Even as the stock exchanges have directed them against increasing their exposure, Refco’s Indian units have said they were unaffected by the US parent’s problems.“We have ring-fenced ourselves by passing a resolution not to remit funds to any of the Refco group’s overseas entities,” said Vineet Bhatnagar, country head of Refco. “This is to protect our jurisdiction. I am a viable, liquid, strong brokerage.”Refco India said in a statement it had about Rs 295 crore as margins with clearing corporations, compared to a requirement of Rs 150 crore. “Refco India is not affected by the developments in the Refco group, US,” said a Refco spokesman. “As per the exchange rules and regulations, Refco Sify has segregated all customer funds at all times.”Refco, which has more than 15,000 clients in India, is one of the biggest brokerages in the country with a daily turnover of Rs 600 crore in the equities market and about Rs 60 crore in the commodities markets, said Bhatnagar.In India, Refco is also in commodities trading, with memberships of the Multi Commodities Exchange Ltd and the National Commodity & Derivatives Exchange Ltd (NCDEX).Meanwhile, advisers for Refco Inc met in New York last Saturday in an emergency meeting to decide how to save the company. They discussed which Refco units are salvageable and which may have to file for bankruptcy or be dissolved altogether, said sources familiar with the matter.
