The move comes after the commodity broking business of GFS was shut down, which left 200-plus employees jobless. Sources said the new company would work through the trading platform of GFS.
The company had decided to surrender its membership in commodity exchanges for getting the central bank nod for an open offer of BNP Paribas to acquire 27.18 per cent stake in the company.
Sources also said the new company would merge with GFS at par once the legal hurdles to invest in Indian commodity futures market by foreign companies is removed.
Geojit has also laid out a major expansion plan for its information technology arm
