AIMCO FINEX joins IL&FS Securities Services

Last Updated: Sat, Jan 26, 2013 10:25 hrs

AIMCO FINEX, the equity and currency trading arm of the Kolkata based AIMCO group recently entered into partnership with IL & FS Securities Services Ltd, in the terms of equity and currency market to penetrate into the rural market of India.

The key role of the partnership is to increase the involvement of poor and underprivileged sections under the government authorized mutual funds and national pension system.

"AIMCO which has been doing a good job since 2009 as a community broker in India, now took one further step involving the rural belt of West Bengal, Jharkhand, Bihar, Orissa and north- eastern parts under this money market," said the CEO of AIMCO Eman Kalyan Ghosh.

"We are happy to be associated with a brand like IL & FS Securities which is an authorized Point of Presence (POP) under NPS. The process is transparent under the regulation of the Pension Fund Regulatory and Development Authority (PFRDA) with clear investment norms and regular monitoring by the NPS trust." said the CEO.

Ghosh added, "We are about to introduce Rajiv Gandhi Equity Scheme for the inclusion of newer investers in the money market especially from the rural hub."

"Every day they are being cheated by some of the unauthorized money agents who grab money from the innocent people. It is our step to make them aware of making investment with general aptitude."

Speaking on the issue how they would convince the rural people who are mostly illiterate or uneducated for making investment, AIMCO CEO said that they have already started a constant watch on the parts they have selected for Rajiv Gandhi Mutual Scheme and to make them aware of the fact of money venture chalk-blackboard teaching process at Panchayat offices have been started by agents.

The CEO asserted that for the first year a target people of 10 lakhs have been provided with chalk blackboard teaching techniques and other learning by 6000 active government agents for making them conscious about investment planning at the rural sector by AIMCO.

(Reporting by Barshali Banerjee)

More from Sify: