Goldman Sachs brokerage to start operations in India in 2007

Mumbai: Global financial services major Goldman Sachs will start its brokerage operations in India this year.

"We have got full licence for merchant banking and brokerage services in the country and will launch the brokerage operations this year," L Brooks Entwistle, managing director and CEO of Goldman Sachs (India) Securities Private Ltd, said.
"We already have over 60 employees in India and the process is on for starting Goldman Sachs brokerage in the country," Entwistle said.

Goldman Sachs, which is attracted by the growth potential offered by the commodities and capital markets in the country, has increased its headcount for offering the stock broking services.
The global firm has acquired five per cent stake in the country's largest stock exchange - the National Stock Exchange (NSE) and already holds over seven per cent stake in NCDEX, the commodity exchange.

Goldman Sachs had ended a ten-year partnership with Kotak Mahindra Bank in March last year and had secured licences for investment banking and stockbroking operations in the country in December last year.