Mumbai: Financial services major, India Infoline Group, has entered into a strategic tie-up with Interactive Brokers LLC of the US, with a view to provide its clients direct access to 80 global exchanges spanning 18 countries.
“Interactive is one of the largest broker-dealers in the US. We were looking for a strong partner with a platform through which our clients could access global exchanges and Interactive fitted our bill perfectly,” India Infoline private wealth CEO, Karan Bhagat, told the agency.
India Infoline’s customers, numbering over a million, can now access a wide platform for a low transaction cost, Bhagat added.
Interactive Brokers and India Infoline will share the brokerage as per the agreement.
Under present Indian laws, resident Indians can invest in overseas assets to the extent of $2,00,000 per annum.
“We expect a positive response from the private wealth segment side. Our estimate is that within three to six months, we should perform encouragingly in this segment,” Bhagat said.
“There is a tremendous potential on the private wealth side where we expect immediate action. I expect the retail segment to follow suit soon,” he said.
The India Infoline group, a leading player in the financial services space, offers the entire gamut of financial services covering products ranging from equities and derivatives, commodities, wealth management, asset management, insurance, loans, investment banking, Government of India bonds and other personal finance instruments.
Interactive Brokers Group Inc has more than $4.4 billion in equity capital and handles a million-plus trades per day, providing electronic access to stocks, options, futures, forex, bonds and ETFs.