A Mumbai-based securities company called Newedge Broker India Private has been launched by Newedge, the global multi-asset brokerage firm.

The new company employs 20 staff and will provide financial derivatives and cash equities to institutional foreign investors, Newedge Broker India Private said in a statement.

The launch of the firm is yet further evidence of how firms from the around the globe are looking to expand their business in India to exploit the expected continued growth of the emerging economy.

The new firm holds membership and licences to trade on the National Stock Exchange of India and the Bombay Stock Exchange.

“The new entity brings to India a separate and distinct brand which is recognised globally as a leader in the broking industry. The change in structure is significant and provides a platform for further expansion in India,” said Jerome Burban, managing director of Newedge Broker India Private.

He added that the firm hopes to expand its foreign client base while increasing exposure to domestic institutional clients.

A further potential area of growth, he said, could be the introduction of commodity products, which is aimed at capitalising on rising interest in India.

Newedge said in the statement that it has identified India and China as a priority for expansion.

Newedge, the joint venture between Société Générale, the French banking giant, and Calyon, Crédit Agricole's corporate and investment banking entity, is a global multi-asset brokerage business with a presence in 17 countries.