| Commercial operations for these three firms are expected to begin in April.Reliance Capital, the group's financial company, having presence in mutual funds, as well as general and life insurance businesses, is the promoter of R Trade Securities, which in turn has floated R Trade Commodities and R Trade Financial Services. |
| Sources who know about the development said R Trade Securities was recruiting people in a big way, to increase the staff strength from 70 to 200 in a year.The increased staff strength was required to set up offices at 20 cities. |
| The number would go up to 50 in a year or so.R Trade Securities, which has set up a plush office in south-Mumbai, has received membership of the Bombay Stock Exchange. It has also applied for the National Stock Exchange membership. |
| It has got membership of the depository service provider Central Depository Services (CDSL). Its application with the other depository services of the country National Securities Depository (NSDL) is pending. |
| In order to pursue commodities trading, R Trade Commodities has received membership from NCDEX, MCX and NMCE. |
| R Trade Financial Services has got itself registered with the Reserve Bank of India as a non-banking finance company (NBFC), to provide an array of services. |
| However, it is not yet decided whether it would enter the growing consumer finance business which is dominated by GE, CitiBank and a few other foreign and domestic private banks. |
| Industry sources said that R Trade Financial Services would provide the entire range of NBFC services but would not raising public deposits. |
| Among other things, it would be in the business of leasing, hire purchase and providing loans to corporates for stock market-related activities. |
| Sudip Bandyopadhyay, a former treasury head of Kolkata-based ITC, is chief executive officer of R Trade. |
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