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ICICIDIRECT QUALIFIES FOR KPMG'S FIRST "WEB SEAL" IN ASIA
New Delhi ~ July 17, 2001
ICICIdirect, India’s leading online share trading company announced today that it has received the first "Web Seal" in Asia, a seal of assurance awarded to companies in the Internet world with 'control conscious business operations,' issued by global advisory and audit firm KPMG. In a short span of 18 months, ICICIdirect has emerged as a benchmark by instituting global best practices in the broking industry. This is also the first "KPMG Webseal", which has been issued to any company in the Asian Region.
KPMG is one of the leading global advisory firms assisting clients in providing assurance about management’s internal controls in safeguarding stakeholders’ interests. The KPMG Web Seal is issued on various aspects of management controls including management’s assertions, internal controls, information processing, privacy, security, web page hits or agreed upon procedures, etc.
This Web Seal has been issued by KPMG to ICICIdirect after assessing ICICIdirect’s assertions on key business processes as detailed later.
Based on its examination, KPMG has issued the "Web Seal on management’s assertions" to ICICIdirect. The visitors to the web site (www.icicidirect.com) can click on KPMG’s Web Seal to view KPMG’s report detailing the work performed by independent experts.
Madhabi Puri Buch, MD & Chief Executive Officer, ICICIdirect, said "KPMG Web Seal is an affirmation of our step towards our constant quest of delivering consistent quality to our customers. We would strive harder to meet and exceed our customer’s expectations and to be worthy of their trust. This Web Seal from KPMG has confirmed our ability to deliver world class service to our customers".
According to Sanjay Dhawan, who heads the Information Risk Management practice of KPMG, " qualifying for KPMG’s Web Seal is not an easy task. The client has to go through a very rigorous process, where the KPMG global experts thoroughly review the effectiveness, consistency and management of the internal controls over a period of time. It is the ICICIdirect’s commitment towards control consciousness, which has culminated to issuance of a Web Seal by KPMG "
The ‘KPMG Web Seal’ service is valuable to the Internet-enabled organisations, where:
The web site is used for conducting on-line financial transactions
Visitors to the web site are asked to provide personal information
The accuracy of information (financial or otherwise) displayed on the site is of essence
The business processes for which KPMG has issued the " Web Seal" are for:
Process compliance that at the end of the settlement cycle, ‘Pay-in’ and ‘Pay-Out’ are effected to the client’s DP account in accordance with client’s obligations computed based on executed trade as disclosed in the Terms & Conditions;
Process compliance that at the end of the settlement cycle, ‘Pay-in’ and ‘Pay-Out’ are effected to the client’s bank account in accordance with client’s obligations computed based on executed trade, other service charges and penalties agreed upon and disclosed in the Terms & Conditions; and
Process compliance that the brokerage is charged to the client as disclosed in the Fee Schedule.
Starting its services on April 17, 2000, ICICIdirect has become India’s favourite online share trading site with a customer base of over 110,000.
The unique 3-in-1 trading account of ICICIdirect offers a hassle-free and seamless trading experience for the customer. The customer’s bank account, demat account and the broking account are linked automatically wherein the customer can transact without waiting to call the broker, get the order executed at a particular price, get the order confirmation details and draw/deposit cheques/TIFDs.
In December 2000, ICICIdirect launched Asia’s first online mutual fund plaza. The Mutual Fund Plaza enables customers of ICICIdirect to transact online in a paperless environment in various Mutual Fund schemes through user-friendly transactions including Purchases, Redemptions, Switches and Systematic Investment Plans (SIP) and Systematic Withdrawal Plan (SWP).
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