Reliance Money gets Merchant Banking License

New Delhi, Sep 30 (UNI) Reliance Money, a leading broking and distribution house, today said it has obtained Category I Merchant Banking License from the Securities and Exchange Board of India (SEBI) and aims to clinch about 50 fund-raising deals by the end of the current fiscal.

''This new license allows Reliance Money to provide a wide range of investment banking services such as Issue Management, Underwriting, Private Equity Advisory, Syndication and Corporate Finance services in the country,'' Reliance Money Director and CEO Sudip Bandyopadhyay said.

While the main focus of the industry has been on large caps, the firm, a part of the Reliance Anil Dhirubhai Ambani Group, sees a huge opportunity in serving the small and mid-sized segment, currently being under-serviced, he added.

The company plans to leverage its existing customer base of more than 2.5 million and distribution network of 10,000 outlets and 20,000 touchpoints across 5,165 cities and towns to effectively distribute the IPOs it handles.

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