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Vimala Vasan

Barjeel will be the first licensed international brokerage firm to be established in Abu Dhabi. The new branch will offer a host of services including broking, distribution of IPOs and mutual funds, depository services and consultancy services for NRIs.

ABU DHABI, Oct. 2

BARJEEL Securities, the joint venture company established in Dubai last year by Geojit Securities and the UAE's Al Saud Group, has received permission from the UAE's Central Bank to open a branch in Abu Dhabi.

Barjeel will be the first licensed international brokerage firm to be established in Abu Dhabi. The new branch will offer a host of services including broking, distribution of IPOs and mutual funds, depository services and consultancy services for NRIs, Mr T. Koshy, the newly appointed CEO of Barjeel, and Mr K.V. Shamsudheen, one of the Directors of the company, told Business Line.

Mr Koshy, who was formerly Vice-President of NSDL, India, said that following the positive response from NRI clientele in the one year of its operations out of Dubai, Barjeel plans to offer international equity

trading on American and European equities to a multi-national clientele.

``We will offer these services in a month's time. The India focus will continue, but we will also offer services to local clientele in the UAE through a capital market focus,'' he said.

Barjeel also plans to move ahead from being a purely broking company to a total wealth management firm, offering comprehensive financial management services. ``In fact, Geojit Securities is going through this

transition in India with the stress on establishing efficient technology-based infrastructure that will enable provision of efficient services at low cost,'' Mr Koshy said.

The company plans for business development in the coming year and has recently appointed two senior marketing personnel in a bid to widen its client base. Plans are also on to expand to other Gulf countries, Mr Koshy said.

He indicated that the stock market had not taken such big blow in India as in the US and was ``ambling along,'' with prospects for an upswing in the coming months. ``Our main focus in the Gulf is to build confidence among investors and establish credibility as an institution with long term interests in the region,'' he added.

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