Multi-asset brokerage firm TradeNext has extended its remit into listed instruments as the firm launched a domestic firm in the world’s second most populous nation, India. The firm which launched in the UK in 2012 as one of the first Indian-owned UK regulated FX & CFD brokers has always had a connection to India which is reinforced under the launch.
The move comes after TradeNext voluntarily adopted a variation of its U.K. Financial Conduct Authority’s (FCA) permission to conduct regulated activities in the U.K., while it carries out an internal review of its business.
The company, TradeNext Securities Ltd, which is a full-clearing member of both major Indian stock exchanges already offers a range of financial products including equities, futures & options, FX derivatives and mutual funds.
Based in the capital city, New Delhi, the firm offers electronic-trading of listed securities to retail, high-net worth and institutional clients on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). According to filings at the BSE, the company was authorized as a member on the 29th of September 2015.
Commenting on the launch, a spokesperson for TradeNext stated, “The firm’s vision has always been to offer access to financial markets to investors in India, prior to this firm the firm has been associated with a number of firms locally. This step is part of the bigger picture, we are bullish on the domestic market and believe investor participation will increase significantly over the next five years.”
Bullish on India
With the coming to power of the reformist government of Indian Prime Minister Narendra Modi, the nation’s stock market has been one of the best performing amongst emerging markets.
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With the same valid for the Indian rupee, a number of investors have taken the view that the country is well-positioned compared to its peers from the emerging markets list.
Indian investors have been opening up to financial markets as financial literacy increases and investors have direct access to news and information, according to data submitted by the country’s two main depositories, National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).
The number of investor accounts in India stood at 23.3 million as of April 2015
The number of equity investor accounts is also on the rise with the total figures for dematerialized accounts, which are used in India to hold securities electronically, standing at 23.3 million in April 2015. The figures have sharply increased with the stock market rally which lasted into this year. Last year, TradeNext partnered with Kolkata-based brokerage firm, MC Securities, with a vision to offer Indian financial investment products to Britain’s vast overseas Indian diaspora.
The firm was one of the first UK FX & CFD brokers to offer access to Indian financial markets; the service was available to individuals who hold Non-Resident Indian status due to restrictions for overseas investors in the Indian investment market.
TradeNext Securities Ltd has recently appointed a duo of new directors according to public registers – Mukesh Arora and Suresh Tahilany. Jitendra Gupta and Nitin Kumar have already been with the company since 2013 and 2012.