labels: investment - general, markets - general
Shapoorji Pallonji Group company to offer financial servicesnews
18 October 2005

Mumbai: The Shapoorji Pallonji (SP) Group, one of the largest business conglomerates in India, has recently entered the share broking and financial services sector through the launch of a new company, ACE Richesse (I) Pvt Ltd.

ACE has entered into a JV with Arihant Capital Markets Ltd, a leading corporate member of the BSE, NSE, MCX, NCDEX and the 'depository member' of NSDL and CDSL. This was announced at a press conference in Mumbai byParesh Rajde, director, ACE Richesse and Ashish Maheshwari, CEO and director, Arihant Capital Market Ltd.

"We envisage setting up a comprehensive retail distribution system to deal with a variety of clients and products. This system would include its own sales force and a retail franchisee network spanning across the country by using cutting edge technology," said. Rajde. ACE will utilise the expertise and the experience of the Arihant Group in the related financial fields in managing over 22,000 clients and 75 channel partners in 50 cities.

ACE would operate as a financial boutique, offering a range of financial services and products covering equities to mutual funds. The company is developing franchisee and network across the country and plans to have more than 200 franchisee across the country by end of March 2006. ACE and Arihant will jointly expand the team for equity research, distribution, mutual fund, portfolio management, among others.

According to Maheshwari, "We are highly optimistic with our business engagements with the SP Group. and look forward to make ACE the leading financial services company in India. We are also committed to exploit the best available technology for the benefit of all the stakeholders and ensure the fastest growth ever experienced by any player in India," added Mr. Maheshwari.

ACE has introduced a low cost technology for its franchisees, which requires virtually no capital cost. The technology has been built to support the highest level of redundancy at the server side and communication network to ensure smooth transaction flow. According to Rajde, ACE will be one of the first companies in India to invest extensively in a high-tech data centre with 24X7 assured server availability, highly reliable, low cost and high speed wireless CUG communication technology with zero day installation time, to enable speedy deployment of trading facilities.


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Shapoorji Pallonji Group company to offer financial services