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Geojit kicks off Internet trading
Special Correspondent
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Sets up disaster recovery site in Bangalore
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CHENAI:
The Kerala-based Geojit Financial Services Ltd. (GFSL) has put in place a new Internet-based trading system and is setting up a disaster recovery site in Bangalore at a total investment of Rs.17 crore. The new trading system has adopted the Reuter software solution, TIBCO, with hardware support from Wipro. The trading site involved an investment of Rs. 10 crore. The investment on the disaster recovery site is Rs. 7 crore.
Addressing a press conference here on Tuesday, the Managing Director, C. J. George, said though Geojit was the first to introduce Internet-based trading in the country, it was constrained by the scalability problem. The new system was an integrated one, he said.
Its trading clientele was expected to go up to five lakh from one lakh, he said. Volume-wise, the total daily turnover was around Rs. 400 crore. The Internet-trading volume was about Rs. 20 crore, he said.
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