.

In the network, the branch that is leading in enrolling clients for BANKO is the Mysore branch. Under the leadership of Business Head Channaraj KJ and Branch Manager KJ Halappa, the branch enrolled 18 clients in December 2020. The branch is relatively small and has only two Relationship Managers (RMs) but its achievement in the BANKO business is not small and it has done better than even the bigger branches in the network. Let’s hear the success story from the champion, Halappa, himself.

Internal Communications Team (ICT): Congratulations! Your branch is leading in acquiring Banco Strategy accounts. How does it feel?

KJ Halappa (KJH): I am really happy. Our branch has enrolled 19 clients for BANKO so far and four to five more clients are in the pipeline. Prior to December 2020, we had only one client for the BANKO strategy. I would like to congratulate both the RMs, Umesh B R and Gurudatta, and Sales staff, Nakul G K, of the branch for their confidence in presenting the strategy effectively to clients. I would also like to thank the BANKO team at the head office for the continued good performance of the strategy.

ICT: How do you identify clients for BANKO? What is your pitch?
KJH: After seeing the performance of the first BANKO account, our team got charged up. They started calling the clients who had stopped trading in options due to losses but were holding a portfolio of more than Rs.5 lakh. Initially, we were pitching both the strategies in our basket, AOS and BANKO, to them by presenting to them the decks on AOS and BANKO provided by the team at the head office. But most of them showed interest in BANKO after viewing its performance and we enrolled 18 clients one after another in December 2020 alone. This helped us to over-achieve our F&O average daily turnover target by more than 300% with a turnover of Rs.83.9 crore against a target of Rs.28.5 crore for December 2020.

ICT: Did you face any challenges in selling BANKO in the lockdown? If yes, how did you overcome them?
KJH: Yes, in some cases it was a challenge to convince the clients on phone as we couldn’t visit them in the COVID-19 pandemic situation and explain to them in person. But our RMs tried their best to reach out to the clients who preferred a personal meeting for better understanding of the strategy and were able to convince them by showing the past performance of BANKO. In some cases, the deck on BANKO was e-mailed to the clients and then a presentation was made to them on a virtual platform.

BANKO kar, Sharekhan kar.