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.
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.
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.
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,
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.
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.