Tata Consultancy Services (TCS), in association with SIS Group of Switzerland, is eyeing new clients for its securities clearing and settlement solutions business. TCS vice-president Ravi Shah, at the sidelines of a press conference in Mumbai, said: “We are also looking at smaller and emerging markets and will provide services to 4-5 new organisations soon.” TCS vice-president Jagdish Bhandari added that they expect to commence work for one more client in the West (likely to be in US) in another few months time. Depository services to the same are likely to commence sometime during 2005.

TCS has completed 15 years of its association with SIS, along with its partner TKS-Teknosoft, in Switzerland. Together, they have provided services for international securities trading, clearing, settlement and custody. At present they provide services to organisations like STRATE Depository - Johannesburg, NSDL-India, NSE-India, Singapore Stock Exchange, Deutsche Boerse and Clearstream, Canadian Depository for Securities, Kuwait Clearing Corporation, RBI-India and recently for a depository in Philippines.

SIS Systems AG CEO Donald Thomas said: “Among other benefits, the presence of Indian employees in the SIS office in Switzerland had a positive influence on the work culture.”  TCS and SIS have an offshore development centre in Chennai, which is focusing on further value-added services at the moment. Mr Shah said that the focus will continue on these lines with more services like production support.