It takes more than a good idea and sheer will power to get an Internet business going overseas -- even in a hot technology center like India.

At least that's what online broker

TD Waterhouse

( TWE) has found, as its joint venture with India's

Tata Group

is still waiting for that country's regulators to approve any online equity trading.

TD Waterhouse made the move as part of a push by most online brokerages to expand into major financial centers overseas. So it's not the only one waiting to see if Net trading can become as broad based overseas as it is here. In addition to raging competition in the U.S., TD Waterhouse is up against

Charles Schwab

( SCH),


( EGRP) and


( DIR), among others, in cities like Tokyo, London and Hong Kong.

But back in October 1999, TD Waterhouse, a unit of Canada's


(TD) - Get Report

, was on its own in heading to Bombay when it announced plans for the joint venture,

Tata Finance/TD Waterhouse

, of which it owns 49%. Then in February, the companies signed an agreement saying that the joint venture would provide financial services with an emphasis on brokerage and online trading, pending regulatory approval. Last week, the companies soft-launched their joint English-language Web site, minus the online trading function.

TD Waterhouse spokeswoman Melissa Gitter says the company hopes to get regulatory approval in the next 12 months. In the interim, the site has some research and simulated trading and soon will direct customers to the joint venture's physical locations. In addition to the telephone trading service the venture operates now, it will have locations in 25 Tata branches this fall.

Sometimes bricks come quicker than clicks.