Abhipra takes financial services to rural areas

It was in 1994 that VD Aggarwal,a chartered accountant with a field experience of almost two decades then,incorporated Abhipra Capital Limited.

Written by Ashok Kumar(IndianExpress.com) | New Delhi | Published: February 23, 2009 5:38 pm

It was in 1994 that VD Aggarwal,a chartered accountant with a field experience of almost two decades then,incorporated Abhipra Capital Limited,empanelled as a Depository Participant with one of the premier Commodity bourse,National Commodities and Derivatives Exchange Limited (NCDEX).

It is a brokerage firm which at present offers multiple financial services including Depository Services (NSDL,CDS),Futures & Options,and Capital Market Trading (NSE,BSE) Commodity Trading (NMCE,NCDEX,and MCX) FOREX (RBI Approved) Tours & Travels. It was one of the initial members of NSE.

Talking about the early days,Aggarwal says,“Earlier there was just BSE which was not investor friendly,but NSE was much more professional. It was then we decided to enter the capital market by providing services to the retail investor”.

Recalling his earnest desire to serve the retail investor in the far flung areas,Aggarwal narrates how his initiative was instrumental in educating people about the financial services. “We opened offices in remote areas and were the first to provide V-sat link across the country at various stations”.

When asked how the company was successful in attracting a large base of clients (one lakh demat account holders),Aggarwal attributed the success in this regard to the proper education provided to the untapped clientele in the rural and semi-urban areas.

Aggarwal also highlighted how he mobilized the social and trade communities to learn and spread the benefits of the demat investments. “Earlier people were apprehensive about their demat investments. We wanted the rural people to avail benefits of capital market. When I started in semi-urban areas the market was almost dull. It was only when we started providing multiple services such as trading and demat business that people started engaging in it,” he said.

Talking about the upliftment of the rural economy in this global age in terms of the financial services,Aggarwal believes in providing quality services at the most economical prices. For him economical prices of the services has been his strategy to stay in the competitive market. “We are one of the few companies whose 70% revenue comes from rural and semi-urban areas,” he substantiates.

Abhipra which aims to have a pan India presence for stock brokings and demat services prouldly claims be the first e-return Intermediary duly approved by the government in 2005. Talking about the current market crisis Aggarwal says the heat has been felt as the business has shrunked by 50%. “Demat has the good future because the chances of pilferage are very less and the process is very much transparent,” says Aggarwal.

Aggarwal who wants his business to be spread to every nook and corner of the country wants his company to be known as a brand for the capital market. Aggarwal who was the founder president of the National Stock Exchange Members Association (NSEMA),Depository Participants Association of India (DPAI) and Commodity Participants Association of India (CPAI),claims that he is serving the nation in his own way by education people about the various financial services including the demat.

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