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    Apollo Sindhuri into stock trading

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    In a move aimed at promoting retail investor participation in equity and commodity markets, , a stock broking firm based in Chennai, has come up with a scheme for the public to become brokers and sub-brokers from the start of this month.

    The company plans to work on a franchisee basis with the public, by offering free support and training in trading formalities to enable them to become its brokers and sub-brokers. However, a deposit of Rs 50,000 will have to be paid initially to the company. After the trading operations take off, the investors will work on a 50:50 commission basis with the company.

    “All that one needs is a PC and internet connection and the interest in the subject. This scheme is the most ideal one for people who are at home – housewives, elderly men or people who have taken VRS,” said , General Manager (Chief of Commodities), , another subsidiary of Apollo.

    This scheme is meant to generate interest in equity and commodities market among the general public and involve a large number of retail investors into the booming market, he added. Commodity exchanges in the country clock 6-8 times higher revenue than domestic stock exchanges owing to extensive trading.

    The company had taken up this retail experiment on a pilot-basis in Gujarat and seems to have got good response. “We formally launched the scheme in Tamil Nadu on November 1 and we will be expanding it all over India soon,” said Pattabiraman. On the first day of the announcement of the scheme, the company claims to have got 100 queries.