Reliance Cap to foray into online broking

Reliance Capital is set to foray into online equity broking services through a new subsidiary, tentatively named Reliance Online Trading Services.

The company will operate through the network of Reliance Capital, and a portal is being set up for offering retail online trading services. Reliance Capital, when contacted, neither confirmed nor denied the development.

The company is currently putting in place a team to start operations shortly. The online equity trading services segment, which constitutes over 5 per cent of the entire equity broking sector, is dominated by ICICIdirect.com with over 7 lakh customers. Indiabulls and Kotak Securities are the other major players in online trading.

IDBI Capital Market Services had earlier this month launched 'idbipaisabuilder.in' to offer online equity broking services focused on retail customers.

Centurion Bank of Punjab too recently signed a memorandum of understanding with IL&FS Investsmart for offering equity broking services.