Reliance Money plans to sweep market with new product

KOLKATA: Reliance Money, distribution and broking brand of Reliance Securities Ltd (RSL), on Tuesday launched a new product for customers, allowing unlimited equity trading for a fee of Rs.6,000 for three months. It plans to sweep the market with this product.

"There are around one million potential traders in the country and we are looking at sweeping the market," Reliance Securities executive director Vikrant Gugnani told reporters.

The product would help aggressive investors and regular traders to trade without brokerage charges for three months.

The product, priced at Rs.6,000 for three months, offers unlimited delivery trading and margin trading turnover and is available to new customers.

"This product is aimed to provide huge price advantage - up to 25-50 percent of brokerage - to aggressive investors and traders who easily end up spending much more on other platforms," Reliance Securities chief executive officer Kapil Bali said.

RSL has 949,000 retail broking clients across the country. RSL is a group company of Anil Ambani's Reliance Capital Ltd.