Mirae Asset Investment Managers (India) is acquiring Sharekhan, pending regulatory approvals. The acquisition, once complete, will see Mirae Asset expanding its presence in the Indian broking market.
Chennai, Jul 9 (PTI) Mirae Asset Investment Managers (India) Pvt Ltd, the asset management company of Mirae Asset Mutual Fund, is in the process of acquiring Sharekhan and awaiting approvals from RBI, a top official said on Tuesday.
Mirae Asset Investment Managers (India) Pvt Ltd Vice Chairman and CEO Swarup Mohanty said the acquisition is 'first and substantially large acquisition' in India.
"We have our M-Stock, our digital broking arm. We are in the process of acquiring Sharekhan (Ltd), once we get the regulatory approvals which should be around the corner we will see the complete acquisition" Mohanty told reporters.
Sharekhan Ltd is engaged in the business of stock broking, commodities, derivatives broking.
In April this year, the Competition Commission of India (CCI) approved the acquisition of Sharekhan Ltd and Human Value Developers Pvt Ltd by Mirae Asset Capital Markets (India) and Mirae Asset Securities. Human Value Developers Pvt Ltd is an investment holding company that holds a certain stake in Sharekhan and does not undertake any other business activity.
Mirae Asset Securities is a public limited company, while Mirae Asset Capital Markets (India) is a wholly owned subsidiary of Mirae Asset Securities.
Responding to a query, Mohanty said the company was assessing the possibilities of setting up a Global Capability Centre (GCC) in Mumbai, the first facility for the company.
"We are right now assessing the possibilities. It will be one such facility in India (for Mirae) and probably, we will be setting up in Mumbai. We have (similar) GCC facilities in other countries", he said.
Mohanty and senior company officials were here to announce the launch of Mirae Asset Nifty 200 Alpha 30 ETF Fund of Fund an open ended fund which opened on July 8 and closes on July 22.
"Mirae Asset Nifty 200 Alpha 30 ETF Fund of Fund is a strategic addition to our existing product portfolio, which seeks to provide a valuable opportunity for investors who wish to invest in the Mirae Asset Nifty200 Alpha 30 ETF without requiring a broking or a demat account," said company Head-ETF Products, Siddharth Srivastava.
The scheme would re-open for continuous sale and repurchase from July 29 onwards.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback