tag:blogger.com,1999:blog-77322162243195195082024-02-19T21:49:43.964+05:30Reliance MoneyLatest News and Articles, Discussions and Reviews, FAQ’s and Information On Reliance Money. Everything you want to know and share. Understanding the Do’s and Dont's for everyone who uses and would like to use Reliance Money for investments, Mutual funds online trading, commodities, Equities.rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.comBlogger73125tag:blogger.com,1999:blog-7732216224319519508.post-79803052041022855332009-02-25T11:08:00.000+05:302009-02-25T11:09:37.594+05:30Infinity, Reliance Money in partnershipINFINITY Financial Solutions, one of Malaysia’s major offshore life brokers, has tied up with India's Reliance Money to offer financial services to non-resident Indians in Malaysia.<br /><br />Through the partnership, Infinity will offer the entire line of Reliance Money’s life insurance services.rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com3tag:blogger.com,1999:blog-7732216224319519508.post-23074532003567527842009-02-24T10:46:00.002+05:302009-02-25T11:12:31.714+05:30Reliance Money launches mobile trading portalMUMBAI: 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.<br /><br />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.<br /><br />"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.<br /><br />"Mobile trading is an additional facility provided to our existing customers. We do not expect any business volume for this."<br /><br />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.<br /><br />However, with this initiative, the company will be tapping the approximately 347 million telecom user base in India, with its service.<br /><br />Added Bandyopadhyay, "through this service, we want to create a whole new segment of investors who do not have access to the Internet."rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-45633058516329843832009-02-23T11:22:00.000+05:302009-02-25T11:24:42.757+05:30India Post to enter gold retail tradeTHIRUVANANTHAPURAM: The Kerala circle of India Post is preparing to enter the gold retail trade as part of a business diversification initiative of the Department of Posts. Customers can now walk into a post office and buy pure 24 carat gold coins certified by the Swiss precious metal company Valcambi.<br /><br />The scheme will be launched in selected post offices in the State by the end of the month. The initiative, being launched in association with Reliance Money Ltd (RML) and World Gold Council, will enable customers to buy gold coins of various denominations from post offices. Initially, the department plans to sell 0.5 gm, 1 gm, 5 gm and 8 gm gold coins packed in tamper-proof sealed covers.<br /><br />“India Post has already launched this scheme in a few other circles, including Delhi, Maharashtra, Gujarat and Tamil Nadu, where it has been received well. We are planning to launch the scheme in Kerala circle before the end of February,” said Southern Region Headquarters director Govinda Rajan.<br /><br />Mr. Rajan said in the first phase, gold coins would be sold through 18 post offices in the Thiruvananthapuram, Kochi and Kozhikode regions and selected post offices in Kottayam and Alappuzha districts.<br /><br />Senior officials of the Department of Posts had already been given training in handling the RML software for transactions. Every customer will be given an invoice or bill detailing the transaction. While the department will be earning an amount as commission, RML will also bear the service tax on the commission paid to India Post.<br /><br />The stocking and sale of gold coins in the post offices will be under the direct supervision of the respective postmasters. The postmaster will be required to check the RML web site on a regular basis for the latest updates of gold rates and discounts. “We already have ample security features in our post offices for stocking valuables. However, under this scheme we will not be maintaining a huge stock of gold coins. The supply of gold coins in the various post offices will be replenished by RML according to the movement of the coins,” Mr. Rajan said.<br /><br />The sale of gold coins through post offices is a continuation of India Post’s attempts to capitalise on its vast network for diverse business initiatives. The Kerala circle is already offering various Union Public Service Commission (UPSC) applications and Sabarimala temple prasadam as retail products to its customers. Apart from the reach of its network and the credibility of the department, customers buying gold coins from post offices can also bank on the special discounts offered during festival seasons.rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-19971589635751960872009-02-22T11:18:00.001+05:302009-02-25T11:21:02.232+05:30Reliance Money goes ahead of Thomas Cook to become biggest currency exporterReliance Money has overtaken Thomas Cook to become the largest aggregator and exporter in the currency business.<br /><br />Reliance Money Express became the No. 1 wholesaler by reaching the target of exporting Rs 10,000 crore in this fiscal. “We buy currencies from retailers and export them to banks overseas. We have gone ahead of Thomas Cook, which was the biggest wholesaler till now,” Sudip Bandyopadhyay, CEO of Reliance Money, told The Telegraph.<br /><br />The Bank of America and Emirates Post are the key importers of currencies. Reliance Money Express is the sole authorised agent of the Bank of America in Southeast Asia and is looking to tie up with other overseas banks.<br /><br />The financial services and solution provider mainly exports currencies such as the swiss Franc from its two hubs in New Delhi and Cochin.<br /><br />There are around five major currency aggregators in the country, with Thomas Cook and Weizmann being the key players.<br /><br />Reliance Money has been able to command a leadership in the wholesale segment because of its competitive margins, Bandyopadhyay said.<br /><br />“Margins or pricing have to be competitive for retailers to sell their currency to us,” he said. The Anil Ambani firm has made deep inroads into north and south India and is looking to enhance its presence in the western parts of the country, where Thomas Cook is big.<br /><br />Reliance Money Express was formed after the Anil Ambani group acquired Travelmate Services Pvt Ltd — part of Kuoni Group — in 2006.<br /><br />The company is now a wholly owned subsidiary of Reliance Capital.<br /><br />Travelmate has been in the money transfer and money changing business since 1993. Subsequently, it also acquired a stake in Wall Street Finance, which consolidated its position in the foreign exchange and money remittance services business.rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-79990421393936071292009-02-13T11:33:00.000+05:302009-02-25T11:34:58.897+05:30Reliance Money targeting 10 mln customers, more rural outletsNEW DELHI, Feb 13, 2009 -- RELIANCE MONEY, India's leading financial products distribution firm, is aiming to cross the 10 million customers mark by the end of next fiscal, with over 30 per cent of new clients expected from semi-urban and rural areas. "We are targeting to cross the 10 million customers mark by the end of next fiscal. Out of this, 2-3 million are likely to come from the semi-urban and rural areas which have seen 100 per cent growth in the past year," Reliance Money CEO and director Sudip Bandhyopadhyay said.<br /><br />* Further, the Anil Ambani group firm, which currently has over 10,000 outlets in over 5,000 locations across the country, is planning to double the number of outlets during the next fiscal.<br /><br />* Reliance Money provides customers access to equities, equity options and commodities futures, wealth management, portfolio management services, mutual funds, IPOs, life and general insurance products, credit cards, money transfer, currency exchange and gold coins.rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-11397503399033087392009-02-02T12:35:00.001+05:302009-02-05T12:37:19.318+05:30Reliance Money launches e-magazine “Money Advisor”Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, has notified that it has launched an online magazine 'Money Advisor' that deals with mutual funds as a part of its investor education drive.<br /><br />The company claims that 'Money Advisor' would be the first e-magazine of the country that deals in equity and debt funds.<br /><br />The magazine aims to provide a synopsis on the mutual fund industry and include the latest trends in AUMs, overview and recommendations on equity and debt funds, performance snapshot, interest rate scenario and fixed income update, economic review apart from sector updates.<br /><br />In addition, the magazine will also have views shared by various Fund Managers/ CIOs and an investor education series.<br /><br />A company official stated that the company would mail 'Money Advisor' to all customers and distributors of Reliance Money.<br /><br />It may be noted that currently, the company has over three million customers and more than 10,000 outlets across 5,165 cities and towns.rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-15563187936366954432009-01-29T10:30:00.000+05:302009-02-05T11:47:55.774+05:30Reliance Money Plans to set up SME Stock ExchangeReliance 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.<br /><br />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.<br /><br />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.rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-19246580275482616422009-01-27T12:04:00.000+05:302009-02-05T12:18:22.665+05:30RIL Money to ink JV with S’pore warehousing firm<span style="font-size:100%;">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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br /></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-71998318186901226942009-01-03T14:44:00.001+05:302009-01-09T14:55:58.420+05:30ValueNotes.com inks pact with Reliance Money<span style="font-family: verdana;font-size:100%;" >Financial portal ValueNotes.com has announced that it has clinched a pact with financial services firm Reliance Money.<br /><br />Under the proposed agreement, ValueNotes.com will distribute Reliance Money’s subscription-based product - Live Market Analysis.<br /><br />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.<br /><br />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.”<br /><br />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.</span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-78302598687000948712008-12-30T15:03:00.000+05:302009-01-09T15:06:48.062+05:30Reliance Money Plans to Start Stock Exchange with FTIL<span style=";font-family:verdana;font-size:100%;" >Anil Dhirubhai Ambani Group firm Reliance Money has set its eyes on giving competition to the two premier stock exchanges in the country, viz. Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Reliance Money in collaboration with Financial Technologies India Ltd (FTIL) plans to start its own stock exchange.<br /><br />Reliance Money has the monetary backing of R-ADAG group; it is also a prominent player in commodity market after picking 10% stake in the National Multi Commodity Exchange (NMCE). The company wants to increase its holding to 26% in near future. Reliance Money’s spot exchange for agriculture commodities is also expected to early 2009. The FTIL group has interests in a currency futures exchange, commodity futures, power exchange and spot exchange for agricultural commodities and plans to set up an exchange for SMEs. It has also set up exchanges overseas.<br /><br />There is tremendous scope for equity stock exchange in the country that has only 5% of its households investing in equities compared to the global average of around 50%. The equity derivative segment has the biggest scope, with the NSE enjoying a virtual monopoly in the segment with an average daily volume of around Rs 40,000 cr. The spot equity market average turnover doesn’t even match up to half of the NSE derivate average, with the BSE having a daily average volume of Rs 4,000 cr and the NSE having daily average volumes at Rs 10,000 crore in the spot segment.<br /><br />Any aspirant in the stock exchange segment will however need approval from the Reserve Bank of India (RBI). For FTIL, the equity exchange would be an extension of MCX-SX, its currency trading exchange, which was launched under a subsidiary. Reliance Money will have to set up a new company. Another issue could be equity holding, SEBI has recently decided to allow a single shareholder to hold a maximum of 15% in stock exchanges, but has not notified this yet. The aspirant companies’ track record will also be key factor in getting regulatory approval. If approved, this will be the first stock exchange after 1994, when the NSE was set up<br /><br />Even though both sources have not confirmed the development, both are eyeing the possibility of an exchange for small and medium-sized (SME) enterprises, an area which is beleaguered with several failed attempts. Earlier ventures such as the Indo Next under the BSE trading platform, Over the Counter Exchange of India (OTCEI) and Inter-Connected Stock Exchange of India had failed to take off.<br /><br />Worldwide SME exchanges are flourishing. LSE's Alternative Investment Market (AIM) was established in 1995 to nourish young entrepreneurial British firms. AIM is home to over 1,500 firms of which close to 250 are listings of firms based outside Britain. Obviously, one of the attractions for overseas firms is the laidback regulatory regime.<br /></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-83477535672768950792008-12-27T15:12:00.000+05:302009-01-09T15:13:44.001+05:30Reliance Money sets up shop in Malaysia<span style="font-family: verdana;font-size:100%;" >RELIANCE Money, the largest broking house in India, has entered Malaysia's financial services market through a business collaboration with Infinity Financial Solutions, a local major financial products and services distribution company.<br /><br />Reliance Money director and chief executive officer Sudip Bandyopadhyay said the company will be launching its portfolio management services (PMS) and other services in Malaysia soon.<br /><br />"Reliance Money's PMS in Malaysia would be offered at a threshold level of as low as US$50,000 (RM174,000)," he said in a statement made available to Business Times.<br /><br />Bandyopadhyay said this is the first such initiative by an Indian broking and distribution company to offer a bouquet of financial products and services to non-resident Indians (NRIs) in Malaysia.<br /><br />"This is our first move to reach out to the large base of NRIs in Malaysia with our unique, cost-effective and efficient bouquet of products and services.<br /><br />"Our presence in Malaysia will complement efforts to have a larger role in this region," he said, adding that the move is part of Reliance Money's plans to expand its global footprint.<br /><br />Reliance Money provides customers with access to equities, equity and commodities futures, mutual funds, life and general insurance products and off-shore investment.<br /><br />The company already operates in Asia, Europe and Africa and plans to expand its operations in over 15 countries by next year.<br /><br />"We aim to generate 50 per cent of our revenues from overseas markets by 2012 and capture a bigger share of the record US$195 billion invested in India last year by overseas funds," Bandyopadhyay said.<br /><br />Infinity Financial Solutions director Ben Bennett, meanwhile, said the new venture with Reliance Money will help the company augment its services portfolio and provide the large NRI population in Malaysia with a platform to transact in Indian financial instruments.<br /><br />"This partnership would also help us utilise their (Reliance Money) expertise by providing enhanced investment tools to a large section of population who have not been able to use these services earlier," he said.<br /><br />Reliance Money is part of the Reliance Anil Dhirubhai Ambani Group. At present, it serves some three million customers and has a network of over 10,000 outlets and 20,000 touch points in more than 5,000 locations.</span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-25533176093568145662008-12-22T15:39:00.001+05:302009-01-09T15:42:00.695+05:30Anil Ambani launches online shopping portal to sell financial products<span style="font-size:100%;"><span style="font-family: verdana;">To augment its existing distribution channels, ADAG has launched a new portal RelianceMoneyMall.Com to retail financial products under Reliance Money umbrella over the internet.<br /><br /></span><span style="font-family: verdana;">Apart from the Mutual Funds, insurance, IPO, research reports and Gold coins, the portal also sell gifts, home appliances and consumer durables. The list is expected to become more exhaustive over a period of time.<br /><br /></span><span style="font-family: verdana;">The initiative may prove to be successful as R-ADAG has lot of products under Reliance Capital banner and the portal may prove to be a low cost distribution model.<br /><br /></span><span style="font-family: verdana;">Anil Ambani launches online shopping portal to sell financial products - Digital Inspiration.</span><br /></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-57414518344444288342008-12-22T15:13:00.001+05:302009-01-09T15:30:39.518+05:30Reliance Money planning to rope in mandi bodies to hold stake in agriculture spot exchange<span style="font-size:100%;"><span style="font-family: verdana;">Reliance Money is planning to rope in apex bodies of mandis in various states as shareholders for the proposed agriculture spot exchange it has announced with National Multi-Commodity Exchange (NMCE).<br /><br /></span><span style="font-family: verdana;">“We have held discussions with Gujarat Niyantrit Bazaar Sangh, the apex body of more than 200 mandis in the state, and its counterpart in Tamil Nadu, and we may rope them in as shareholders,” Reliance Money CEO Sudip Bandyopadhyay said.<br /><br /></span><span style="font-family: verdana;">In August, Reliance Money and NMCE had announced the setting up of National Agriculture Produce Marketing Company of India (National APMC) that aims to provide the required infrastructure for electronic trading in agricultural products.<br /><br /></span><span style="font-family: verdana;">Bandyopadhyay said that a separate spot exchange for non-agricultural products would also be set up once National APMCL started functioning hopefully by June next year. The company had earlier indicated that National APMC would commence operations by December.<br /><br /></span><span style="font-family: verdana;">On shareholding details, the Reliance Money CEO said that those were being finalised.<br /><br /></span><span style="font-family: verdana;">While National APMC has approached more than a dozen states for permission to ensure that it is able to deliver the farm products traded electronically, so far it has received permission only from Gujarat and Rajasthan.<br /><br /></span><span style="font-family: verdana;">Analysts said that by tying up with state-level agencies for mandis, Reliance Money was also reducing chances of political opposition to electronic spot trading as these bodies were controlled by local politicians.<br /><br /></span><span style="font-family: verdana;">Commodities trading has been a politically sensitive issue and the government in the past has imposed ban on futures trading in commodities. The ban followed uproar by politicians, who said futures trading was speculative and blamed it for the increase in prices.<br /><br /></span><span style="font-family: verdana;">Presence in the commodity exchange business has emerged as a major focus area for Reliance Money, which is part of the Anil Dhirubhai Ambani Group (ADAG). It has sought permission to acquire 26 per cent stake in NMCE, the national commodity futures exchange, but has so far received the go ahead to buy 10 per cent. In addition, it had bought a 15 per cent stake in Hong Kong Mercantile Exchange to become the second largest shareholder in the commodity bourse. Hong Kong Mercantile Exchange plans to start trading in the first quarter of 2009 by offering dollar-denominated oil contract.</span></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-62578910579684127852008-12-16T19:58:00.002+05:302008-12-16T20:08:22.148+05:30RBI’s FCCB buyback policy a welcome move: Reliance Money<span style="font-size:100%;"><span style="font-family: verdana;">According to Reliance Money's report, the research firm believes that the RBI’s FCCB buyback policy is a welcome move but grossly inadequate.<br /><br /></span><span style="font-weight: bold; font-family: verdana;">Reliance Money's report:<br /><br /></span><span style="font-family: verdana;">Consequent to the recent RBI directive, FCCBs are now being allowed to be bought back by Indian Companies. It has now been decided to permit premature buyback of FCCBs. For the buyback of FCCBs out of rupee resources the RBI has fixed a minimum discount of 25% on the book value. The amount of the buyback is limited to USD 50 million of the redemption value per company wherein this window will be kept open till March 09. We believe RBI’s FCCB buyback policy is a welcome move but grossly inadequate.</span></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-47274317140556123022008-12-16T19:45:00.002+05:302008-12-16T19:47:55.467+05:30Reliance Money debuts in Malaysia<span style=";font-family:verdana;font-size:100%;" >Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, announced its debut in Malaysia, by joining hands with Infinity Financial Solutions, one of Malaysia's major financial products and services distribution company, as part of plans to expand its global footprint.<br /></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-74637972381298156292008-12-15T19:51:00.002+05:302008-12-16T19:57:30.197+05:30Reliance ADAG Eyes 50% In UK Currency Co<span style="font-size:100%;"><span style="font-family: verdana; font-weight: bold;">The deal will be routed through Wall Street Finance, a listed Indian firm that Reliance ADAG acquired recently.<br /><br /></span><span style="font-family: verdana;">There are still some buyers in the financial services sector. Anil Ambani led Reliance ADAG which has been striking international deals in the brokerage and commodities exchange business, is now looking at a bigger play on cross border money transfer activity. It is now close to acquiring 50% stake in a UK-based currency exchange and money transfer firm for an undisclosed amount. This will enable the Indian company to sell its financial products including mutual funds to the 1.4 million NRI population in the UK, says this report.</span><br /><br /><span style="font-family: verdana;">There are a number of large money transfer and currency exchange firms in the UK with Travelex (which was acquired by a consortium led by Apax Partners three years back). The target company is said to have more than 250 outlets. Some of the prospective names in the field who could be under the radar of Reliance ADAG include TTT Moneycorp and No1 Currency.</span><br /><br /><span style="font-family: verdana;">TTT Moneycorp is a retail, wholesale and commercial foreign exchange services firm in the UK owned by the Shlewet family trust and backed by the Royal Bank of Scotland while No1 Currency was formed in 1996 and is owned by its two founding partners David Hale and Mark McElney.</span></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-66976827694905906382008-12-10T10:57:00.000+05:302008-12-11T11:04:31.711+05:30Rel Money ties up with DBS Vickers<span style="font-family: verdana;">Anil Dhirubhai Ambani Group firm Reliance Money on Wednesday said it has entered into an agreement with Singapore-based DBS Vickers Securities to facilitate trading in global commodity exchanges for Indian companies.</span><br /><br /><span style="font-family: verdana;">Under the agreement, the firm would provide trading facilities for different derivatives including agricultural products, metal and energy products, which are traded on various major exchanges worldwide, Reliance Money said in a statement.</span><br /><br /><span style="font-family: verdana;">It would also provide trading facility on OTC (over-the-counter) products in segments such as energy and freight, the company added.</span><br /><br /><span style="font-family: verdana;">"Our agreement with DBS Vickers will now open a safe, secure and cost effective transaction platform for our customers to trade in Global Commodities Exchanges," Reliance Money Director and CEO Sudip Bandyopadhyay said.</span><br /><br /><span style="font-family: verdana;">"The size of the global commodities derivatives markets is estimated to be around USD 800 billion. We believe that Indian investors are looking at diversifying their portfolio and overseas trading service enables them to do so, Bandyopadhyay added.</span><br /><br /><span style="font-family: verdana;">DBS Vickers Securities is a member of the Singapore Exchange. It is the securities and derivatives arm of the DBS Group, a leading banking group of Southeast Asia.<br /><br /></span><span style="font-family: verdana;">Globally, exchange traded commodity futures is one of the largest market segments in the financial markets witnessing participation from the producers, users, traders alike. </span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-65001104482549970362008-12-05T08:40:00.000+05:302008-12-10T08:43:23.003+05:30Rel Money ties with up APMCs in Gujarat<p style="font-family: verdana;"><span style="font-size:100%;">AHMEDABAD: Promoters of commodity exchange NMCE Reliance Money and Neptune Overseas have joined hands with farm produce marketing committees in Gujarat -- a major destination for the private sector-- to launch an electronic platform for physical trading in agriculture goods.</span></p><p style="font-family: verdana;"><span style="font-size:100%;">Reliance Money and Neptune Overseas have also decided to form a separate company National Agricultural Produce Market Company (NAPMC) in association with Gujarat Niyantrit Bazaar Sangh, an apex body of 209 agricultural produce marketing committees.</span></p><p style="font-family: verdana;"><span style="font-size:100%;">"As experience from futures market has been bitter, we collaborated with Reliance Money to open our own spot exchange," Sangh Chairman Narayan Lalludas Patel said, adding that the market for spot trading is opening up in the state so we decided to protect the interest of farmers.</span></p><p style="font-family: verdana;"><span style="font-size:100%;">Gujarat, a key producing state in several agriculture products, has emerged as a major destination for the private sector with as many as 12 players, including Jayant Agro, Gokul Refoils and Solvent, already receiving nod for direct procurement from farmers.</span></p><p style="font-family: verdana;"><span style="font-size:100%;">Sangh Honorary Secretary N I Chachatiya said, "We will soon file an application with the state government to obtain licence for starting a spot exchange." As soon as the nod is received, the spot exchange will be operationalised, he added.</span></p><p style="font-family: verdana;"><span style="font-size:100%;"><span style="font-family: verdana;">He said the Agriculture Produce Marketing Committees (APMC) in the state can be a member of the spot exchange to offer the electronic platform in its premise. </span></span></p>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-32900297070136727052008-12-04T13:02:00.002+05:302008-12-04T13:14:37.103+05:30Hit by falling volume, brokers hike their fees<span style="font-family: verdana;">MUMBAI: In a stark contrast to the situation about a year ago, when they were busy trying to undercut each other on broking commissions, stock broking firms are now gradually increasing fees.</span><br /><br /><span style="font-family: verdana;">This may seem a bit surprising, considering that overall traded turnover on bourses has been shrinking since the start of this year. Industry watchers, however, say broking firms are finally coming to terms with the fact that it is not viable to charge very low levels of commission. Leading broking firms are said to have hiked their fees anywhere between 15 basis points (bps) and 50 bps.</span><br /><br /><span style="font-family: verdana;">“In good times, marginal costs were quite low. Today, brokers’ costs have gone up and revenues do not justify the kind of commissions that clients were being charged in the beginning of the year,” said a veteran BSE broker on condition of anonymity.</span><br /><br /><span style="font-family: verdana;">Some outfits have also introduced a standard ‘minimum’ brokerage charge, which would be applicable for even a single trade done by a client. Regular clients will also attract a minimum monthly brokerage at some of the firms.</span><br /><br /><span style="font-family: verdana;">“As trading volumes on bourses shrink, stock brokers expect a sharp fall in their income in the coming quarters. Such a move was waiting to happen. Unlike last year, when we saw broking firms vying with each other to cut costs, this year outfits have been forced to consider a hike across various sections,” said a person familiar with the development.</span><br /><br /><span style="font-family: verdana;">Some of the broking houses, which have reportedly hiked brokerage, include India Infoline, Indiabulls, Motilal Oswal, Edelweiss and Sharekhan. India Infoline is said to have raised brokerage charge on delivery-based transactions to 50 bps from 15 bps. For F&O trades, charges are said to have been hiked from 2 bps to 5 bps. Indiabulls, too, is said to have done something similar.</span><br /><br /><span style="font-family: verdana;">In an email reply to ET’s query, India Infoline said: “There has been no increase in brokerage rates across the board. What we have done is a part of normal rationalisation measures where customers who have significant trade volumes enjoy preferential brokerage rates and simultaneously those who do insignificant volumes, (barely active customers), typically have slightly higher brokerage rates. But this is only for a small group of customers with insignificant volumes. If you open an account with us today, then you will be charged the same brokerage as was being charged as before.”</span><br /><br /><span style="font-family: verdana;">On whether they have hiked delivery brokerage to 50 bps from 15 bps, an official said: “These are customers who would have had preferential brokerage rates earlier owing to higher committed volumes and since they haven’t generated significant volumes, their brokerage rates are being reverted to the standard five paisa for intra-day and 50 paisa for delivery trades. These are anyway the standard brokerage rates that we operate with.”</span><br /><br /><span style="font-family: verdana;">Indiabulls maintains brokerage charges are client-specific and as such there are no fixed slabs. “It’s a fluid system, whereby clients are charged according to the kind of business and volume they generate. As such, clients who do large volume of trades are charged less and vice versa,” said an Indiabulls official.</span><br /><br /><span style="font-family: verdana;">Reiterating this, officials at Motilal Oswal also said their charges were client specific. “2 bps/ 20 bps to (trading/delivery) to 5 bps to 50 bps, depending on the size of the client. For larger clients, there is a volume discount, which is an industry norm,” a senior official told ET.</span><br /><br /><span style="font-family: verdana;">Sharekhan still retains the standard slab. “The standard slab is trading -0.1% and delivery -0.5%. For customers with higher volumes, there are various slabs which they can subscribe to avail of lower brokerage,” a company spokesperson said. </span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-19438528835092701692008-12-04T08:45:00.003+05:302008-12-10T09:13:43.148+05:30India's NDTV, Rel Money Tie-up for a Television Programme<span style="font-size:100%;"><span style="font-family:verdana;">NEW DELHI - Indian business news channel, NDTV Profit, on Thursday launched a series on discussions 'Our Money Forum', in association with financial services and products distribution company Reliance Money.<br /><br /></span><span style="font-family:verdana;">The television program named as 'Our Money Forum' aims to help the retail investors to take investment decisions, the channel said in a statement here.<br /><br /></span><span style="font-family:verdana;">The 10-episode series, which would have eminent financial experts on the panel would focus on educating the retail investors on the growing need and importance of financial planning.<br /><br /></span><span style="font-family:verdana;">The program would be conducted at various corporate houses across the country such as Patni Computers and Subex.</span></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-60966918978496639602008-11-26T14:51:00.000+05:302008-12-04T14:55:31.719+05:30India Post centres to market small size gold coins<p style="font-family:verdana;"><span style="font-size:100%;">Hyderabad, Nov. 26 The Department of Posts in partnership with Reliance Money Ltd., (an ADAG Group company) today announced their move to sell gold coins of 24-carat in tamper proof packs of 0.5, 1, 5 and 8 gms weight in select India Post outlets.</span></p> <p style="font-family:verdana;"><span style="font-size:100%;">RML in tie-up with Swiss Gold will supply gold coins and the network of India Posts centres will provide an ideal platform to market them.</span></p> <p style="font-family:verdana;"><span style="font-size:100%;">The Chief Postmaster General, Andhra Pradesh Circle, Ms. Yashodhara Menon, said “people in India do not need any excuse to buy gold, whose purchase is always seen as auspicious. This tie up will help people who come to India Post an option to buy gold in small coins.”</span></p> <p style="font-family:verdana;"><span style="font-size:100%;">Addressing a press conference, she said India Posts has tied up with Reliance Money and rolled out sale of gold coins in several States in the country and has announced similar tie up today in three more States.</span></p> <p style="font-family:verdana;"><span style="font-size:100%;">India Posts had earlier facilitated marketing of mutual fund products of Reliance Energy Resources and sees this relationship blossoming into other businesses, which will be mutually beneficial, while adding to revenues, she said.</span></p>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-83497191742929490052008-11-23T10:59:00.000+05:302008-11-25T11:16:35.816+05:30ADAG enters online retail businessSeeking to grab the top market position within a year in the Rs 20,000-crore market, Anil Ambani group announced its foray into the online retail business where it would sell everything that could be sold over the Internet.Under the banner of the group's financial products distribution unit Reliance Money, the new venture would make available a wide variety of products for e-shopping, ranging from financial products like IPOs, mutual funds, insurance policies and gold coins to items like apparel, accessories, books, magazines, CDs, DVDs, home appliances and even flowers.<br /><br />Announcing the launch, Reliance Money CEO Sudip Bandyopadhyay told PTI over the phone from Mumbai that the e-commerce web portal-- RelianceMoneyMall.Com-- would be like a big shopping mall in electronic format where consumers would be able to buy whatever that can be sold online.<br /><br />Asserting that the company was targetting at least 20 per cent market share for the new venture, Bandyopadhyay said that the aim is to grab the top position in less than a year."There are over 60 million Internet users in the country and this number would double in about two and a half years, all of whom we are looking to tap as our target market.Besides, there are already an estimated 10.8 million people shopping online," Bandyopadhyay said.<br /><br />"We are looking at a market share of at least 20 per cent in this market with business worth over Rs 20,000 crore a year," he added.The portal will also be a host of subscription-based financial products such as technical charts, stock and commodity alert SMS packs, newsletters and research reports.rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-53816784183618441322008-11-07T11:00:00.001+05:302008-11-07T11:09:31.911+05:30Rel Money eyes new Nigerian exchange<span style="font-size:100%;"><span style="font-family: verdana;">NEW DELHI: Reliance Money, the brokerage company of Reliance Capital, is in advanced stages of negotiations to pick up a majority stake in an upcoming commodity and currency trading exchange in Nigeria. This comes close on the heels of the R-ADAG firm picking up a 15% equity stake in Hong Kong Mercantile Exchange(HKMEx).</span><br /><br /><span style="font-family: verdana;">The proposed Nigerian exchange is expected to start trading by the second quarter of 2009. It would begin with commodity and currency contracts and may eventually evolve as a full-fledged trading exchange offering equity trading as well.</span><br /><br /><span style="font-family: verdana;">While Reliance Money would hold the majority stake, local business groups would be brought in as minority partners in the venture. Unlike HKMEx, where the local government has a stake, the Nigerian exchange would be a private enterprise.</span><br /><br /><span style="font-family: verdana;">When contacted by ET, Reliance Money CEO Sudip Bandyopadhyay said: “We are looking at various growth opportunities abroad. We will announce them as and when we finalise something.” There is already a stock exchange in Lagos.</span><br /><br /><span style="font-family: verdana;">The deal would mean an expansion of operations in Nigeria for Reliance Money. Earlier this year, the company had entered into a tie-up with Lagos-based industrial group — the Chellarams, for distribution of financial products and services.</span><br /><br /><span style="font-family: verdana;">The transaction is part of the global expansion strategy of Reliance Money, which is also in the process of starting full-fledged financial services operations through a JV in Saudi Arabia and has plans to expand its business in over 15 countries spread across Europe, North Africa, the Middle East and South East Asia by March 2009.</span></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-70820348805746853172008-11-06T11:10:00.002+05:302008-11-07T11:28:36.731+05:30Rajnikant Patel joins Reliance Money<span style="font-size:100%;"><span style="font-family: verdana;">MUMBAI: Rajnikant Patel has joined Reliance Money as president (exchange business). The announcement was made by Sudip Bandyopadhyay, director and CEO, Reliance Money, today.<br /><br /></span><span style="font-family: verdana;">Bandyopadhyay said: "We are very pleased with the induction of Mr. Patel in Reliance Money. We are sure that with his extensive experience of over 28 years in the financial market arena, Mr. Patel will play a critical role in our foray into the exchange space covering commodities and currencies. We are looking at both domestic and international opportunities."</span><br /><br /><span style="font-family: verdana;">Prior to joining Reliance Money, Patel was the managing director & CEO, Bombay Stock Exchange, where he was responsible for the corporatisation and demutualisation of BSE making it a billion dollar institution.</span><br /><br /><span style="font-family: verdana;">Patel said: "I am very happy to be associated with Reliance Money, particularly for the vision, the scale and the speed of implementation. I believe there is a huge scope for an innovative, professional and committed approach in commodities, currency futures and related exchange space. I am very excited at the future possibility of value creation for all stakeholders in the financial system."</span><br /><br /><span style="font-family: verdana;">Reliance Money, a part of the Reliance Anil Dhirubhai Ambani Group, is a comprehensive financial services firm providing customers with access to equity, equity and commodity derivatives, portfolio management services, wealth management Services, mutual funds, IPOs and life and general insurance.</span></span>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0tag:blogger.com,1999:blog-7732216224319519508.post-25967715812908664932008-10-31T11:15:00.002+05:302008-10-31T11:19:30.200+05:30Postal Department receives great response<p style="font-family: verdana;">NEW DELHI: Within a fortnight of the launch of the unique service to sell internationally certified gold coins through its vast network of post offices, the Department of Posts (DoP) has received overwhelming response from people.</p> <p style="font-family: verdana;">“Thanks to the ongoing festive season, we have been able to do brisk business. So far, over 20 kgs of gold worth over Rs.2.6 crore has been sold through 100-odd post offices spread in five states. The sale of gold coins was particularly good on the Dhanteras day when people buy gold. We have also offered a five per cent discount this festive season,” informed a senior DoP official.</p> <p style="font-family: verdana;">Initially, the DoP has started this service in five states -- Gujarat, Delhi, Tamil Nadu, Maharashtra and Punjab -- on pilot basis, and soon the service would be made available across India.</p> <p style="font-family: verdana;">India Post has launched this venture in association with World Gold Council and Reliance Money. World Gold Council is helping in marketing the Swiss Medallions supplied by Reliance Money.</p> <p style="font-family: verdana;">The 24-karat gold coins, packed in a sealed cover with the certification from renowned Valcambi in Switzerland, are available in weights of 0.5 gram, 1 gram, 5 grams and 8 grams.</p><p style="font-family: verdana;">“The sale of 5 gms coins has been the maximum, with Gujarat, Delhi, Tamil Nadu and Maharashtra leading the list. In Punjab, where the service was launched a few days before Diwali, the response has also been good. After reviewing the sales figure of the festive season, the sale of gold coins will be extended to other states as well, starting from mini-metros and towns,” the official added.</p><p style="font-family: verdana; font-weight: bold;">Competitively priced</p><p style="font-family: verdana;">Stating that the prices of these gold coins are competitively priced based on the prevailing market prices, the official said: “Gold coins available through our post offices carry internationally recognised certification and has low risk of duplication. Our post offices that are known for its trust and reliability will serve as an ideal location for the people to buy quality gold coins.”</p>rmoneyuserhttp://www.blogger.com/profile/10718346910840224311noreply@blogger.com0