Mirae Asset Capital Markets-owned online retail broking platform m.Stock plans to launch a partnership business for authorised persons (APs) or sub-brokers soon. This programme will allow APs to retain all the income they generate and also provides them with eight other avenues to generate additional revenue.

The online broking firm plans to onboard 1,000 partners on an invite-only basis. It has already received interest from over 2,500 prospective APs during the introductory online events held recently. m.Stock has developed a process for online and paperless onboarding journey for partners which will be completed in 15 minutes.

Provides visibility

Arun Chaudhry, Director and Chief Business Officer, Mirae Asset Capital Markets, said the partnership programme will not only give pan-India presence for m.Stocks, but also provide much-needed visibility which has remained a major challenge for online broking firms. “Our target is not to earn through our partners, but to grow together. We will open up new avenues for them to earn money and for us, we will get revenue from transaction fee and widen our MTF reach,” he said.

On foregoing share of broking fees, he said broking fees have been coming down over the last 5-6 years and will fall further in coming days, he added.

Mirae Asset Capital Markets charges interest rates of 6.99 per cent on margin trading facility (MTF or eMargin). Currently, it has an MTF book of about ₹1,100 crore and this will increase multi-fold in coming days.

Launched in 2022, m.Stock has already turned profitable and registers a revenue of over ₹25 crore a month. It has about 10 lakh paid accounts and is adding about 1.25 lakh paid accounts per month. Of this, 75,000-85,000 people trade on the platform on a daily basis.

The partnership will also open up possibility of new business avenues such as portfolio management service and wealth management for m.Stock in the future.

Typically, PMS starts with an investment of ₹50 lakh to ₹1 crore and it is difficult for an investor to cut a cheque of that size for an online services, said Chaudhry. Through the physical presence of partners, it will be easier to convince an investor and even offer online PMS service for a lesser amount, he added.

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