• PAGE ONE
• INDEX
• HOME

ASK-Raymond to foray into retail broking

Our Bureau

MUMBAI, April 19

ASK-RAYMOND James Securities India Ltd, the joint venture between the US-based Raymond James Financials and ASK Investment and Financial Consultants, is planning to enter retail broking business in the country by June this year.

The company will take the franchise route to enter the business, Mr. John Band, Chief Executive Officer, ASK-Raymond James Securities, said.

The company, which holds membership cards on both Bombay Stock Exchange and National Stock Exchange, has so far been involved in institutional broking.

It is in the process of broadbasing its portfolio management services through direct marketing and franchising.

In keeping with the current trend for Internet broking, the company also plans to provide Web broking services for its customers, Mr. Band told Business Line.

According to Mr. Anand Tandon, Executive Director, ASK-Raymond James Securities, the company has opted to enter into retail broking at this juncture as the timing is ``right''. The markets, he added, are conducive for retail broking.

``The idea is to empower the franchisees with the benefit of the ASK-Raymond James experience, which will be imparted in terms of training, technology, systems and procedures,'' he said.

Corporate finance is another area the company intends to concentrate in the future. While plans to set up a mutual fund are under way, the company would like to market other financial products and personal financial services.