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NEW DELHI: National Stock Exchange
promoted NSE.IT plans to come up with `broker plazas' in major
overseas capital markets with Citicorp group's i-flex Solutions after
its successful implementation in India.
"We would carry the broker
plaza concept to other countries where Citibank has operations
within the next three years," NSE.IT executive director Satish
Naralkar said.
Broker plaza, a system which would
facilitate brokers and investors to directly trade on the exchange
using a common Internet infrastructure, would be launched in India
this year.
Overseas investors including
non-resident Indians can also avail this facility as the entire
trading would be carried on the Internet, he explained.
Dotex International, a company
floated for the purpose by NSE.IT (with 51 per cent equity) and
Citicorp Group company i-flex Solutions (49 per cent), would come up
with the facility in Mumbai, Naralkar said.
He said the two companies would
invest Rs 25 crore for the project in the first phase for preparing
the requisite infrastructure.
"We are talking to companies
like Videsh Sanchar Nigam Ltd (VSNL) and Satyam Infoway for getting
the Internet gateway facilities," he added.
For payment gateways, NSE.IT has
tied up with HDFC Bank recently and is in talks with other banks
apart from getting Citibank's facilities.
Naralkar said the company is
targeting the 800-odd NSE brokers apart from those in other regional
exchanges to become members of the broker plaza.
"Foreign investors NRIs would
also be tapped for the broker plaza," he said. About advantages
of the virtual trading system, he said small brokers could open
terminals at the plaza and get net access, which would have been
difficult individually.
"Brokers have to pay a
fraction of their brokerage fee and a fixed amount for the basic
structure to become part of the plaza," Naralkar said.
He said the back-office softwares
for the new plaza is being developed.
The existing software neatxs is
being enhanced for facilitating both nse and bse trading in the
broker plaza and it would be ready within next 3-6 months time.
NSE.IT is also planning to develop
softwares for online payment facilities between bank and
depositories, he said.
About other long-term plans,
Naralkar said "we are trying to tie up with overseas bourses
for facilitating e-trade."
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