Reliance Capital launches retail broking operations
12 April 2007Mumbai: Reliance Capital has announced its foray into the brokerage business through Reliance Money promoted by Anil Dhirubhai Ambani Group firm Reliance Capital.
Reliance Money will offer a ''fixed'' flat fee structure and would offer highly competitive rates based on the flat fee structure instead of the contemporary system where investors pay brokerage fees (percentage) for each transaction conducted in the stock markets.
Reliance Money would offer the brokerage services across 700 cities including Delhi and Mumbai through 3,000 outlets.
Investors would need to pay brokerage at the rate of 0.05 per cent for delivery trades and 0.005 per cent for non-delivery trades (fixed fee of Rs500 for delivery trades up to Rs10 lakh and / or non-delivery trades up to Rs1 crore), the company said.
Industry rates vary between 0.4 per cent to 0.85 per cent for delivery trades and between 0.05 per cent and 0.10 per cent for non-delivery trades.
Reliance Money consumers can trade in equities, commodities and offshore investments, IPOs, mutual funds besides insurance, money transfer and money changing - all through single window, both off-line and online.
company has already tied-up with UK''s CMC Capital Plc
to offer offshore investment products to Indian consumers
as per RBI guidelines.