Reliance Money, controlled by the Anil Dhirubhai Ambani Group (ADAG) and a Reliance Capital subsidiary, is exploring the option of setting up a stock exchange for small and medium enterprises (SMEs). For this purpose, the company is currently looking for partners to commence the venture within a year. It is also planning to enter the currency futures space through the SME stock exchange.
Reliance Money would have 26% stake in the proposed exchange. It has already initiated discussions with the Securities and Exchange Board of India (Sebi) for setting up this stock exchange. For this venture, the capital subsidiary of the ADAG will submit its application to the supervisory body very soon. The market regulator had earlier issued guidelines for SME exchanges, and had set a minimum net worth criteria of Rs 100 crore for entities willing to establish an exchange.
The Reliance Capital Company is also holding talks with Chellaram, the Nigeria-based non-resident Indian business group, for starting a stock exchange in the African country.
Thursday, January 29, 2009
Tuesday, January 27, 2009
RIL Money to ink JV with S’pore warehousing firm
NEW DELHI: Reliance Money, part of the Reliance ADA Group and large shareholder in National Multi Commodity Exchange, will soon widen its bouquet of services to manage goods stored in warehouses through a joint venture with Singapore-based warehousing company CWT Commodities, said a person involved in the venture.
The 50:50 joint venture will issue warehouse receipts that guarantee the quality and quantity of goods stored in its godowns, besides providing grading and sorting services. Reliance Money CEO Sudip Bandyopadhyay could not be contacted for an official comment on the development.
A subsidiary of Singapore Stock Exchange-listed CWT Ltd, CWT Commodities is a large global player that offers a host of warehousing, collateral management, and logistics services. The new Indian JV firm, Reliance CWT Commodities, will have equal representation on the board from both Reliance ADAG and CWT Commodities. The head of the new company is yet to be appointed, said a person who has knowledge of the partnership.
CWT Commodities already has a small presence in India through its South East Asia operations. Its sister company CWT Globelink India has offices in Delhi and Mumbai. CWT’s current business in India will now be channeled through the new company.
The 50:50 joint venture will issue warehouse receipts that guarantee the quality and quantity of goods stored in its godowns, besides providing grading and sorting services. Reliance Money CEO Sudip Bandyopadhyay could not be contacted for an official comment on the development.
A subsidiary of Singapore Stock Exchange-listed CWT Ltd, CWT Commodities is a large global player that offers a host of warehousing, collateral management, and logistics services. The new Indian JV firm, Reliance CWT Commodities, will have equal representation on the board from both Reliance ADAG and CWT Commodities. The head of the new company is yet to be appointed, said a person who has knowledge of the partnership.
CWT Commodities already has a small presence in India through its South East Asia operations. Its sister company CWT Globelink India has offices in Delhi and Mumbai. CWT’s current business in India will now be channeled through the new company.
Saturday, January 3, 2009
ValueNotes.com inks pact with Reliance Money
Financial portal ValueNotes.com has announced that it has clinched a pact with financial services firm Reliance Money.
Under the proposed agreement, ValueNotes.com will distribute Reliance Money’s subscription-based product - Live Market Analysis.
According to sources, the product is a chat messaging solution that will allow users to receive instant stock market calls/tips on a real time basis.
While commenting on the pact, Mr. Sudip Bandyopadhyay, Reliance Money CEO stated, “The tie-up will enable wider dissemination of our superior research content for beneficial financial market investment and spread of investment culture.”
The sources further disclosed that the said product is available for a monthly charge starting from as low as Rs 500. Reliance Money has nearly 10,000 outlets and 30 lakh customers nationwide.
Under the proposed agreement, ValueNotes.com will distribute Reliance Money’s subscription-based product - Live Market Analysis.
According to sources, the product is a chat messaging solution that will allow users to receive instant stock market calls/tips on a real time basis.
While commenting on the pact, Mr. Sudip Bandyopadhyay, Reliance Money CEO stated, “The tie-up will enable wider dissemination of our superior research content for beneficial financial market investment and spread of investment culture.”
The sources further disclosed that the said product is available for a monthly charge starting from as low as Rs 500. Reliance Money has nearly 10,000 outlets and 30 lakh customers nationwide.
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