Broadridge warming up for India foray

HYDERABAD, INDIA: Having doubled its capacity in Hyderabad to 750 since April last year, Broadridge Financial Solutions India, a subsidiary of US-based Broadridge Financial Solutions, will focus on preparing ground for entering the India market.

The company provides outsourcing and managed services to the banking and brokerage firms round the world.

“Currently we service our global customers from India, but we definitely see future in India and China,” said V Laxmikanth, managing director, Broadridge Financial Solutions India.

Broadridge, whose client list includes large investment banks, will enter the India market when its customers set up Indian operations. The route, the company feels, is better than introducing products in India, especially since the volume of large investment banking is not yet present in the country.

The company has services in the segments of investor communication solutions, securities processing solutions, clearing and outsourcing solutions.

A service that the company is keen to introduce in India is the Electronic Proxy Voting for corporate decision making.

“In India, shareholders express their opinion through physical presence in annual general meetings, a method that is not transparent,” he added.

“But to bring this product, the Indian legislation needs to change. We are lobbying with Industry bodies and government. If India wants more Foreign Direct Investment, it must follow global transparency trends. It will happen down the line and we are preparing ground for it,” said Laxmikanth.

The focus on the India employees would be to add value by sending them to work and train in the US office. During the course of 12-18 months employees will work in different departments and gain more expertise.

“This is to meet the gap on the current available talent in India where freshers have only programming skills. By the end of the training they will have gained understanding of the applications and the end businesses they work for making them 30 times more productive,” said Laxmikanth.

The subsidiary in India has about 17-18 per cent of the company’s employee strength.

Broadridge services to its clients through managed services and SAAS model, where the software sits on Broadridge’s data centers. Broadridge was formed after ADP, a US-based outsourcing solutions provider, spun off its Brokerage Services Group in March 2007.