Reliance Money, controlled by the Anil Dhirubhai Ambani Group (ADAG) and a Reliance Capital subsidiary, is exploring the option of setting up a stock exchange for small and medium enterprises (SMEs). For this purpose, the company is currently looking for partners to commence the venture within a year. It is also planning to enter the currency futures space through the SME stock exchange.
Reliance Money would have 26% stake in the proposed exchange. It has already initiated discussions with the Securities and Exchange Board of India (Sebi) for setting up this stock exchange. For this venture, the capital subsidiary of the ADAG will submit its application to the supervisory body very soon. The market regulator had earlier issued guidelines for SME exchanges, and had set a minimum net worth criteria of Rs 100 crore for entities willing to establish an exchange.
The Reliance Capital Company is also holding talks with Chellaram, the Nigeria-based non-resident Indian business group, for starting a stock exchange in the African country.
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