Though country's equity markets are booming with stock prices ruling high, the number of retail investors in the country has stagnated in the last five years.

According to Sudip Bandyopadhyay, Reliance Money Director & CEO, the financial distribution company of Anil Dhirubhai Ambani Group, the number of demat accounts in the country has remained constant at around six million over the last five years. This is mainly because organised broking business in the country has not expanded beyond large cities.

He said though online trading of shares started in India more than 10 years ago, even now it is just about five per cent of total trading of shares in terms of value and volume. “Spreading out beyond big cities is expensive and requires large capital investments. It also needs long term commitments and business focus. Most existing players are lacking in these,” Mr Bandyopadhyay told Deccan Herald.

But Reliance Money, he said, has plans to reach every nook and corner of the country. The company that started operation in April 2007, has already got 1.5 lakh accounts and is adding at the rate of 2,000 accounts per day. It has already opened a total of 3,237 outlets in 727 cities in the country.   

To take its services to rural areas, Reliance Money has identified over 5,000 towns, where it will be scouting for and empowering over 50,000 youths by providing them with opportunity to participate and benefit from the economic development in the country.

“We will be forging alliances with various NGOs and rural marketing companies to make deeper inroads in the rural market” he added.

 “Our aim is to change the way India transacts in financial markets and avails financial services,” Mr Bandyopadhyay observed.