Canmoney Franchise or Canara Bank Securities Franchise is a Subsidiary of the Canara Bank of India and was originally created in the year 1996 and was named as ‘’Gilt Securities Trading Corporation Limited. GSTCL’. Later in the year 2009, they changed the name to Canara Bank Securities Ltd.
They have been in the industry since a few decades now and are known for their equity trading and their financial service offerings.
In this article, we will be talking about Canmoney Sub Broker or Canara Bank Securities Sub Broker models, we will look at what types of partnerships one can have with this company, what are the terms and conditions for the same, what are the initial deposit amounts and other procedures of joining them.
Most importantly we will also see what offers and benefits you will get as a Sub Broker if you enroll with them.
Canara Bank Securities Franchise Customer Ratings & Review
|Canmoney Franchise Ratings|
|Products & Services||6.3/10|
About Canmoney Franchise
As mentioned earlier, after the running the business as a PD (Primary Dealer) for a few years, Canara Bank Securities got into main stream Sub Brokership of stocks in the year 2009 in Mumbai, Maharashtra and their founder was Mr. P S Jayakumar.
They started this venture to institutionalize efficient and smooth trading facilities across the country and in specific for the clients of the bank as well.
They deal with all the major exchanges namely NSE, BSE, MCX. CDSL etc and deal in all segments like Equities, Commodities, Currency, Options and Commodities.
They are also a registered member with AMFI for dealing in Mutual Funds. Canara Bank Securities has also opened options for Online IPO registrations.
Getting associated with Canara Bank Securities would ideally take you approximately 28-30 days as that’s the time taken for the code activation.
The payout turnaround time is also a cycle of 30 days from the transaction date.
Become an Authorized Pers0n of Canara Bank
Types of Canmoney Business Models
Canara Bank Securities, unlike any other Broker, has opened multiple channels of business partnership with them. You can enroll as either a Master Franchise or a Sub Broker or a Remisier. Let’s understand what is the basic difference between these three modes of partnership with them.
- Master Franchise
- Sub Broker
Canmoney or Canara Bank Securities Master Franchise Model
A Master Franchise is more like a licensed agency of the company who also has the authority to add more franchises under its portfolio.
The Master Franchise can widen his business in different geographies and diverse locations as well. He can work as a full-fledged Broking company with all the access to the company’s systems and portals.
Canmoney Sub Broker or Authorised Person
A Sub Broker will have access to the company’s trading portals and tools and can facilitate that to his customers for smooth trading transactions. He will get a percentage of the brokerage from Canara Bank Securities for the value of trade he does.
Canara Bank Securities Remisier Model
A Remisier is more like an agent or a distributor who works purely on commission basis and he gets paid as per the sales done by him.
He doesn’t need to have a complete infrastructure to manage the business and may or may not provide the clients with inventory advice as well.
Benefits of Being Canmoney Master Franchise / Sub Broker / Remisier
Working with Canara Bank Securities has its own merits, irrespective of whether you are working as a Master Franchise or Sub Broker or a Remisier, all get equal benefits being associated with the company:
- The company’s tenure and exposure in the financial market for the last 20+ years itself is the highest benefit point
- Their strong customer support team is always available for assistance for customers while trading
- Advanced technology trading platforms enable smooth trade and easy functioning
- They provide online subscription for Mutual Funds as well as IPO
- Wide range of products to offer to customers increases penetration in the market
- In-house research and analytics team provides regular insights and updates to customers
Canara Bank Partner Revenue Sharing or Canara Bank Sub Broker Commission
Canara Bank Securities has also deployed the revenue sharing percentage as per the contribution and scope of work of each of the models.
A Master Franchise gets the maximum share of the revenue generated i.e. 75% – 85% of the generated business as he is the one doing all the stuff as a Broking house himself.
The Sub Broker gets around 50-70% share of the revenue generated by him and a Remisier gets around 20% of the Revenue share.
Refer to this Table for clear picture:
|Revenue Sharing||Clients Share||Canmoney’s Share|
|Master Franchise||75% – 85%||25% – 15%|
|Sub Broker||50% – 70%||50% – 30%|
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Start your Broking Business with Canara Bank
Canmoney Franchise Cost or Security Deposit
When you join any company as a business partner, there is some sort of initial business deposit or security deposit that you have to submit to be able to start the business.
Similarly, Canara Bank Securities has also kept some standard security deposit amounts for each business model depending upon the nature and scope of work in that partnership.
As a Master Franchise, you need to have a minimum security deposit anywhere between Rs. 3Lac to Rs. 6Lac as the company is entrusting all its power and authority on the Master Franchise to go ahead and run the business as a full-fledged Stock broker himself.
For a Sub Broker, the security deposit required is between Rs. 50,000 to Rs. 2,00,000 as the Sub broker is more like a distributor or agency channel, but he will stall have access to the company’s trading platforms and applications.
For a Remisier, the initial deposit is only Rs. 30,000 as he has the least too invest and least to disrupt in the system; he is more like a commission based agent.
The below tables will provide better understanding of Canmoney Franchise Security Deposit –
|Master Franchise||Rs.300,000 – Rs.600,000|
|Sub Broker||Rs.50,000 – Rs.200,000|
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Canmoney Franchise Infrastructure Set-up Cost
With Canara Bank Securities, while they have no obligatory infrastructure conditions laid down for a Remisier as he operates as an individual contributor for the business.
However there are certainly some norms that the Master Franchsie and the Sub Broker have to follow to be able to join the company in partnership.
They should have a dedicated office space for this job which should be of a minimum 250 Sqft in area; they should also have at least 3 employees working under them dedicated for the broking services and to provide assistance to customers.
Every Master Franchise and Sub broker needs to have basic requirement of Internet connectivity, Trading Terminals and Telephone lines as well as a mandate to start off with them.
One should also be able to have trained staff to be able to provide some Research and advisory solutions provided to their customers.
Canmoney Sub Broker Offers
Canara Bank Securities provides various Offers for their Sub Brokers and Business Partners to run their business efficiently.
They provide Flexible Revenue sharing options to Sub Brokers and the more business they generate, the more they can negotiate for a better revenue sharing model. They also provide Zero Revenue sharing with prepaid option.
However Canmoney Franchise program doesn’t have a Zero Deposit or a 10K Initial Deposit option with them as they want each of their partners to shell out some initial deposit amount and be responsible for the business that they run.
Canmoney Franchise or Canara Bank Securities Authorized Person – Eligibility Criteria
Before discussing the criteria that are exclusive to Canara Bank, it is important to take a note of the statutory & regulatory requirements.
When you join any Stock Broking company as a business partner, they have certain eligibility criteria that you need to check first before applying. Here is the complete list that Canara Bank Securities is looking for:-
- Be it a Master Franchise, Sub Broker or Remisier, Canara Bank Securities demands a minimum educational qualification equivalent to 10+2 or intermediation, for that matter before or during the time of placing the request for becoming a Canara Bank Securities Sub Broker.
- An accreditation by the NSIM is also a mandate
- A SEBI registration certificate is also a must to become a Sub Broker
- An Office space is required and proof of the same has to be furnished as well, especially if you are applying for a Master Franchise or Sub broker role. It is not a mandate for the Remisier though.
- For becoming a Sub Broker or a Master Franchise, they will also check your work experience and knowledge about the stock broking industry. You must have an experience of at least two consecutive years in the field of proactive stock trading and broking activities.
- One must have detailed knowledge of all the financial products as well as services that the corresponding to what the franchiser deals in (including derivatives, currency, equity, futures, options and commodities)
How to become a Canmoney Sub broker or Authorized Person?
If you are interested in applying with Canara Bank Securities, then you just need to follow some basic steps:
- On the official website, just enter your details in order to show interest that you would like to join them.
- Need to enter details like – Name, Address, Email id, contact numbers, Office address, Income, Source of Income, Location, what option of partnership that you would want to go for and the reason for the same.
- Once you do that successfully, you will shortly receive a call from the Canara Bank Securities Sales team. They would validate with you on all the details entered and also understand which Business Model you would fit in.
- Accordingly, they would then create your login id and ask you to be ready with the documentation.
- They would get the documents collected from you as well.
- Once the documents are collected, the registration process would take about 2-3 weeks and you would then be a licensed member of Canara bank Securities
Documents required to become Canara Bank Securities Authorized Person
One needs to submit a minimum of the following documents:
- PAN Card
- Adhaar Card
- Birth Certificate
- Academic Qualification Certificates
- Payment Proof for complete security deposit
- Cancelled Cheque
- SEBI Registration Certificate
- Passport sized photos
- GST Registration
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Why Partner with Canmoney?
Canara Bank is a worldwide renowned name for its banking efficiencies and stability over the years.
Getting associated with such a company is itself a benefit, however there are many more benefits and merits as well along with this:
- They have a very strong focus on customer experience and their enablement and as a result they provide great offers to the Sub Brokers as well
- The integration of advanced technological tools in their trading platforms have made life easier for the Sub brokers as well as the traders
- Robust Research and analytics intelligence adds value to the Sub Broker’s business and helps in building customer portfolio as well
- Canara Bank Securities also does a lot of training and development for the Sub Brokers on timely basis to upgrade their knowledge
- They also invest a lot of Marketing and campaigning about the company, in the bargain, its effective for the Sub Broker as it helps him to build his business
Canmoney Franchise Conclusion
Canara Bank Securities is indeed a great Stock Broking company to work with. They offer various models of partnership depending upon each person’s interest and knowledge level in the business.
They have flexible revenue streams so as to enable trade amongst all. All their schemes and offers are customer friendly hence enabling the Sub Broker’s business strategy as well.
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