May 24, 2024

Our story today is from the times when retail customers could trade in the currency market. Currency trading is no longer available to retail clients but the story, though a tad old, must be told because it offers lessons that can be applied to the other businesses of Sharekhan too. Besides, exporters and importers can still trade in currency and we will continue to cater to them. So get inspired.

Currency trading was not the activity of choice for the customers of our Mumbai - Vile Parle branch not so long ago. It all changed in February this year, when Relationship Manager (RM) Rupesh Adawade decided to focus on currency trading and help the customers of the branch benefit from the opportunities in the currency market. He started with two clients in the currency segment and generated revenue of more than Rs.6,000 through options writing during the month. This helped the branch achieve more than half of its monthly currency revenue target of Rs.12,000 in February 2024 compared with a 5% target achievement in the previous month. In March, Rupesh activated 15 clients in the currency segment and generated revenue of Rs.47,000 through intraday trading in currencies! As a result of this impressive effort, the branch exceeded its monthly currency revenue target by 292% in March this year and emerged as one of the top branches of our Branch Network in the currency broking category for the month. Here is Rupesh’s story in his own words.

Internal Communications Team (ICT): How does it feel to be nominated in the Sharekhan Success Stories?

Rupesh Adawade (RA): I am thrilled to be featured in the newsletter as the hard work I did to grow the currency business of our branch bore fruits.

ICT: The currency broking revenue of our Mumbai - Vile Parle branch went from Rs.6,000 in February 2024 to Rs.47,000 in March 2024. What role did you play in this success? What did you and your branch do differently?

RA: First, I studied the currency market and learnt about the opportunities in the currency market and the advantages of currency trading. Steadily and gradually, I added clients and persuaded them to participate in currency trading with minimum margin and stop loss. As I convinced more and more clients to trade in currencies, the performance of the branch continued to improve.

ICT: Did you face any challenges? How did you overcome them?

RA: In the initial stage, I faced many rejections but I persevered and educated the clients in the benefits of currency trading and gave them full information about the currency market. Ultimately, clients agreed to initiate trade and once they started trading in currencies, they themselves realised the currency market offers many opportunities. I used this initial set of clients whom I converted to currency trading as an example to activate new clients in the currency segment.

ICT: Your message to Sherus?

RA: Whether it is currency, commodity, equity or any other market segment, perseverance, domain knowledge and customer education can help you succeed in any business.

If you too have a success story to tell, please write to us at priya@sharekhan.com.