Reliance Money, the largest brokerage in India, will consider bringing companies from the country to list in Hong Kong and developing cross-border trading between the two markets, according to its chief executive, Sudip Bandyopadhyay. Speaking yesterday after his firm set up an alliance with Hong Kong brokerage Goldride Securities, owned by former Hong Kong Stockbrokers Association chairman Tony Espina, Mr Bandyopadhyay said many Indian companies had good growth potential. Indian companies could be traded in Hong Kong through a direct listing or through the soon-to-be-launched depositary receipt scheme, he said. 'The alliance with Goldride will enable Reliance to help arrange good quality Indian firms to list here,' Mr Bandyopadhyay said. 'The Hong Kong stock market is liquid and well-developed. This is why we are choosing to enter the Hong Kong market as a way to expand in Southeast Asia and China.' Besides attracting Indian firms to Hong Kong, under the agreement between the two firms they will refer investors to each other to trade in the stock markets of India and Hong Kong, with the two splitting the brokerage commissions. Reliance Money has more than two million customers and 8,500 outlets in 4,250 towns and cities across India. The alliance marks its first foray into Hong Kong. Mr Bandyopadhyay said India had about 10 million retail investors, which he estimated would increase by 10 times over the next few years due to the growing economy and rising middle class with its accompanying investment needs. India allows individual investors to invest up to US$200,000 a year on overseas markets and Mr Bandyopadhyay believes some would be interested in investing in stocks in Hong Kong and the mainland. 'Likewise, I think Hong Kong investors will also be interested in India because, like China, it has a huge population and a fast growing economy,' he said.