Bhatter in Calcutta on Wednesday. A Telegraph picture

Calcutta, July 23: Stock broking firm BMA Wealth Creators Pvt Ltd, part of the Rs 850-crore BMA group, today said it would invest Rs 50 crore in the current financial year to expand its branch network to 800 locations.

BMA Wealth Creators started operations in April 2006 and now caters to 2,35,000 clients. “With an annual revenue of Rs 35 crore, we enjoy a one per cent market share in the stock broking business in the eastern region and we aim to double our turnover in the current financial year,” said BMA group managing director Anubhav Bhatter.

“We have just got the Sebi approval to start portfolio management services from which we expect to garner another Rs 20 crore in revenue. Besides, we are also getting into institutional stock broking in 2008-09,” Bhatter said.

The stock broking company is also planning to set up a non-banking finance company this year with an initial capital of Rs 20 crore. “The company will deal in the margin funding business, primarily for BMA Wealth Creators,” Bhatter said. Brokers and investors are required to keep margin money with stock exchanges for trading in shares and often they need finance companies to fund their margin requirements.