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Reliance Money launches Mobile trading

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Reliance Money and Anil Ambani Group Company has launched mobile trading. This will help the Reliance Money customers to trade in equities and commodities from the comfort of their mobile. ReliancemoneylogoThere are around 347 million telecom users in India. Most of them are mobile users. With the mobile networks and towers becoming ubiquitous having a landline is almost redundant. The only real help landline’s provide is in case of a address verification. This is where anything related to mobile and mobile commerce becomes so relevant.ICICIDrect ICICIDirect has recently launched a stripped down version (image to the left) for low bandwidth users. I liked that no-nonsense user interface. It made life a bit easier. That version actually occupies the top left side of the screen ideally suited for mobile phones.Reliance Money went a step further and launched the mobile trading platform. This platform will be available for any mobile phone subscribers. Volantis, Wipro and Religare Technova have provided the technology.Leveraging mobile is the biggest thing in India for mass adoption. It is so popular that UTI mutual fund, which used dabbawallahs for marketing its products is using SMS for advertising. There are already existing stuff like mobile transfers, SMS alerts, news services etc…India has 350 million telecom users and less than 50 million Internet users. Internet users are only a fraction of mobile users. I have a sneaky feeling that India might actually skip the Internet part and embrace mobile technologies for greater connectivity.I am not a Reliance Money subscriber. If any of our readers are Reliance Money subscribers, you can share your experiences in the comments section. (source)

  1. sushil says

    i want mutual funds reviw thruugh yuor website.

  2. Kokila says

    I have used the mobile trading function of reliance money and to my pleasant surprise . It did create lot of opportunities for me.

  3. Jay says

    Reliance money has used different ways to woo the customers – like mobile trading, kiosks, accessibility and different facilities to run the business..

  4. Sriram Vadlamani says

    @Milind : I don’t want to go on about Reliance. One of my friends had some problems for just cancelling the account which was never opened.

    Though I am not into the markets right now, ICICIDirect would be a better choice to keep the Blood pressure in control.

  5. Milind says

    Sriram, Seems after this post may be, Reliance Money returned back my money and asked me to buy limit card worth Rs 500 which is valid for 1 year and can trade for Rs 2 lakhs. I just wrote earlier to their customer care and response came may be after a month but things worked with customer care email. I am also thinking to switch back to ICICIDirect but currently not in india and hence require a lot of effort to open a new dmat account after IPO scams in 2006 and 2007.
    For high value transcations and more of a day traders, Reliance money fits to purpose but long only traders like me, ICICI Direct might be better.
    Milind

  6. Sriram Vadlamani says

    @Milind : I was waiting to hear one of the Reliance stories. I know it can’t be all good. I am a loyal ICICIDirect customer, don’t like their charges but come to think of it, maybe that is the price we need to pay to stay away from Reliance.

  7. Milind says

    Reliance Money is not for long term investors and best suited for traders. As ususal, they started grabbing market share by offering fixed or pre paid tarrifs and initial discounts which last not even a year. For example, for Rs 500 tarrif card, you can trade upto 5 lakhs rupees for 1 year ( Plus 0.0015 % as stamp duty and other stuff which is very tough to calculate.) which might cost around around Rs 5000 in ICICIDirect.com for same amount of transcations.(Around 0,95%). ICICIDIRECT changes around Rs350 for DMAT Maintaince per annum apart from brokerage which is highest in online trading segment. Rel Money charges Rs 50.
    One year over and every benefit is gone. Rel money now charges around Rs 200 per annum for DMAT Maintanance ( 300% higher than last year) and their fixed amount of brokerage (Rs 500- Limit Card in their parlance) is now valid for Rs 2 lakhs only. That too if you keep money in account for some time, they will automatically deduct money for limit card even if you are not planning for any trading. Their customer service is worst. They will never reply emails and you have to hang up for telephone calls. Don’t go just because it is cheaper than others. May sharekhan is better in terms of customer service, transperancy about charges, and lower brokerage than ICICIDIRECT.com and you are not tied down to one bank (which is off course your choice and not broker’s choice).
    DIsclosers: I am having account with sharkhan and Relmoney and used ICICIDIRECT.com for longer time than above two.

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