Goldman Sachs is to start a brokerage operation in India this year according to L Brooks Entwistle, Goldman Sachs (India) Securities managin...

Goldman Sachs is to start a brokerage operation in India this year according to L Brooks Entwistle, Goldman Sachs (India) Securities managing director and chief executive officer. "We have got full licence for merchant banking and brokerage services in the country and will launch the brokerage operations this year," Mr Entwistle told the local press. "We already have over 60 employees in India and the process is on for starting Goldman Sachs brokerage in the country," Mr Entwistle said. Goldman received licences for investment banking and stockbroking operations in India at the end of last year. The firm ended a ten-year partnership with Indian Kotak Mahindra Bank last March and has acquired a five per cent stake in India's largest stock exchange, NSE to complement its seven per cent stake in NCDEX, the Indian commodity exchange.