C M Goenka Franchise / Sub Broker / Authorized Person / Partner Review
C M Goenka is a seasoned and legendary player in the Stock broking industry since the 1970s and has established itself in the state of Rajasthan.
The company is registered with various exchanges of India namely BSE, NSE MSE, CDSL & AMFI as well and provides financial services to customer through them.
In today’s extract, we would be taking an insight on their Business Partnership models trying to understand their various Sub Broker models, their brokerages or charges for each of them, the initial security deposit required to get associated with them and the infrastructure cost required.
We shall also look at the overall procedure of getting associated with CM Goenka Stock Brokers and what documents would they need for the same.
C M Goenka Franchise Customer Ratings & Review
|C M Goenka Franchise Ratings|
|Products & Services||5.6/10|
About C M Goenka Franchise
C M Goenka Stock Brokers is the oldest and most renowned name in the stock broking field in Rajasthan.
It is a Full Service broker which was established in Jaipur, Rajasthan by Mr Kapil Goenka back in 1970.
Dating back a legacy of almost 5 decades, this company has seen all the highs and lows of the Stock broking industry that the country has gone through and has survived till date just because of their values and principles.
They offer a variety of products like Equity, Mutual Funds, IPOs, Insurance, Fixed Deposits and much more. Getting associated with them would take about 25 days as that’s the time required for the activation code to be generated. They payment cycle would typically take about 4-5 weeks from the transaction date.
Become an Authorized Pers0n of C M Goenka
Types of C M Goenka Business Models
C M Goenka Stock Brokers have setup two distinct business partnership models which can enable a layman also to collaborate with them so as t not be limited to only financial distributors for their business approach.
Hence they have the two business models –
- Sub Broker
- Referral Program
C M Goenka Sub Broker or C M Goenka Authorized Person
The Sub Broker model with C M Goenka is pretty straightforward business model. Here the company will give you a license to work and operate as a Sub Broker and sell the company’s products and services on their behalf.
For that, you will need to have a minimum Security deposit done and this will be based on a specific Revenue sharing model.
Benefits of C M Goenka Authorized Person
There are multiple benefits that C M Goenka provides to its Sub Brokers to ensure they run their business successfully:
- The company has built a stable image and brand loyalty in the years hence working for their products is not a very difficult task for the Sub Brokers
- The company will ensure that the entire training support is provided to the Sub Broker to run his business effectively
- Their advanced trading platforms and portals enable smooth trade for the traders as well as for the business partners
- They have a strong back office management system which helps in monitoring any real-time issues and providing assistance
C M Goenka Stock Brokers Referral Program Model
The Referral program is more of a Word-of-mouth publicity. Here, anyone can refer a customer or trader to join the company and start trading and that person will get a specific amount in lieu of his referral.
There is no minimum initial deposit or minimum target etc that the person has to maintain, it is an open scheme.
Benefits of the C M Goenka Stocks Referral Program model
The C M Goenka Referral model has its own merits. The first one being that anyone can register for it and get started without even having basic knowledge about the financial services industry. If you have a client base and if you can refer some percentage to them, you can earn in the bargain.
Moreover, no investment or certification is needed to get started. Apart from that, this model also doesn’t demand any specific targets or minimum obligation to be in the business.
C M Goenka Partner Revenue Sharing or C M Goenka Sub Broker Commission
C M Goenka Stock Brokers has a very transparent and business friendly approach and hence their revenue sharing model is based on a principle which will grant more profitability for the Sub Broker too.
For a Sub broker, the revenue sharing goes from 50% to 75% of the total business generated by the Sub broker. Again, the same principle applies, whoever gives more volume of business can negotiate for a higher revenue sharing as well.
For the Referral program, you get Rs. 3000/- flat per referred person who you refer to the company to become a trader with them. This amount is irrespective of the trade value of the person referred.
Refer to this Table for clear picture:
|Revenue Sharing||Clients Share||C M Goenka’s Share|
|Sub Broker||50% – 75%||25% – 50%|
|Referral Program||Rs. 3000/-||NA|
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Start your Broking Business with C M Goenka
C M Goenka Franchise Cost or Security Deposit
If you are planning to enroll with C M Goenka Stock Brokers, then you must be acquainted with the minimum deposit amount and other nuances as well.
For a Sub Broker, the minimum Security deposit amount required ranges between Rs. 50,000 to Rs. 100,000.
The variance in amount basically depicts on the other benefits and levys the Sub broker would get from the Franchiser.
This means that ideally a Sub Broker with a high turnover would go for a higher deposit amount so that he could enjoy flexible rates and higher discounts from the company.
For a Referral program enrollment, there is no security deposit requirement.
Check this table below for better understanding of C M Goenka Stock Brokers Franchise Cost:
|Sub Broker||Rs.50,000 – Rs.100,000|
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C M Goenka Franchise Infrastructure Set-up Cost
Infrastructure wise also, C M Goenka Stock brokers have a very radical approach and guidelines, all Sub brokers need to follow the same.
A dedicated office space is must to run the business with a minimum area of 150 Sq ft. The Sub broker also should have at least one dedicated employee deputed for this to ensure that customers are called and necessary support is provided.
Minimum requirement of research services is also mandate so as to give customers expert suggestion. Internet connection and Landline connections is not a mandate from the company’s side, however for running such kind of business, one would need to invest in that.
The Sub broker also needs to facilitate customers with an Online Trading terminal for smooth functioning of trades.
C M Goenka Sub Broker Offers
C M Goenka Stock broker is known to be a very basic organization providing simple solutions to customers as well as business partners.
Hence they would not want to complicate anyone by adding various adhoc services and features. They have deliberately agreed on a minimum security deposit concept and not a Zero Deposit or a 10K Initial Deposit as they wanted only people who are serious about making this a successful business proposition to enroll with them as Sub Brokers.
However the Zero Deposit is pertinent in a referral program partnership. They have definitely kept a flexible Revenue sharing model so that each business partner gets benefited out of this.
They don’t have a Flat Revenue Sharing model and they also don’t have a Zero Revenue Sharing with prepaid model.
The offers can easily be availed by all C M Goenka Authorized Person once they register with C M Goenka.
C M Goenka Franchise or C M Goenka Authorized Person – Eligibility Criteria
Before discussing the criteria that are exclusive to C M Goenka, it is important to take a note of the statutory & regulatory requirements.
There is always a minimum eligibility for becoming a Sub Broker with any company. C M Goenka also has a minimum eligibility criterion which is given below:
- Minimum qualification of 10+2 or an equivalent degree is needed for becoming a Sub Broker. You should have completed this qualification before applying for the Sub Brokership
- You should have the required certification from the Stock Exchange Bureau of India (SEBI)
- Some minimum experience term is also required for such kind of business. With C M Goenka, they need minimum 2-3 years of experience as a Sub Broker or working in the financial industry with sufficient knowledge of the Share market
- A Sub broker is expected to have detailed knowledge of all the financial products, share broking field also
How to become a C M Goenka Sub broker or Authorized Person?
Becoming a Sub Broker with C M Goenka is very simple and a very hassle free process. All you need to do is follow some basic steps and before you know, you are registered as a Sub Broker with them.
- On the company’s official website, there is an “Associate with us” section
- You need to fill basic details there like your name, Email Id, Phone Number and Location and click on the “Submit” Tab.
- The system will be directed to a registration page where you need to fill some more details
- Fill all the details accurately –Date of Birth, Address, Contact numbers, Current Income, Bank account details, business prospect and plan etc.
- When you click on submit, the system will allow you to upload some documents. Upload your KYC documents online and get done with the registration process.
- Once you have completed the registration process, you will receive a confirmation call from C M Goenka’s Sales team. After the confirmation and authentication, the final joining formalities will be carried out. You should receive your license within 20-25 days.
Documents required to become C M Goenka Authorized Person
One needs to submit a minimum of the following documents:
- PAN Card copy
- Adhaar Card copy
- Birth Certificate copy
- Academic qualification documents
- Passport size photographs
- SEBI Registration certificate
- Cancelled cheque for bank account details
- GST Registration certificate
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Why Partner with C M Goenka?
C M Goenka is a very seasoned and renowned player in the stock broking industry. Collaborating with them opens many avenues for business men.
- Working with a market leader gives you an edge over others
- Their strong technological acumen enables enhanced and better trade
- Their Marketing and campaigning support enables you to enhance your business
- On-time and realistic back office support keeps you as well as your clients happy
- Great revenue sharing model lets you advance your business
C M Goenka Franchise Conclusion
C M Goenka Stock Brokers provides the Sub brokers all the required training, marketing support and any kind of back office assistance too to ensure that you meet up the expectations of your customers.
They have a very collaborative nature of work and hence the partnership with such kind of company also helps your growth in a north zone.
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