Reliance Money starts operations in DGCX

Dubai, Feb 13: Reliance Money, the broking arm of India-based Anil Ambani's Reliance Capital, today launched its trading facility in the Dubai Gold and Commodities Exchange (DGCX).

''This is the first initiative to offer commodities and currency trading facilities outside India, and is aimed at catering to the needs of the international customers, including the NRIs,'' Reliance Money Director and CEO Sudip Bandyopadhyay told reporters here. The services will be offered through its Gulf-based Reliance Commodities DMCC.

Mr Bandyopadhyay added that the firm is expecting to tap one lakh customers by the end of this calendar year.

As the company is planning to enter the Gulf region, focussed especially on Bahrain, Oman and Qatar in the next 6-12 months, it is very important to offer trading facilities internationally, he said.

Now, the customers would be able to trade the Indian currency, Mr Bandyopadhyay said, adding that Dubai is the only place where the Indian currency is being traded.

Speaking on this occasion, DGCX CEO Malcolm Wall Morris said, ''we are very positive and expect our trading volume will go up after this partnership.'' DGCX volume has grown 95 per cent in the month of January this year, against the corresponding period last year, Mr Morris said.

Reliance Commodities DMCC is a wholly-owned subsidiary of the Reliance Capital Group.

UNI