Reliance Money has launched the world’s largest kiosk distribution network for securities trading, others like Motilal Oswal are also planning to follow suit soon.
MUMBAI: Picture this: You are in a shopping in a mall, when you happen to catch a major announcement, necessitating a change in your stock portfolio. No need to call up your broker or rush to an internet cafe. Welcome to the roadside brokerage kiosk.
Reliance Money has launched the world’s largest kiosk distribution network for securities trading, others like Motilal Oswal are also planning to follow suit soon.
Reliance Money plans to set up 10,000 kiosks across the country. Like ATMs, these machines will be placed in Reliance Money outlets and prominent locations. This model will be useful in remote areas where concentration of investors is heavy and internet density is low.
In the first phase, over 2,000 kiosks have become operational all over the country, Reliance Money sources said. The company also plans to deploy 10,000 internet enabled retail kiosks across the country in phases. This will be the biggest ever such deployment by any company, globally, a company release claimed. Reliance Money is in talks with various big retail chains for deployment of these kiosks in subsequent phases.
The kiosk will allow access to the portal reliancemoney.comon payment of a registration fee of Rs 750. The site provides access to equities, equity & commodities derivatives, mutual funds, IPOs and life & general insurance products, offshore investments and credit cards, through a single window.
The user needs to purchase a limit coupon, which is available for denominations of Rs 500, Rs 1,350 and Rs 2,500. For the Rs 500 coupon,the first option allows you transactions worth Rs 1 crore for two months. In the second option, designed for low value investors, a daily limit of Rs 5 lakh for a period of one year is allowed. Wincor Nixdorf, retail banking IT solution provider, will provide the kiosks.
The Rs 1,350 coupon will be valid for six months and give a transaction limit of Rs 3 crore a day, Rs 2,500 coupon would give Rs 6 crore limit and one year validity.
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