The report states that the app was developed by Geojit BNP Paribas subsidiary Geojit Technologies and offers a stock trading application, investment tutorials and a stock market game that aims to provide users with a virtual real time experience of trading in the Indian stock markets.
Citing BSE MD and CEO Ashish Kumar Chauhan, the report also added that BSE has inked a exclusive tie-up with Geojit BNP Paribas for this initiative, however, Chauhan didn’t disclose any specific details of this partnership. We have contacted Geojit BNP Paribas on this partnership and will update the article once we get a response.
When we checked the application, we noticed that the app has live stock market ticker on the top which offers the latest prices of stocks listed on BSE and market data from other stock market exchanges across the world. We also noticed that only registered users can login to the app to carry out stock market transactions. The company currently charges Rs 800 (Rs 1,100 for NRIs) to open an account on the platform. So it looks like the company is looking to tap into young and socially savvy users to increase its user base, however it is yet to be seen if users will actually register for the service to conduct stock market transactions on Facebook platform.
The app also offers virtual stock market trading game called Arthashastra which is open for all Facebook users. One can sign up for the service by providing requisite details like name, mobile number and email address, following which the company provides Rs 1,00,000 in virtual money to the user.
One can use this virtual money to start mock trading on the platform. One can purchase their preferred stocks by entering the respective stock symbol and stock quantity or sell their existing stocks. However, the company notes that users can conduct trading only during market hours and on the days when the markets are open.
It also provides a dashboard which lists all the stocks present in one’s portfolio along with real-time stock information like the stock buy price and buy quantity, sell price and sell quantity, current market price, realized and unrealized profit or loss and market value among others. It also offers information on the total stock value in hand and the total cash in hand with net profit and loss. We also noticed that the app uses color coding to indicate if the stock price of a specific stock is increasing or decreasing in real-time.
At the end of the last trading day of any week, the company claims to chose three winners who will apparently be awarded weekly prizes.
More Stock Market Facebook Apps To Emerge?
Earlier this week, a The Economic Times report cited Chauhan saying that atleast 10 more stock brokers are currently in the process of launching similar Facebook apps, which allows their clients to conduct stock market trading on Facebook, with Geojit BNP Paribas being the first one.
Last month, it was however indicated that Stock Exchange Board of India (SEBI) was looking to issue guidelines to listed companies on the use of Facebook, Twitter and social media for the dissemination of information to its respective clients. SEBI was reportedly looking to adopt their social media guidelines from the broad rules set by the Securities Exchange Commission (SEC) in April 2013. It is yet to be seen if these guidelines will have any direct impact on these Facebook apps.
(Brindaa Lakshmi contributed to this article)