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Thursday, March 27, 2008

Reliance Money gets approval to operate in Oman


MUMBAI: Reliance Money, a financial products distribution firm, on Thursday said it has got approval for setting up a branch and offering investment advice in Oman.

The Anil Ambani Group firm has become the first Indian company to receive 'in -principal' approval from the Capital Market Authority (CMA) Board, the regulator in Oman, a company statement said.

"Having successfully launched our operations in the UAE, we now plan to offer cost-effective, quality financial products and services to our clients in the Sultanate of Oman. This is a part of our endeavour to reach out to the large NRIs and PIOs in the Middle East," Reliance Money Director and CEO Sudip Bandyopadhyay said.

The company aims to tap 20 million Non Resident Indians (NRIs) and Persons of Indian origin (PIOs) residing in Middle East through the venture.

Reliance Money would initially launch its broking and mutual fund distribution services.

The company would also offer a mobile portal that would allow users to get free real-time access to market information on their phones, in addition to real-time chat facility, with its experts, to get high quality market research and guidance to take an informed decision.

It also plans to offer portfolio management services at an entry level of as low as 50,000 dollar, the statement added.

In February this year, Reliance Money had made an entry in the Middle East by launching its bouquet of cost effective and secure financial services in the UAE.

"We plan to enter other Gulf countries like Bahrain, Kuwait and Qatar in the next 6-12 months," Bandyopadhyay added.

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