Of late, the bumpy ride of the bulls at the bourses has brought tears even to the stone eyed and has fuelled the slowdown in mutual
funds, insurance and other investment instruments. But for Bandyopadhyay the going has never been better. “We will continue to remain bullish in the long run as well as in the short run. We sell a basket of products including loans, credit cards, money transfers, et al, so sensex volatility does not matter in the overall context of our company,” he claims. This CEO believes that with 330 million bank accounts in India and 30 million unique mutual fund folios there is a huge scope for market expansion into hitherto untapped areas.
His confidence is also rooted in actual results. In spite of the volatility of the Indian bourses, Reliance Money has acquired the fastest 2 million customers in the industry. Besides, the company has also set a record of adding a swashbuckling 5,000-7,000 customers daily in their portfolio, with an average daily turnover of Rs.2000 crore that represents about 4% of the total turnover at NSE and BSE.
Given that the Indian retail brokerage market is expected to reach $6,535.7 billion by 2015, the latent opportunity within the country is phenomenal. The fact that Reliance Money is also banking in a big way on its overseas diversification is only the icing on this brokerage firm’s cake. Increased competition in the domestic market and lucrative business opportunity in West Asia are luring Reliance Money to global pastures. The plan is to set up offices in six-seven strategic locations around the world in FY2008-09. “We are planning to be in Singapore along with locations in the Middle East, as these are the markets through which we can expand further,” affirms Bandyopadhyay. The firm has already identified locations like Kuwait, Bahrain and Doha in the Middle East, where their set-up is expected to be functional in the first quarter of this financial year.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
funds, insurance and other investment instruments. But for Bandyopadhyay the going has never been better. “We will continue to remain bullish in the long run as well as in the short run. We sell a basket of products including loans, credit cards, money transfers, et al, so sensex volatility does not matter in the overall context of our company,” he claims. This CEO believes that with 330 million bank accounts in India and 30 million unique mutual fund folios there is a huge scope for market expansion into hitherto untapped areas.His confidence is also rooted in actual results. In spite of the volatility of the Indian bourses, Reliance Money has acquired the fastest 2 million customers in the industry. Besides, the company has also set a record of adding a swashbuckling 5,000-7,000 customers daily in their portfolio, with an average daily turnover of Rs.2000 crore that represents about 4% of the total turnover at NSE and BSE.
Given that the Indian retail brokerage market is expected to reach $6,535.7 billion by 2015, the latent opportunity within the country is phenomenal. The fact that Reliance Money is also banking in a big way on its overseas diversification is only the icing on this brokerage firm’s cake. Increased competition in the domestic market and lucrative business opportunity in West Asia are luring Reliance Money to global pastures. The plan is to set up offices in six-seven strategic locations around the world in FY2008-09. “We are planning to be in Singapore along with locations in the Middle East, as these are the markets through which we can expand further,” affirms Bandyopadhyay. The firm has already identified locations like Kuwait, Bahrain and Doha in the Middle East, where their set-up is expected to be functional in the first quarter of this financial year.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
