TradeNext: The REAL story. Full inside info on new venture, and what really happened – Exclusive investigation

It never pays to listen to gossip.  Especially if that gossip concerns a relatively large company and its shareholders, and was copied verbatim from an unreliable source which has likely been censored by a corrupt government, by entities who did not conduct research. India-focused British FX brokerage TradeNext hit the headlines recently when it was alleged […]

It never pays to listen to gossip. 

Especially if that gossip concerns a relatively large company and its shareholders, and was copied verbatim from an unreliable source which has likely been censored by a corrupt government, by entities who did not conduct research.

India-focused British FX brokerage TradeNext hit the headlines recently when it was alleged in Indian media that Jagjit Singh and Jaswinder Singh, both major shareholders of TradeNext, were arrested along with other individuals for allegedly taking part in a chit fund fraud.

Bearing in mind India’s position on the corruption index, copying Indian media verbatim and taking it as gospel is foolhardy and potentially damaging.

Far from being in dire straits, TradeNext is in fine fettle and branching into new ventures. The latest is today’s announcement of the launch of TradeNext Securities, which is located in India’s capital city, New Delhi. This new company provides electronic-trading to both retail, high net worth and institutional clients on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

According to the BSE’s filings, the firm, TradeNext Securities Ltd received membership on the 29th of September 2015.

A detailed investigation by FinanceFeeds can confirm that, during the company’s ceasing of operations in London, many large British CFD and spreadbetting firms reached out to senior executives at TradeNext with offers to buy the client base, and were met with a resounding no by TradeNext, unless offers began at well over $500,000 just for part of the UK client list (it is of note that most of TradeNext business is in India so the UK represents a very small proportion.)

This depicted a company which is not experiencing difficulties, and therefore the speculation that it was on its uppers was incorrect.

In addition to today’s announcement of the membership of exchanges, it was made clear that the company has expanded further into Asia by launching an equities focused broker-dealer in India, authorized by SEBI, furthering the multi-asset direction which is currently en vogue, as well as looking at going onto exchange traded assets as a mainstay of the business.

FinanceFeeds spoke to senior management at TradeNext today, who explained

This is a partnership that the firm has been working on for a significant period of time. TradeNext has previously held interests in other domestic brokerage firms that are regulated in Asia and members of exchanges. This venture has no relationship with the UK firm’s operations.”

With regard to the commercial structure of the firm, TradeNext explained to FinanceFeeds that there are four appointed directors.

It has been understood that TradeNext focuses on South Asia, and when asked whether this new venture is specific to that region, TradeNext explained

“Yes indeed, the firm has built a very strong presence among the south-asian diaspora thoughts its British Indian Awards sponsorship as well as its Search for an Asian Football Star campaign, the firm believes in providing accessibility in easy-to-understand mediums to traders from this region, and in particular with the global presence of people of South Asian, the firm is committed to offering regulated trading and investment solutions, hence this venture complements the work TradeNext has been doing with Mc Securities whereby it was providing information about Indian markets to NRI’s in the UK.”

As far as moving toward exchange traded products is concerned, TradeNext has this very much in mind. One particular executive at the firm said “This was actually part of the ‘old’ strategy and we have been working on it for a while, so yes we are working towards a more exchange-traded model.”

What about the allegations of arrests in India, and the charges that were reported?

It is well known that India has a very corrupt government, and as a result of FinanceFeeds investigation, the truth behind this can be revealed here.

A source close to the matter explained in writing to FinanceFeeds “This matter is absolutely not linked to TradeNext as a company, and it is politically motivated.”

“Mr Jagjeet Singh has lots of clients in various businesses, but the company in question is still active. The whole thing has gone quiet now because everyone realizes that this is a conspiracy, otherwise there is absolutely no way that the firm would still be allowed to operate, and neither would it have licenses in other, Western nations because they would investigate the ownership structure and if anything was amiss or a senior shareholder was convicted, there would be no license and no possible way of furthering business in India or the UK” said the source.

The government wants to get Mr. Singh’s vote and is attempting to pile the pressure on

This particular source further explained

“If what was published by the Indian media was true we wouldn’t be talking about this because there would be no new ventures by the company. TradeNext is still regualted by the FCA, however Mr. Singh is a very prominent businessman and the government wants his vote, however he is not political, he is a businessman, therefore they try to pressure him in this manner. They tried various other methods but have not been able to prove anything. India is a tough country and there is a lot of government-level corruption.”

Last year TradeNext partnered with Kolkata-based brokerage firm, MC Securities with a vision to offer Indian financial investment products to Britain’s vast overseas Indian diaspora. The firm was one of the first UK FX & CFD brokers to offer access to Indian financial markets; the service was available to individuals who hold Non-Resident Indian status due to restrictions for overseas investors in the Indian investment market.

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