Reliance Money has emerged as the top brokerage in terms of online security and cost effectiveness while Motilal Oswal is the most research-driven stock trading platform, a survey says.
According to an online survey conducted by US-based Starcom Mediavest to study trends on investors’ choice of broking firms, Anil Dhirubhai Ambani Group firm Reliance Money was voted as the top platform in terms of security and cost effectiveness.
Motilal Oswal led the general perception about being the most research-driven stock trading player. While the respondents considered ICICI Direct as the most accessible, the survey said.
In terms of respondents? perception of the best online security, Reliance Money received 47% votes followed by ICICI Direct with 20% endorsements.
Although Reliance Money, which started its operations in April 2007, leads the tally on online security, it is more favoured by business owners (54%) than retired individuals (29%), the survey showed. It is also the first domestic brokerage firm in India to use web-enabled kiosks for web-trading. It is also the first Indian brokerage company to provide a digital security token to all its customers, the survey said.
For cost-effectiveness in stock trading, more than half (54%) believe that Reliance Money is the best followed by 5paise.com, which got 15% votes. Reliance Money operates on a flat fee structure as against the brokerage fee structure charged by other players.
Meanwhile, just 7% respondents rated ICICI Direct as cost effective. Motilal Oswal found favour with 34% respondents for being the most research driven stock trading player. One-third respondents voted ICICI Direct as the most accessible player followed by Reliance Money (21%) and Kotak Securities (18%) on the scale of accessibility.
The survey showed that Reliance Money gathered more favour from female investors with 63% voting for Reliance as the best online security.
In terms of the period of investor relationship with the broking firms, more than 51% of early users (less than one year) use Reliance Money as a partner. However, those who have been trading for five years or more preferred ICICI Direct (29%).
Overall, when responses were added together and the weights decided on the basis of each parameter, Reliance Money came out as the top scorer at (37), followed by ICICI Direct (19) and Motilal Oswal (11).
