Reliance Money world's cheapest brokerage

NEW DELHI: Anil Ambani group's Reliance Money on Wednesday said it has become the world's most cost-effective broking company in the world, despite India being dubbed among the most expensive markets in terms of transaction costs. Indian bourses, one of the best performers of the world, are more expensive than a number of markets like the US, UK, Japan and even emerging markets like Russia and Brazil, a new survey has said. According to the survey conducted by global financial consultancy Elkins/McSherry, the average brokerage charge for delivery-based trades in India is around 30 basis points, while the total transaction cost is about 51 basis points after including charges like stamp duty and service tax. "India still has very high brokerage rates and there is scope for significant reduction in brokerage rates and market impact costs," Reliance Money CEO Sudip Bandyopadhyay said. "In our quest to offer the most cost-effective broking platform, we have become the industry's lowest cost service provider not only in India, but also in the world," he said. Elkins/McSherry put India among costliest in the world after compared the transaction costs for 47 countries. The markets costlier than India include Peru, Philippines, Egypt, Indonesia, Colombia and Chile, while Venezuela is most expensive with an average transaction cost of 90 basis points. Reliance Money CEO said that other Indian brokerage firms would also cut down the costs over a period of time and eventually Indian market would become more cost effective.