WealthRays Securities launches pre-paid research account for investment tips

Amid swinging indices and uncertain market conditions, retail investors have a reason to enter the capital market without much reluctance. A Bangalore-based broking and research house WealthRays Securities has introduced a unique plan for investment recommendations or tips under the name ‘pay only when you make money’.

The company has designed prepaid recharge vouchers for WealthRays research service account in which customers will get an average 3 recommendations per day in each segment they choose including derivatives, commodities and currency. The company will charge only for a successful recommendation.

“The company will charge in the range of Rs 50-100 depending on the asset class and that will be deducted from the pre-paid research account after achieving the minimum profit targets for each segment,” Kiran Kumar Kavikondala, Chief Executive Officer, WealthRays Securities told BusinessLine here on Wednesday.

The company, which specialises in commodities, forex and equity strategies, has accuracy rate of 75 per cent for overall recommendations, while 90 per cent accuracy for recommendations given for gold investments, claimed Kavikondala.

The company launched prepaid research accounts ranging from Rs 1000 to Rs 10,000 here. The recommendations will be sent by SMS on the mobile and include recommended buy price, target and stop loss of a particular investment asset.

WealthRays, which started broking operations in 2010, launched its research services recently. The company has around 600 clients, out of which over 50 are the small and medium enterprises (SMEs) from IT industry in Bangalore. With daily turnover of Rs 150-200 crore, the company aims to add around 1000 more clients by the end of this fiscal.