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Company : Netfinex.com 
Wednesday, August 23, 2000 3:28PM IST (9:58AM GMT)
 
NETFINEX TO SET UP ON-LINE FINANCIAL ADVISOR NETWORK
New Delhi, Delhi, India

The foundation of NETFINEX, a new initiative that will revolutionise on-line advisory and transaction services in the retail financial markets, was announced today.

"Netfinex is a serious endeavor to move markets closer to investors," said Sudhir Rao, Managing Director and co-founder of Netfinex. "The business model is unique in that we will use technology to aggregate investors' needs --and deliver advisory and transactional services on a personalized basis, through a network of qualified financial advisors."

Understanding consumer needs will be the first priority for Netfinex. Towards this, Netfinex will begin a dialogue with investors and devise ways of satisfying those needs when commercial operations commence in November 2000.

In order to facilitate an informed investment choice, Netfinex will present customers a single window for all retail financial products, including information delivery, advisory and transaction processing. Buyers would have a choice of ‘advisor assisted' or ‘direct' transactions – with direct customers being able to transact through the Net.

Netfinex has already entered into strategic alliances with Compaq, Gilat and Microsoft to deliver state-of-the-art technology in terms of server farms, satellite communications and database management software.

SSI Ltd. and the Nasdaq Stock Market, Inc. are founding investment partners in Netfinex. "We are glad to be a part of Netfinex's development because Nasdaq shares in the Company's vision of providing individual investors with access to timely and comprehensive financial information that will help them make educated financial decisions. We look forward to seeing Netfinex's growth and development, including other strategic investors and partners taking an interest in the Company," said Gordon F. Martin, Executive Vice President and Chief Financial Officer, The National Association of Securities Dealers, Inc. (NASD - parent company of the Nasdaq Stock Market Inc.), USA.

"We are already seeing developments towards mandating certification of the delivery process in financial markets and we believe that this will become a way of life as in developed financial markets," observed Kalpathi S. Suresh, Chairman & CEO of SSI Ltd. "We will use SSI's IT training and certification experience, expertise and infrastructure to develop and deploy financial training and certification programs through Netfinex. We also see this bundled offering (along with other services offered through Netfinex) opening up new career opportunities."

The distinguishing feature of Netfinex is its ‘walk, talk or click' model, which embodies secure and robust technology and a real-world presence through its branch offices and a wide network of Certified Independent Financial Advisors. "The focus will be on managing customer relationships – not by ‘selling' products, but by assisting the customers to go through the process of need analysis, product evaluation and finally fulfilling the commerce," said Sudhir Rao. "Netfinex will enable the Financial Advisors through a VSAT-based packaged solution, which Netfinex will install and maintain. The platform is scalable and can easily accommodate the Independent Financial Advisor growing into a small or medium scale enterprise."

Netfinex has already started the process of tying up with mutual funds, depository participants, banks and stock exchanges for electronic interfaces for content and transaction processing. For the sellers, this initiative will enable wider reach, reduced processing costs and the ability to rapidly cascade information on new and existing products to the customers.

About SSI Ltd
SSI Ltd. provides quality training, consulting, and development services to the computing industry worldwide. Since its incorporation in 1991, SSI has grown to become India's third largest software education company and a comprehensive IT service provider in cutting edge product lines. SSI Technologies is a virtual corporation of SSI Ltd. SSI provides component-based software development and consulting services to global clientele in the key verticals of securities trading, banking, insurance, telecom, and healthcare. SSIT architects Internet solutions to take full advantage of e-commerce.

About Nasdaq
The Nasdaq Stock Market lists nearly 5,000 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. Nasdaq is a subsidiary of the NASD, the largest securities-industry, self-regulatory organization in the United States. For more information, visit the Nasdaq Web site at www.nasdaq.com, or the site for reporters -- the Nasdaq NewsroomSM -- at www.nasdaqnews.com.

 
Media Contact Details
Pushpa Niar, pushpa@business2media.com, +91-11-3326022
Pushpa Niar, pushpa@business2media.com, +91-11-3326022
 
 
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