Reliance Capital enters retail broking with Reliance Money

New Delhi, Apr 11 (UNI) The Anil Ambani-owned Reliance Capital today announced its foray into retail broking with the launch of its new initiative Reliance Money.

The new business will target the low retail broking penetration with less than three per cent of household financing savings going into the equity markets.

Reliance Money will offer broking on a fixed flat fee structure instead of percentage or per transaction brokerage system.

It will offer delivery trades at 0.05 per cent and non-delivery trades at 0.005 per cent.

However, there will be a fixed fee of Rs 500 for delivery trades up to Rs 10 lakh and non-delivery trades up to Rs one crore.

Industry rates vary between 0.4 per cent to 0.85 per cent for delivery trades and between 0.05 per cent and 0.10 per cent for non delivery trades.

Reliance Money consumers will have access to facilities such as trade in equities, commodities and offshore investments , IPOs, Mutual Funds, insurance, money transfer and money changing - all through single window, both off-line and online.

It has already tied-up with UK-based CMC Capital Plc to offer offshore investment products to Indian consumers as per guidelines.

The service will be offered across 700 cities through 3000 outlets.

UNI