SP group enters broking business

ACE Richesse -(Italian for Ace Richness)- the new share broking entity set up by the 137 year old corporate giant, Shapoorji Pallonji, is the first broking house in India to use high-speed CUG wireless connectivity for executing their transactions.

The brokerage claims that the new technology is 100 per cent faster than the V-SAT connections used by all other brokerages.

Paresh Rajde, director, ACE Richesse, speaking at the occasion of its launch said that the technology is highly cost effective. "The new technology would enable faster transaction with zero day installation time. It has been built to support the highest level of redundancy at the server side." ACE would be the first company in India to invest in a high-tech data centre to ensure 24 hour availability of server.

The company has set up 200 odd retail outlets across the country, from Digboi in Assam to Vidisha in Madya Pradesh. "The real Indian market still reamains untapped as there are not many brokerages who have their retail outlets out of A and B class cities, Though there is a lot of noise about retail penetration, none of the major players have found their way to the towns. We are planning for an aggressive reach out into the unprobed towns and villages by increasing the number of our retail units," he said.

The company has signed a joint venture with Arihant Capital Markets Ltd, which is a mojor broking firm with above 20,000 clients. ACE would be sharing the research wing of Arihant and would be trading in the licence of the latter.

Asish Maheswari, CEO, Arihant Capital Market said that the joint venture with SP group would help in the promotion and marketing of their own brand. The brokerage offers a boquet of financial services including mutual fund distribution, depository services and loans.