Tuesday, February 24, 2009

Reliance Money launches mobile trading portal

MUMBAI: Aimed at increasing number of mobile savvy investors, Reliance Money, part of the Anil Dhirubhai Ambani group, on Tuesday introduced a mobile trading portal in both equities and commodities across all mobile platforms supported by any technology. With this service, investors can trade in both equity exchanges NSE and BSE and in three commodity exchanges NCDEX, MCX and NMCEIL.

The service is launched in association with three technology partners Volantis Systems, Wipro Infotech and Religare Technova. While Volantis is the mobile platform provider for the service, Wipro develops and customizes the system on Volantis application. Religare Technova provides the support for integration of the Volantis application to the trading engine.

"Today, even a farmer in a village in Madhya Pradesh uses mobile to check commodity prices. Investors who are increasingly getting conversant with mobile usage, need a one window – 'on-go' service so that they can trade anywhere, even if they are traveling," said Sudip Bandyopadhyay, director and CEO of Reliance Money.

"Mobile trading is an additional facility provided to our existing customers. We do not expect any business volume for this."

The existing demat account holders of Reliance Money need to download the device from their respective telecom provider, for which they will be charged a nominal amount. There is no service charge levied by the Reliance Money for the said service, which includes features like market watch, buy/sell, full stock quotes, contract information, add script, delete script and reports.

However, with this initiative, the company will be tapping the approximately 347 million telecom user base in India, with its service.

Added Bandyopadhyay, "through this service, we want to create a whole new segment of investors who do not have access to the Internet."

No comments: