Date:14/12/2005 URL: http://www.thehindu.com/2005/12/14/stories/2005121409582100.htm

Business

Kochi brokerage house ties up with UAE group

Special Correspondent

A joint venture company being floated

KOCHI: JRG, a Kochi-based brokerage house, has tied up with the UAE group headed by Hazza Bin Mohammed, an investor in the UAE financial market. `M/s JRG Middle East Securities LLC,' a new company, is being registered for this purpose. The company will soon obtain UAE Central Bank licence for full-fledged operations.

JRG Middle East Securities is a 60:40 joint venture between Mr. Mohammed and JRG Securities of India.

Mr. Mohammed has signed an agreement with Regi Jacob, managing director of JRG, during the inaugural ceremony of JRG's operations, in Dubai. Giby Mathew, executive director of JRG Securities Ltd., and investors of JRG have been present on the occasion.

JRG, which started its operations in 1992, is a leading financial service provider and a member of leading stock exchanges. JRG has a network of 321 operational offices all over the country and a large clientele in its share broking, commodity broking and insurance broking business. JRG is also a depository participant of NSDL and distributor for leading mutual fund & bond companies.

JRG has already taken membership in the Dubai Gold & Commodities Exchange (DGCX).

DGCX is a joint venture of the Dubai Metals and Commodities Centre (DMCC), Government of Dubai, Financial Technologies (India) Ltd. (FTIL), and Multi Commodity Exchange of India Ltd. (MCX). The exchange will open with the trading of gold futures. Silver futures will open in the first quarter of 2006, followed by gold and silver options and then steel, freight, cotton and fuel oil futures. DGCX is to benefit from its proximity to India, the world's largest gold consumer.

JRG promoters said that even as the company was ushering in massive expansion plans, it continued to constantly infuse quality into its services. Recently, JRG started India's first mobile trading system (m-trade) and integrated Internet trading system (I-trade) for customers.

"This will considerably help increase the investment efficiency of investors in capital and commodity markets in UAE," Mr. Mathew said.

JRG launched online commodity futures trading in June 2003 by extending an exclusive on-line rubber futures trading system to members of the Indian Rubber Dealers Federation (IRDF).

"The association with IRDF and tie-up with Tirumala Tirupati Devasthanam (TTD) in Andhra Pradesh for on-line commodity futures trading terminal at Tirupati temple have been major stepping stones for JRG to become a frontline player in on-line commodity futures market in India," Mr. Mathew said. JRG obtained the Insurance Regulatory Development Authority (IRDA) licence for extending general and life insurance services to the public as an insurance broker. These days, JRG provides insurance products of 25 different insurance companies across India.