Nirmal Bang Franchise is one of the notable franchises in India with over 3000 franchises spread across the country. It is popular across certain states such as Gujarat, Rajasthan, Madhya Pradesh, Maharastra as well as some of the nearby states.
Nirmal Bang Franchise Basics
This firm began in the year 1986 with a partner association program but today it has grown to a strong network. It is trying to enhance its offline coverage as well as establish business partners abroad through its diverse services and support to the institutional and retail clients. As far as investment products are concerned, Nirmal Bang allows you to invest in products such as currency, equity, commodity, derivatives, IPO, mutual funds, insurance, depository services and PMS.
To be a part of this stockbroking firm, it is needed for you to have some experience in the financial products as a broker, sub-broker, Remisier, insurance advisor, mutual funds or insurance product distributor, financial planner or must be working under an existing broker of Nirmal Bang (more on that later).
Along with experience, it is essential to have a capital for investment in infrastructure development as well as for recruiting people. Similarly, there are other such aspects of Nirmal Bang Franchise which we will be discussing in this article.
Nirmal Bang Partnership models:
Nirmal Bang provides only one partnership model to ensure the simplicity of its business. It is known as Nirmal Bang Franchise model in which a sub-broker agreement is signed by the sub-broker for providing business and revenue generation.
As per the predefined norms, the revenue is shared.
Nirmal Bang Partnership Initial Deposit:
For starting Nirmal Bang Franchise, you need to invest some amount as in case of other franchises in the stockbroking industry. The investment can range from ₹50,000 to ₹2.5 lacs which includes a security deposit amount.
The security money is refundable in nature and you will get it back once you decide to quit the partnership. Except for the security money, the sub-broker can use the remaining amount of the investment to set up the front office, and other such uses.
Nirmal Bang Franchise Revenue sharing:
In the Nirmal Bang Franchise model, both the parties are entitled to almost an equal share of the revenue. This is because of the fact that each of the sub-brokers of the company is considered as a partner rather than just an association.
Once you start bringing a consistent growth for the broker in the form of acquiring potential clients and generating brokerage revenue, you can negotiate for a better revenue share also.
In a sense, you can look at a 50% share of the overall brokerage generated. Speaking from a competitive point of view, 50% is relatively low and you must definitely negotiate with the broker in order to improve the overall share you get.
Nirmal Bang Franchise Benefits:
Once you become a Nirmal Bang Franchise, you can avail the following advantages:
Nirmal Bang as excellent infrastructure that is dedicated for trading purposes. Thus better services are provided to the sub-brokers which includes trade execution, providing research reports, and much more.
The support team of the stockbroking house is trained in such a way that they can resolve issues instantly by quickly responding to them. They even excel in providing customised solutions.
An established brand name:
Since the company has been established many years back, it has a strong client base. It adopts a client focussed approach and aims at creating a strong and long term relationship with the clients. This has made it one of the most preferred stock broking houses of India.
It strives to imbibe the same values in its employees when they are being trained at the sub-broker office so that they can have a good rapport with their client and expand the company’s existing client base.
Online transfer facility:
To ensure complete convenience to its partners and clients, the firm provides the online trading facility.
Best customer support team:
Nirmal Bang has a very good customer support team who are readily available whenever clients face any issues while transferring funds, withdrawing, re-KYC and other such activities. They easily offer an instant solution to the problems and thus play a significant role in creating happy customers.
Clients can operate efficiently when they get detailed and in-depth research reports from the stockbroking house. Nirmal Bang has a dedicated team of experts who provide partners with recommendations, tips and research reports regarding the technical as well as fundamental aspects of trading.
Wide variety of products:
The sub-brokers get a wide range of financial products which they can offer their clients and thus attract potential clients. This is because every client has a different need and goal and in a diversified range of products, he gets something that matches his requirements.
Nirmal Bang Franchise Drawbacks:
Besides the advantages, you should also be aware of a stock broking house’s drawbacks as this will help you to take the right decision. The drawbacks of Nirmal Bang broking house are:
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- You get only one type of partnership model, unlike the other broking houses in the industry that provides a number of options.
- Its revenue sharing model is not very attractive.[/su_list]
Nirmal Bang Franchise Eligibility criteria:
You have to fulfil certain criteria in order to set up a Nirmal Bang Franchise. These are enlisted below:
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- You should have worked as the main broker, sub-broker, register, mutual fund distributor, financial planner, insurance advisor or at least as an employee of the Nirmal Bang broker or sub-broker or must have experience in selling financial products for a period of at least 1 or 2 years.
- If you are an individual, a company or a partnership firm and intend to start a Nirmal Bang Franchise, it is essential for you to have a good history and reputation in the financial service sector or in your business or social circle. Not only this, but a good client base is also needed.
- A small initial amount is needed to be deposited and after that, you have to make investments in the infrastructure and business operations consistently to ensure the growth of your business.
- It may happen that Nirmal Bang broker can add other criteria and might also alter them at the continuum level.[/su_list]
Nirmal Bang Franchise offers:
The offers which can be availed on joining Nirmal Bang Franchise are as follows:
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- The brokerage rates are less.
- You can avail enhanced credit limit.
- An increased credit period is provided by it.
- You can enjoy cashback on brokerage charges.
- The margin money is less.
- The initial deposits are not very high.[/su_list]
In case you are looking to become a sub-broker or a stockbroking partner in any form, let us assist you in taking the next steps forward:
Nirmal Bang Franchise FAQs:
If you want to start Nirmal Banf Franchise and has any doubts related to you, they will all get clarified in this section as we have answered all the frequently asked questions:
How many partnership models are available with Nirmal Bang?
There is only one partnership model of Nirmal Bang available i.e the Nirmal Banf franchise model. This has been done to keep the business simple so that people intending to join it can completely focus on it.
Is there any initial investment amount needed to begin the Nirmal Bang Franchise?
Yes, an initial investment of ₹50,000 to ₹2.5 lacs is needed in order to start a Nirmal Bang franchise. This amount includes the refundable security charges, the amount for setting up the infrastructure etc.
Do I need any experience to join Nirmal Bang stock broking house?
Yes, it is necessary that a person should be knowledgeable regarding the financial market as well as its products. A clear idea regarding the equity, derivatives, IPO, currency, mutual funds etc is also needed. Besides this 1-2 years of experience in the financial sector is also needed.
Since the company has a very good brand name and is well positioned in the financial market, it hesitates to take inexperienced people as they won’t be able to perform well.
What documents have to be submitted for the registration purpose?
Here is the list of documents which you have to submit without fail to get registered as a Nirmal Bang Franchise:
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- A valid proof of your address.
- PAN card
- Aadhar card
- Proof of your identity
- A proof indicating your date of birth
- Certificates showing your academic qualification
- A cancelled cheque or bank statement
- A proof that you are employed or proof showing your relevant past experience.
- Proof of infrastructure
- Photographs of passport size.
- A certificate of registration with the SEBI or stock exchange.[/su_list]
As a Nirmal Bang Franchise, what revenue share can I expect?
Since the firm treats you as a partner instead of just an associate, you will get 50% of the revenue which is generated. Once you are able to acquire more clients and generate high brokerage, you can discuss with them for a higher revenue share.
What advantages can you get being a Nirmal Bang Franchise?
You can avail a number of benefits on being a Nirmal Bang franchise, which is enumerated below:
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- You can get access to the centralised web-based back office.
- Client reports will be provided to you and you can use the free ODIN trading terminal.
- In order to ensure complete service support, there is a dedicated partner support desk.
- You can excel in trading and get good returns by using its market research reports, tips and recommendations
- You will be assisted for setting up the office that includes branding as well as various business applications.
- It provides an onboarding manager for the partner and the employees in order to provide training and guidance throughout the process. He helps you to be clear about the important processes as well as the different online modules.
- In order to make the business plan and the activity calendar, there is a local relationship manager. Besides this, he helps in the client acquisition process as well as in training employees.[/su_list]
What is the process of Nirmal Bang Franchise Registration?
The steps involved in the sub-broker registration process are as follows:
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- First of all, you need to fill up a lead form that inquires about your basic details such as name, address, phone number etc.
- You will get a verification call from the customer support executives to make sure if you are really interested in the partnership.
- When the verification is completed, you will have to fix a face to face meeting with a sales representative. During this meeting, you need to discuss every detail and get all your doubts clarified such as the type of function you need to carry out, the agreement terms etc. If you are convinced that you still want to enter into the partnership model, you need to submit all the relevant documents as well as the proofs of investment.[/su_list]
The full-service stock broker will verify all the documents after which your account will be activated in a few days.
How many days do I need to wait for getting started with the Nirmal Bang franchise business?
You need to wait for 3 to 6 days for the whole process to complete. In case any documents are missing, then the process will get further delayed.
With Nirmal Bang Franchise, what are the various financial and investment products available?
In order to cater to the needs of a wide variety of customers, Nirmal Bang offers various kinds of products which includes currency, commodity, equity, derivatives, mutual funds, IPOS etc.
Besides this, the product support is offered by it in NSEC, MCXC, BSEC, MCX, NCDEX, NSE, BSE, NSE F&O, BSE F&O, NSDL, IPO, Mutual Fund, CDSL.
In which states of India is Nirmal Bang Franchise found?
There are a number of states where you can find Nirmal Bang Franchise. It includes Chattishgarh, Bihar, Andhra Pradesh, Delhi, Jharkhand, Gujarat, Karnataka, Kerela, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh, and West Bengal.