Reliance Money debuts in Hong Kong

Reliance Money debuts in Hong Kong

Hong Kong: Reliance Money, a retail broker based in India, ventured
into Hong Kong on Tuesday, kicking off an alliance with a local
brokerage house to give investors access to two fast growing markets
in Asia.

Reliance, a subsidiary of Anil Ambani's Reliance Capital Ltd, formed a
partnership with Goldride Securities, which is headed by the former
Hong Kong Stockbrokers Association chairman Anthony Espina, to provide
services and technology for investors in China, Hong Kong and India.

"Why India and China? Because they are the two largest populations in
the world and they are the two fastest growing economies in the
world," said Goldride's Espina.

China's domestic stock markets are off-limits to most overseas
investors, who instead usually buy shares of Chinese companies listed
in Hong Kong.

Through the tie-up, Reliance would give customers either in India or
Hong Kong access to its stock trading platform, portfolio management
services and its investment tools.

Goldride would provide access to potential retail and institutional
clients interested in investing directly in India.

The minimum for investment is $50,000 and the fees would be dependent
on meeting agreed upon investment targets.

Though stocks in both India and Hong Kong have fallen in 2008, they
have risen sharply in the last three years. From 2005 to 2007, India's
BSE index surged 206 percent, and Hong Kong's Hang Seng index climbed
94 percent. Earlier this month, Reliance launched India's first sharia-
compliant portfolio management scheme in partnership with Islamic
investment service Parsoli Corporation Ltd.
Sudip Bandyopadhyay, director and chief executive of Reliance Money,
said the scheme is seeing "significant" demand and has attracted $25
million in the last few weeks.