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Our Bureau

Seeks RBI nod for advisory services

Mumbai , Oct. 16

A New Zealand-based international brokerage house WSD Financial (NZ) Ltd is planning to enter the Indian markets.

The brokerage has approached the Reserve Bank of India for approvals to commence advisory services in India. The Auckland-headquartered WSD Financial specialises in foreign exchange, futures, options and precious metals.

"Our primary focus will be on the futures and options industry in the Asia-Pacific region. In due course, we will evolve ourselves to become an all-enabling brokerage dealing in an array of financial instruments and products like derivatives, commodities (including metals), futures and spot capital markets trade," Mr Dean Crowle, CEO, WSD Financial, told Business Line.

The primary task of the brokerage would be to introduce Indian investors to overseas markets.

WSD is negotiating partnerships and joint ventures with top Indian broking houses.

"WSD Financial will help individual investors, domestic brokerage houses and institutional investors to securely invest, hedge or speculate in foreign markets. In phases, we will introduce foreign investors to Indian markets. Our forte is access to key markets all over the world," said Mr Crowle.

Investors will be able to trade and track their portfolio through WSD's online trading platform `WSD Direct' which executes trades on all the principal exchanges and markets round the clock. The minimum balance for opening a trading account would be $2,000. Broking commission for effecting trades will be graded. Trades can be placed through 24-hour hotlines and chat lines as well.

"Indian investors have begun shifting their focus to overseas investments. They are getting increasingly attracted to overseas investment alternatives and markets. We are sighting huge potential in this market," said Mr Haameem Khizer, General Manager, WSD Financial.

The company plans to open offices in all the major cities. It will also extend an insurance cover to customers against execution of incorrect trade by WSD.

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