From: vilok@bmerh322.bnr.ca (Vilok Kusumakar)
Subject: SUMMARY - 'Stock broker in India'
Reply-To: vilok@bnr.ca
Organization: Bell-Northern Research, Ottawa, Canada
Date: Fri, 13 Nov 92 14:15:42 GMT

Following is the summary of responses I got to my query about 'stock broker in India'.
Thanks to all who responded. My comments are in [].

1.
Here's one
   L. K. Pandey
   211 Veena Chambers
   Dalal Street
   Fort
   Bombay 400 023

   Phone 262-4480 275088
   Fax 262-4490 287-4787
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2.
I too am looking for a good, responsible and reputable stockbroker in
Bombay/Calcutta/Bangalore with the intent of buying new issues.
I haven't tried too hard, but it appears that stockbrokers make the 
meat of their income buying and selling regular stock, not IPOs and so
many of them may not be interested in dealing with the extra hassle of
handling foreign exchange transactions. This is largely a speculation:
I have talked with some NRIs who have said the same thing. But there
appears to be a big market, so someone should be doing it.
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3.
It's possible that you are out of touch with the news, but
there is no advantage left to buying in new issues.
[ I do not agree with this because I was reading in the latest India Today that
  the new issues are on increase. I don't remember the exact numbers but I will try to
  see if I can post a nutshell of that India Today article. - Vilok]
----------------------------

4.
I know a very reliable BSe broker with his own brokerage in borada who is in detroit for a visit tryng to rummage some $$. try calling Vijay Kumar @313 534 5154
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5.
I lived and participated for many years in Bombay Stock Exchange.
Be very careful about *all* stock-brokers in Bombay!
My advice is to seek out a trustworthy friend/relative who can
stay on top of the stock-broker. 
Better yet, avoid investing in Bombay Stock Exchange; *unless
you personally can attend your affairs*!!

Buying closed-end stock funds listed on NYSE is equally good
particularly with 6 % yield!
----------------------------

6.
  One of my friend does this. But I think he charges a fixed amount per
year + additional charge per issue. If you are interested, then I can 
enquire with him.
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7.
Now, the stock brokers don't get as much incentive as they used to get 
before 1st Feb 92. So, the circulation of forms is less. Moreover, the time
involved in sending the application back in India is sometimes more.

Simple thing is to give "power of attorney" to who ever you trust most
( father/mother/...) and they can apply on your behalf and can deposit the
refund orders on your behalf.

If you are not applying for NRI quota, look at them. They are very to get
allotment. For this also, you can give "power of attorney".

The most important advantage is : you can sell the shares as soon as 
possible since you don't need to sign the transfer deeds. 

I know a cousin doing for his sister in New Zealand. I am also about to do
it shortly. I am not sure about technicalities.  
----------------------------

8.
cnntact msheth@valhalla.cs.wright.edu
he could help you.
----------------------------

9.
I have tried State Bank, but they don't know of anybody.
        F.y.i,  There is a newsletter being published for NRI's...  My dad just sent me the
first copy from Bombay.
----------------------------

10.
I want to apply for IPCL shares, which is opening up shortly. Would you
know where to get the NRI form here? Applying thro' NRI
quota is far easiler than applying directly & getting.
----------------------------
 
11.
I saw your posting enquiring about stock brokers in India.  I need the same
information.  I am also looking into NRI investments in India.  So far the
only info I have is about a company called Capital-Max.  Their fees seems
to be exorbidant.
----------------------------

---------------
Vilok Kusumakar                    OSI Protocols for tomorrow......
vilok@bnr.ca                       Bell-Northern Research, Ltd.
Phone: (613) 763-2273              P.O. Box 3511, Station C 
Fax:   (613) 765-4777              Ottawa, Ontario, K1Y 4H7
Newsgroups: misc.invest