The Hindu Business Line : Barjeel Geojit opens third branch in Sharjah

RIDING on strong NRI interest in the Indian capital market, Barjeel Geojit Securities LLC registered a cent per cent growth in business in the past year, and has opened its third branch in the UAE in Sharjah, after Dubai and Abu Dhabi. The Sharjah branch will be operational this week.

The company plans to open three more branches in Al Ain, Fujairah and a second branch in Dubai, if regulatory clearances are obtained, Mr C.J. George, Managing Director, Geojit Financial Services and Director, Barjeel Geojit Securities, told Business Line.

Mr George pointed out that NRI interest in the Indian share market has increased considerably in the last couple of years due to falling interest rates on deposits and the strengthening of the rupee.

"The rates have gone up a bit now, but it is not substantial. NRIs have tasted the benefits of the Indian stock market and are investing directly or in mutual funds in a big way," he said.

With the impending redemption of the India Millennium Deposits (IMD) by the year-end, NRIs are expected to channel a substantial portion of the fresh liquidity into shares and funds, he said.

"We are expecting a good response from the Gulf when the IMDs mature," he said.

Mr K.V. Shamsudheen, Director, Barjeel, said that NRIs have overcome their apprehensions about Indian share offers and were investing in a big way in equities and funds.

Barjeel Geojit Securities is a joint venture between Al Saud Co of Sharjah and Geojit Financial Services. The company is headed by Sheikh Sultan Bin Saud Al Qassemi, and its major focus is the NRI segment. It currently services nearly 10,000 active investors in the UAE.

Plans are also afoot to open branches in other Gulf Cooperation Council countries.

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Barjeel Geojit opens third branch in Sharjah