Barjeel Geojit opens online mutual funds trading platform for NRIs By Babu Das Augustine, Banking Editor GULF NEWS Published: January 25, 2008, 00:04
Dubai: Barjeel Geojit Securities, a UAE-based brokerage and financial services provider has launched Mutual Funds Online, a new web-based trading platform of Indian mutual funds for non-resident Indian (NRI) investors from the UAE.
“We are the first independent financial intermediary to launch such a service, designed to make the investment process paperless, hassle free and seamless,” said Krishnan Ramachandran, CEO of Barjeel Geojit Securities.
Barjeel Geojit Securities, a partnership between Indian brokerage company, Geojit Financial Services, and Al Saud Group of Sharjah were the first financial services firm in the UAE to offer direct brokerage investment services to the NRI community in the UAE.
The company has five offices and plans to open two more – in Al Ain and another in Fujairah – this year. “The NRI community in the UAE is increasingly participating in the Indian capital markets and are taking advantage of the Indian economic growth,” said Shaikh Sultan Bin Saud Al Qasimi, chairman of Barjeel Geojit Securities.
Despite the high volatility experienced by the Indian market along with other global markets during the recent weeks, Shaikh Sultan said, the Indian growth story is built of solid fundamentals and Investors should have longer term outlook.
Along with the online services, Barjeel Geojit will offer investment advisory services on Indian mutual funds and capital markets.
“Although the number of NRI investors in Indian markets has increased significantly, many have missed the opportunity. The recent market corrections offers them the chance to enter the market at attractive prices,” said KV Shamsudin, director of Barjeel Geojit.
Chairman of the Association of Mutual Funds of India, A.P. Kurian, said: “Mutual funds are emerging as one of the best investment options. Even those funds which give a small return perform better than other investment alternatives for NRIs.”
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