Reliance Commodities begins NRI services

DUBAI: The Anil Ambani-promoted Reliance Commodities, through its UAE-registered subsidiary, Reliance Commodities DMCC, has kicked off commodity and currency trading facilities for Indian investors outside India. The brokerage, which recently received its trading membership from the Dubai Gold and Commodities Exchange (DGCX), plans to offer trading and hedging options in gold, silver, fuel oil, steel and currencies.

���The idea is to provide a cost-efficient commodity trading facility for Indians and other nationals residing in the Gulf region��� said Reliance Money CEO Sudip Bandyopadhyay.

DGCX is a Dubai Multi Commodities Centre initiative in partnership with Mumbai-based Financial Technologies and Multi Commodity Exchange of India. The exchange logs 220 trading members (or brokers) of which around 150 are active traders.

Talking to reporters on the sidelines of the launch, DGCX CEO Malcolm Wall Morris said, ���Several Indian financial services players have approached us for trading membership. A reason for this could be the fact that our average trading volumes have gone up 65% over the past one year. The strength of this exchange is gold and currency trading. But we will be out with more products soon.���

DGCX boasts of a fully-automated electronic trading platform accessible from anywhere in the world. The bourse deals in US dollar-denominated contracts and trades 15 hours a day from 8:30 am.

Toeing the line of a couple of smaller Indian brokerages, who have formed alliances and set-up operations in West Asian countries, the group also plans to launch its bouquet of financial services in the Persian gulf.

Reliance Money has tied up with Dubai International Securities (DIS) for the distribution of its financial products and services to NRIs and Indians residing in the UAE. DIS is a part of the Al Rostamani Group and is among the top ten brokers in the region.

���This is our first initiative to reach out to the 20 million strong NRI population stationed in UAE. This tie-up will help NRIs to participate in the Indian stock market effectively and in a cost-effective manner,��� said Mr Bandyopadhyay, adding, ���We plan to tap a lakh of clients in the first year itself.���