The third largest private sector lender of the country, Axis Bank has geared up to bring into platform its retail broking business called AxisDirect.
The new segment of business will materialise following the recent deal inked by the bank with Enam Securities.
The business model is being carved by Shikha Sharma, Chairperson of the bank, who was in the original team of ICICI Securities. AxisDirect will thus be modelled in lines of ICICIDirect.
"All the regulatory approvals are in place," said a senior Axis Bank official. He added that the new deal will lead to gradual phasing out of the tie up of the bank with Geojit-BNP Paribas.
The clients of the previous partnership project will be given open option to choose from either of the two.
Also, Geojit BNP Paribas can continue with their accounts in Axis Bank.
"This is a possibility. We still have tie-ups with Federal Bank and South Indian Bank," said an official of Geojit BNP Paribas.