First Global director, Shankar Sharma said that in addition the UK company had become a member of Tradepoint, the rival exchange of LSE, which would give it access to 300 most liquid stocks in Europe.

In the next stage, the group hopes to get membership shortly of both the Nasdaq and New York SE which would give it a presence in all the key stock markets in Europe, USA and the Indian subcontinent. The US company would be funded thereafter, Sharma said.

He added that the group was now well placed to undertake full-scale investment banking activities globally as it already possessed the expertise in securities sales and global research.

Sharma said the group already had two mandates for American depository reciepts offerings of a technology and media company. Its recent offering of HFCL shares through the bookbuilding route in February this year evoked a good response with subscriptions touching Rs 14,000 crore at an issue price of Rs 1,050.

Compared to the recent global issues of Satyam Infoway, Gramophone Company and Software Solutions, where investors have suffered erosion in value, bulk of the investors in Himachal have made over 100 per cent profits. Those who didn't are still on the plus side with the market price at Rs 1,400 plus, he pointed out.

First Global, promoted jointly by ex-Citibank staff- Shankar Sharma and Devina Mehra in 1984, currently employs 120 people globally and is one of the largest institutional broker in India. Its clients include Alliance, Batterymarch, Oppenheimer, Sloan Robinson, HSBC, Pictet, GMO Fortis etc. The group has now started its retail broking division, EFirst Global, which will focus on net/phone trading. Interestingly, the firm will ensure that the group's fundamental research made available to institutional clients is also provided to retail investors.