The Hindu Business Line : Angel Broking to invest Rs 15 cr on expansion

Angel Broking, a Mumbai-based broking firm, will invest about Rs 15 crore to expand base in 100 cities and towns in Tamil Nadu and Kerala over the next one year. The company will set up 60 offices in Tamil Nadu and 40 in Kerala.

Inaugurating the company's regional hub in Chennai, Mr Rajiv Phadke, Executive Director, said most of these outlets would be either owned by the company or run by franchisees. There are two offices in Chennai and two in semi-urban parts of Tamil Nadu that are run by franchisees.

Target audience

The company will target only retail investors (excluding high net-worth individuals) and provide services such as portfolio management, portfolio advisory services and e-broking across equity, derivatives and commodity markets besides depository participant services.

Except for portfolio management, advice would be offered free of charge on all other services, said Mr Phadke.

Spread over 3,000 sq ft, the Chennai office has four VSATs (Very Small Aperture Terminals) to capture feed from NSE, BSE, MCX and NCDEX.

New scheme

Angel Broking also launched its new portfolio management scheme under which a minimum investment of Rs 5 lakh and Rs 10 lakh can be made by residents and non-resident Indians, respectively. "We have suggested that SEBI remove this minimum limit so that more people can invest in capital markets," he said.

Such schemes could create about 20 crore new investors over the next 10 years, he said.

The company expects about 8,000 clients in Tamil Nadu by March 2007. "The Tamil Nadu market is good and we estimate volumes of about Rs 100 crore a day," said Mr Phadke.