Chennai, Nov. 15
WITH the expected rise in investing population and the growth in the number of its branches and range of services, Geojit Financial Services Ltd expects its trading client-base to grow to 5 lakh in three years from one lakh now.
Currently, the company, a player in stock and commodity broking, has 295 offices, which it proposes to increase to 350 by March 2006. It also has 2.70 lakh clients for all of its services, including for depository and commodities, of which one lakh clients are stock market traders.
Geojit Financial's Managing Director, Mr C.J. George, told newspersons here on Tuesday that the company had recently purchased a software, Tipco, from Reuters for Rs 10 crore, which enables it to offer online trading services that can support 20,000 customers at a time.
Mr George said that Geojit Financial was the first Indian company to launch an Internet trading service, back in 2000, but the infrastructure did not support quick scaling up. The Reuters software would remedy the situation, he said.
Mr George expects the new software, which will make online trading easy, to raise the number of its online traders from 6,700 now to about a lakh in three years.
Geojit Financial and its promoters have together promoted another company called Geojit Credits Ltd, which is a non-banking finance company, meant to lend money to traders.