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Sify joins Refco for online investing services
P Sreevalsan Menon
MUMBAI, MARCH 23: Satyam Infoway and American securities firm, Refco have set up a joint venture, Refco-Sify Securities to provide online investing services in India. The venture, to be headquartered in Mumbai, will have an initial capitalisation of $10 million. Refco will hold 60 per cent stake and Satyam the rest.The company plans to provide online equity and futures trading for retail customers and execution of clearing services for financial institutions. The company has taken the National Stock Exchange (NSE) membership for securities trading while it plans to get the necessary permission for futures trading in commodities once it is allowed in India. "We are starting with the NSE membership but strongly consider a BSE card," Refco Singapore managing director Tan Hup Thye said. According to Sify chief executive officer and managing director, R Ramaraj, the company will play an enabler's role in the venture. The investors will be given a link from the Walletwatch site for their transactions. Satyam Infoway, the second largest ISP in India, providing service in many cities and has a user base of around 1,50,000. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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