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.

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