Friday, April 25, 2008

Reliance Money ties up with Triveni Group

Anil Ambani owned Reliance Money on Thursday announced that it had tied up with Triveni Group-promoted retail chain, a move aimed at tapping the potential of rural and semi-urban markets. According to a company release, under the new joint venture, Reliance Money will distribute financial products and services through the outlets of Triveni retail chain, Khushali Bazaar in Uttar Pradesh and Uttaranchal.

Wednesday, April 23, 2008

Reliance Money to open 20,000 outlets

Mumbai, April 06: Anil Ambani group`s brokerage and financial services firm, Reliance Money plans to double the number of its outlets to 20,000 by the end of this fiscal from the current 10,000, a top official said.

"We are in 4,257 locations presently and plans to enhance our presence to 5,165 centers by this year-end while the total number of outlets will increase to 20,000 during the period," Reliance Money`s chief executive officer, Sudip Bandyopadhyay, told agencies.

The company, which has emerged as one of the leading brokerages in the country in last one-year, had recently hinted at its plans to expand its operations to Bahraian, Doha, Kuwait and Singapore.

Besides, the company is also looking at setting up more outlets in rural-semi urban areas by opening about 7,000 outlets in tier-i and tier-ii cities in next one year, he said.

"More rural outlets would help the company to acquire more customers by making them aware about various products. Large number of customers are now coming from the rural parts of the country and showing interest to know more about equity-related investment products," Bandyopadhyay said.

The company had recently launched a loyalty-card programme, club elite, under which all its customers will earn reward points for all transactions made through the company.

Bureau Report

Monday, April 21, 2008

BBA, RMoney & BSE to launch India's first spot bullion exchange

Bombay Bullion Association (BBA), in a tie-up with Reliance Money (R-Money) and Bombay Stock Exchange (BSE), is likely to announce the launch of spot bullion exchange early next week.

The new spot exchange will provide trading platform for gold and silver to bullion traders. It will provide T+2 trading system for the physical trading of bullion (in demat form) and unit of trading will be kilo-bar, market sources said.

As FE had already reported early that if this proposal materializes, it will be the first spot bullion trading platform in the country under which spot trading will be carried out on electronic platform.

"It will give a fillip to the physical bullion trade in the country which is facing problems in areas of quality, benchmark price and lack of common trading system in the physical market," a director of BBA told FE.

BBA, having a member strength of more than 250, is a national-level bullion association which contributes about 75% of the national bullion trade in the country.

"Trading will be carried in a similar fashion like Gold ETFs traded at the domestic stock exchanges," another director of BBA said.

As per information available from the local bullion market, the association has signed a memorandum of understanding with R-Money for this proposal. As per the terms, BBA and R-money may include Bombay Stock Exchange (BSE) and IT People (IT Solution Company) for providing online trading platform for this venture.

BBA has already formed a special committee of five member, who are directors of the association, to finalize the proposal with its venture partners.

Reliance Money to break even by FY 08: CEO

Buoyed by tremendous consumer response and with banking on its huge roll-out plan, Anil Dhirubhai Ambani Group's brokerage and distribution arm Reliance Money expects to break-even by the end of the current fiscal.

"Almost 75,000 investors have logged in on to our platform since inception in the last month-and-half. Besides, we are adding around 2,000 new investors daily," Reliance Money's Director and CEO Sudip Bandyopadhyay told PTI.

"Our performance so far gives us the confidence that we shall break-even by this fiscal-end," Bandyopadhyay said. A wholly-owned subsidiary of Reliance Capital [Get Quote], Reliance Money is on the threshold of implementing a massive expansion pro gramme, designed to have its footprint in 5,165 tehsils of the country by the end of FY 08.

"Our plan is to open another 7,500 kiosks by the end of this financial year and ramp it up to 25,000 in the next two-three-year period," Bandopadhyay said. Since inception in April, Reliance Money has already rolled out 2,500 kiosks and is present in 700 cities and towns in India.

The company, he said, aims to cover 5,165 tehsils of the total 5,645 tehsils by the end of this fiscal in an attempt to bring first-generation investors into the broking platform fold, besides promoting the industry.

Friday, April 11, 2008

Reliance Money to offer retail commodity broking services in 2 months

Reliance Money Ltd, the broking arm of Reliance Capital Ltd, is planning to offer commodity broking services for retail investors in two months, said Sudip Bandyopadhyay, director and chief executive officer.

At present, Reliance Money offers this service to high networth individuals and big corporate clients only as the environment is not conducive for retail participation in commodity futures, he said. "We are planning the retail launch of commodity broking services in a big way, may be in a couple of months' time," Bandyopadhyay said. Commodity markets do not have adequate depth in absence of institutional and banks' participation, he said. "Last year, we had planned a big-bang retail foray in commodity broking through portfolio management services." However, portfolio management services have not yet been permitted in commodity futures unlike in the stock market, he said. Reliance Money has already launched a mobile portal that provides real time commodity prices free of cost, he said.

Tuesday, April 8, 2008

India's Reliance Money draws up aggressive global expansion plan

Seeking to complement its domestic target of doubling its Indian presence to 20,000 outlets this year, Anil Ambani group's Reliance Money has drawn out an aggressive expansion plan for the overseas market to set up shop in about half a dozen locations by the end the current fiscal year.

Reliance Money CEO Sudip Bandyopadhyay said the company will be setting up offices in six to seven strategic locations around the world in 2008-09.

Monday, April 7, 2008

Reliance Money to expand operations to the Sultanate of Oman

Reliance Money, the financial distribution company of the Reliance Anil Dhirubhai Ambani Group has received an ‘in-principle approval’ for setting up a branch and offering investment advice in the Sultanate of Oman. Reliance Money is the first Indian company to have received such an approval from the Capital Market Authority (CMA) Board, the regulator in Oman.

Mr. Sudip Bandyopadhyay, Director and CEO, Reliance Money said, “Having successfully launched our operations in the UAE, we now plan to offer cost-effective, quality financial products & services to our clients in the Sultanate of Oman. This is a part of our endeavor to reach out to the large NRI and PIOs in the Middle East.”

Reliance Money will initially launch its broking, and mutual fund distribution services. The company will also be offering a mobile portal that will allow users to get free real-time access to market information on their phones; in addition to real-time chat facility, with its experts, to get high quality market research and guidance to take an informed decision.

The company also plans to offer portfolio management services at an entry level of as low as $50,000.

Reliance Money, made its debut in the Middle East by launching its bouquet of cost effective and secure financial services in the UAE in February this year. “We plan to enter other Gulf countries like Bahrain, Kuwait and Qatar in the next 6-12 months,” added Mr. Bandyopadhyay.

Reliance Money partners with Recognia Inc, takes broking to next level for retail customers

Reliance Money, the financial distribution company of the Reliance Anil Dhirubhai Ambani Group, today became the first and only Indian company to launch simplified and sophisticated Automated Technical Analysis on its platform for retail customers.

The company launched this initiative in partnership with Recognia Inc of Canada, leaders in chart pattern recognition and price forecasting through technology that analyzes the price action of stocks of all publicly traded companies and indicates new investment opportunities.

The partnership was announced by Mr Sudip Bandyopadhyay, Director and CEO, Reliance Money and Mr Rick Escher, President and CEO of Recognia at a conference here today.

“Technical analysis, till date, is a privilege available to institutions and HNIs and the Indian retail investors have been deprived of these tools so far. The addition of Recognia's sophisticated Automated Technical Analysis as an add-on feature on our platform will provide automated simplified analysis that will inform the customer about shift in trends of different stocks in the Indian markets” said Mr Bandyopadhyay

"Our automation and simplification of technical analysis is a good match for Reliance Money's commitment to offer qualitative tools to Indian investors participating in the stock market. Our daily analysis on over 55,000 instruments from 39 exchanges is helping millions of people in North America and Europe and we are excited to be working with Reliance Money to make it available to the investors and traders in India,” said Mr Escher.

Recoqnia’s Technical Analysis will allow Reliance Money users to identify customers about shift in price movements and emerging trends that will help them look up ‘bullish’ and ‘bearish’ notifications for any company thereby providing them an insight into the possible direction for the scrip price.

Recognia's Research is updated throughout every trading day - providing independent and objective notification of shifts in trends and changes in supply and demand that are otherwise not easily visible. When certain movements of the stock prices occur, Recognia distributes notices that help recipients identify profitable trades and make timely transactions.

Automated email notification will be sent to Reliance Money users based on personalized criteria, such as opportunity type, the price range or type of pattern desired, set by them. Subscribers will have the added benefit of receiving the daily ‘Top Bullish and Bearish Opportunities’ sent directly to them.

The technical services are available for introductory free 7-day trail period to Reliance Money users. Post the trail period, this service is available to users at a nominal subscription of Rs. 99 for 3 months/ Rs. 179 for 6 months/ Rs. 299 for a year, i.e., less than Re 1 a day.

Reliance Money is a comprehensive financial services and solution provider. Its endeavor is to change the way India transacts in financial markets and avails financial services. Reliance Money provides a single window, enabling customers to access, amongst others, Equity & Commodity Derivatives, Mutual Funds, IPOs, Life and General Insurance Products, Offshore Investments, Money Transfer, Money Changing, Gold Coins and Credit Cards.

Reliance Money is a group company of Reliance Capital – one of India’s leading and fastest growing private sector financial services companies, ranking among the top 3 private sector financial services and banking companies in terms of net worth. Reliance capital is a part of the Reliance – Anil Dhirubhai Ambani Group.

Established in 2000, Recognia’s proprietary pattern recognition technology is capable of recognizing patterns in the price charts of any publicly traded financial instrument including stocks, bonds, funds, commodities, currencies and indexes. These chart patterns are known to indicate trading opportunities. This ability has not previously been available and was a task that previously had to be performed manually, making it humanly impossible to monitor all stocks and all commodities on a continual basis. The Recognia system currently scans over 16,000 charts per day and this number is continually increasing as additional exchanges are added.

Recognia generates content in-house and licenses it to financial portals, online brokerages and other financial institutions. Some of its clients include Bloomberg, Thomson Financial, HSBC and TD Waterhouse, among others. Recognia products include quantitative data feeds, white-label Internet applications, email alerts, news wire feeds, and white-label market letters.

Thursday, April 3, 2008

Anil Ambani, Kotak eye commexes

NEW DELHI: The Reliance Anil Ambani group is believed to have decided to enter the commodity trading business by setting up a large exchange in the country as part of its plans to capitalise on the vast opportunities in this market.

Besides R-ADAG, another corporate giant Kotak group is also mulling over setting up a commodity bourse by acquisition of some regional exchange to get the platform and other technical support, sources close to the development said.

While Kotak group officials were not available for comments, the Reliance group declined to comment on any specific plans for entering into this business.

When asked whether the group might look at entering this business, Reliance Capital's brokerage and financial products distribution arm Reliance Money's CEO Sudeep Bandyopadhyay said on the sidelines of a conference here, "We are always open to any opportunity that come our way."

However, he did not comment on any specific plans regarding this new business. The group is already present in the commodity brokerage business through Reliance Money. Even as the group officials did not wish to comment, sources said the new business could have some existing bourses as well as a strategic associate as partners to gain technical, business and infrastructure support.

According to experts, this market could be in for a major overhaul with some large corporate houses waiting to start their own bourses.

Another emerging conglomerate Indiabulls group, which is present in businesses like brokerage, financial services, real estate, retail and power have already tied up with state-run trading firm MMTC to start a commodity exchange, for which it is awaiting necessary approvals.

These corporate houses are getting lured to huge growth potential in the Indian commodity market, which is already of the size of close to $1 trillion and could gain further scale given a continuing bull run across the world in this segment for over five years now, they added.

Kotak group has a strong presence in financial markets through its banking, brokerage and other businesses. ADAG is present across diversified businesses such as telecom, power, financial services, energy, infrastructure and media.
While it was not clear which existing exchange R-ADAG was looking at to gain the platform and infrastructure, sources said it may not be the bourses in Rajkot or Ahmedabad as rumoured.