Talking to The Financial Express, Refco-Sify Securities Managing Director Vineet Bhatnagar said: "Once the retail e-broking business is in place, the next stage for us would be to set-up an asset managment company and offer a wide variety of services to the customers".

On kicking off operations as an FII, he said the company would be shortly seeking the Securities and Exchange Board of India's (Sebi) registration. Refco-Sify is a 60:40 joint venture between Refco group of the US and Satyam Infoway. This joint venture has been formed with the intention of offering e-broking services to investors. Globally, Refco manages mutual funds under Tinley Group, but throughout the UK and in the US it is known as Forstmann-Leff Associate. In addition it manages investments for a broad range of public sector bodies, pension funds and charities.

"Even tough globally we manage institutional funds, for India our strategy would change considering the huge savings by the middle-class in the country," Bhatnagar said. In this backdrop, Refco has already set-up a full-fledged research desk for making investments in India and there would be no additional research costs for making investment decisions for the mutual fund. Regarding its FII operations in India, he claimed that the company already had good client base globally, it would start investing in the country's markets shortly, as the initiative was already set in motion.

Refco global clientele includes corporate pension funds, profit sharing plans, foundations and high net-worth private investors, who invest regularly in the world stocks markets. "Since India is amongst the most attractive destination in the emerging markets, investing as an FII is a good proposition for Refco," Bhatnagar said.