We were quite excited to launch direct investments in US equity, through Stockal, in 2021 as we believed this could be a good way to diversify your wealth. However, as is the case with running a living, breathing organisation, we sometimes are forced to make significant changes to our offerings.
What is the change?
We continue to believe that US equity is a good way to diversify for most investors. However, because you have trusted our mutual fund recommendations, we are also constantly asked for US stock recommendations.
Unfortunately, this is something we cannot provide right now, and this has resulted in a less-than-satisfactory experience. This is why we are discontinuing direct investments in US stocks via Scripbox.
What changes for you
First things first – Your money and investments are safe and remain as they were.
What changes is that from 12th November 2022, you will not be able to directly invest in US Stocks with Scripbox. Instead, you can log in to your account on Stockal’s website and carry out all actions. All your investments will remain safe and will be visible to you as soon as you log in to your account.
Stockal can help you in two key ways:
- Buy/sell US stocks directly on Stockal at a lower brokerage – $0.05 per share
- Get access to stacks, which are ready-made, theme-based baskets of global stocks and ETFs
What will you not get anymore?
The ability to buy/sell or add/withdraw funds from US Stocks on Scripbox
What actions do you need to take if you invest directly in US stocks from Scripbox?
Post 12th November, You will need to log in to your US Stocks investing account through the link. The username has been sent to you via email. A one-time reset of the password will be required.
You will need to do a one-time update to the beneficiary details in your bank’s net banking portal in order to continue to successfully add funds to your account.
You can find your beneficiary account details post-login under
Investment Account → Add Funds → Add New Bank → Download PDF → Beneficiary Account Number
Please note this beneficiary account number is unique for each user.
If you have any questions, you can reach us on 1800-102-1265. We’ll be here to help you through any transition difficulties you may face.