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4Ps B&M: In a short span of time, Reliance Money has emerged as a force to reckon with; could you elaborate upon the strategies that have been the driving forces towards the company’s success?
SB: Reliance Money has ensured that its services are cost effective, secure and convenient. Multiple innovations have resulted in our services being available to the customers at the best possible cost and in the most efficient manner. Our unique fixed fee model in lieu of the traditional brokerage, coupled with outstanding security token and convenience (amongst others, trading through ATM like kiosk), real-time online chat for retail customers, advance charting facilities, etc. have made our products great successes.
4Ps B&M: What has been your strategy for international markets?
SB: Our strategy in the International market is to work with local established players for catering to the needs of NRIs, PIOs and Institutional Investors willing to invest in India. This is an extremely low cost model and focused on serving international markets for Indian investments. The strategy in India is to have a complete basket of financial products and services. Whereas in international markets, the strategy is restricted to only facilitating investments into India.
4Ps B&M: Reliance Money has already established its presence in the entire Gulf. Why are you betting so heavily on these markets? What are your other focus markets?
SB: Middle-East is a market with significant potential. There is also a huge NRI & PIO population in the Middle-East who are very keen on investing in India. Apart from this, local institutions in the middle-east are also keen to invest in India due to geopolitical reasons. Apart from that, we are also looking at the African and South-East Asian markets. Offices have been established in Lagos (Nigeria) and Hong Kong. We have also established our presence in Ireland (Dublin).
4Ps B&M: How much investment are you making in these markets? What new products and services are you planning to introduce?
SB: As explained earlier, the investments in the international markets are not significant at this stage. However, a separate strategy is being followed for Saudi Arabia. In Saudi, we have floated a local company and this company (Riyada Reliance Money) is obtaining the requisite approvals from the local regulators for taking license to operate in the Saudi Stock market.
4Ps B&M: In the current volatility of stock markets, how do you make sure that risk averse investors are maintained? What according to you are the emerging trends in the sector?
SB: Yes, the investors are risk averse and rightly so. We are devising appropriate strategies and products to meet the requirements of these investors. Investors are also deploying funds in FMPs of mutual funds, liquid funds and other secured avenues.
4Ps B&M: Reliance Money has an offshore investment platform... Why?
SB: Reliance Money, amongst others, facilitates investments by domestic Indian retail investors in the international markets under the RBI approved window of up to $200,000 per year. We have international partners like OptionsXpress (3rd largest retail broker in US), Goldride Securities (Hong Kong), Mubhasher (Gulf), CMC Plc (UK), etc. who facilitate the transaction in the international markets.
4Ps B&M: What are the challenges you face while expanding in the international markets?
SB: The regulations are different in each country and the approval processes are cumbersome. Our working with local partners facilitates the navigation.
4Ps B&M: Your vision for Reliance Money for next five years?
SB:Reliance Money would become the largest broking and distribution company in Asia and amongst the top such companies in the world, within the period of next 5 years.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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