Date:22/06/2007 URL: http://www.thehindubusinessline.com/2007/06/22/stories/2007062204951500.htm

Back Reliance Money claims `good' client base

Our Bureau

Chennai June 21 Less than a quarter into business, Reliance Money Ltd has gotten close to industry leaders in terms of daily transactions and has built a satisfactory number of client base.

The broking arm of the Anil Dhirubhai Ambani Group commenced business on April 11. Today, "our daily volumes exceed Rs 650 crore, compared to Rs 1,000-1,200 crore of established broking houses such as ICICI Direct, IL&FS Investsmart and Motilal Oswal," says Mr Sudip Bandyopadhyay, Chief Executive Officer, Reliance Money. The company has built a client-base of about one lakh.

Reliance Money's officials attribute this to `geography'. The company is today present with offices in 700 cities and towns and has 2,500 kiosks that could be used to buy or sell shares.

Tie-up with retailers

For this the company plans to tie-up with retail outlets across the country. The company has already announced one such tie-up with Barista. In over 100 Barista coffee shops, there are kiosks of Reliance Money.

Today, Reliance Money announced a tie-up with CMC Ltd, a subsidiary of TCS. Reliance Money intends to put up kiosks at all the 250 training centres that CMC has.

Further, CMC would also provide training to Reliance Money's employees.