Friday, June 1, 2007

Reliance Money, to increase its web-enabled trading kiosks from 2,500 to 25,000

Reliance Money, the financial trading platform promoted by Anil Dhirubhai Ambani group's Reliance Capital, has now decided to increase its web-enabled trading kiosks from 2,500 at present to 10,000 by March 2008 and then again has further plans to increase this number to 25,000 by March 2009 as said by an official.

Reliance Money has also tied up with retail coffee chain Barista to set up trading kiosks at its 100 strategically located outlets across the country. The official said that this trading platform would help out the investors in carrying out any kind of financial transaction (except banking), which included stock and commodity trading with a single window to deal in insurance, mutual fund, gold coins purchase and other products.

Reliance Money, which is emerging as as on of the leading brokerage houses in the country, has its daily turnover of stock trading already touching Rs 600 crore.

In India, as said, 90% of the trading is being done in the form 'call & trade' while only 10% by way of Internet. So, these kiosks are to change the entire scenerio.

The other initiative taken by Reliance Money was to set up an institutional desk to deal with foreign institutional investors.
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