business from South India

Alpari eying 25% business from South India

Cashing in on the Indian currency exchange market, foreign exchange provider Alpari Forex India, a 100 per cent subsidiary of Alpari Forex, United Kingdom, today said the company is hoping to achieve 25 per cent business from their operations in South India.

The company, which started Indian operations in June 2009 will set up 50-100 sub-brokers, as part of increasing their network in Tamil Nadu, Alpari Forex India CEO Pramit Brahmbhatt told reporters here.

"In addition to this, we had planned to appoint 500 'introductory brokers' (IB) within one year," he said.
Stating that the Indian currency exchanges were enjoying a daily turnover of Rs 8,000 crore, Alpari Forex India Head-Sales Praveen Kumar V said the size of the Indian currency exchanges was poised to grow '3-4 times' in future.

He said around 200 IBs would be appointed in the Southern region while 300 would be appointed in the Western region.

He said they would target institutions, retailers and 2,000 individual clients across the region for their operations.

Alpari Forex India, with its presence in 7 countries and 27 offices worldwide, registered a global turnover of $100 billion last year.