Internet stock trading, he affirmed, will be made extremely easy with these payment gateways assuring completion of transactions in double quick time and ensuring full security. Besides the banks will also benefit as the clients' of Geojit have to pay a security deposit of Rs 1 lakh (till recently it was Rs 3 lakh). The client must register with Geojit and pay this margin deposit but with payment gateways with UTI Bank and HDFC Bank having been established, trading exposure is limited to three times the deposit amount. But the good news is that George predicts that Internet broking fee will be cheaper by 40 per cent in six months.

Currently it is 0.75 per cent for delivery transactions and 0.1 per cent for squared up deals. Exposure control will be on the basis of credit in the bank. Also once the interface between Geojit and UTI Bank and HDFC Bank is ready within a week, clients' will not be required to pay security deposit of Rs 1 lakh. Geojit has successfully roped in as its members nearly 700 high net worth investors mostly from the West Asia after successful roadshows in Dubai, Doha, Kuwait and Bahrain. They are keen to invest in new economy and technology stocks in India. With Sebi recently allowing high net worth individuals to act as FIIs, George says more FII investors are looking to invest in India. According to George, Rs 10 crore will be invested in expanding its branch office network from 42 at present to 75 before the end of March 2001. Most branches will be located in Mumbai, Gujarat, Andhra Pradesh, Karnataka, Tamil Nadu and Kerala. In Chennai it plans to have seven more branches within four months.