Indian financial services firm India Infoline has received approval from the Singapore Exchange (SGX) for its Singapore-based subsidiary IIFL Securities to become an SGX member.
The SGX has given IIFL Securities in-principle approval to become a Securities Trading and Clearing member. IIFL Securities already has a licence from the Monetary Authority of Singapore and now intends to create the necessary infrastructure to start offering broking services on the SGX in about three months, said an India Infoline spokesperson. It expects to become the first India-based broker to be a member of the SGX.
India Infoline set up IIFL Securities in early 2008. It is headed by Bharat Parajia, who moved to India Infoline from CLSA in May 2007 together with three other CLSA colleagues. Parajia heads an office of 16 people, which is slated to grow to 30 people later this year. IIFL Securities is capitalised at more than S$5 million ($3.6 million).
IIFL Securities deals with the largest institutions active in this part of the world, including the Government of Singapore Investment Corporation (GIC), Temasek, Capital Group and Fidelity, said the spokesperson. It intends to service these funds as well as local institutional clients and India-based funds and life insurance companies, as and when they begin to invest overseas.
India Infoline is a diversified financial services company with interests in institutional and retail equity broking, commodities broking, investment banking, lending, distribution of life insurance products, and asset and wealth management. It is based in Mumbai and has offices in Singapore, New York and Dubai.