New Delhi, IIFL Capital Services Ltd, a wealth management, broking and investment banking firm, on Monday said it has received approval from the Securities and Exchange Board of India (SEBI) to establish a Wholly Owned Subsidiary (WOS) at Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
The proposed entity – IIFL Capital Services (IFSC) Ltd or IIFL Capital (IFSC) Limited – will operate as a separate legal entity and undertake permitted financial services and capital market activities in GIFT IFSC, subject to approvals from relevant regulators, including the Reserve Bank of India and other authorities as applicable.
This approval marks an important step in expanding IIFL’s global financial services platform and strengthening its presence in international markets through India’s premier offshore financial hub, IIFL Capital Services said in a statement.
The subsidiary will focus on serving global investors, facilitating cross-border investment flows, and enhancing access to international financial products, while maintaining strict regulatory separation and governance standards in line with SEBI guidelines, it said.
Commenting on the development, IIFL Capital Services Ltd MD R Venkataraman said, “This approval enables us to build a dedicated international platform through which global investors can efficiently access Indian opportunities and Indian issuers can engage international pools of capital within a robust and transparent regulatory framework.”
IIFL Capital is one of the leading wealth management, broking and investment banking firms in India with about USD 28 billion of assets under management and custody. It is also into investment banking in India and institutional equities with sales teams based in Mumbai, Singapore, London and New York. PTI
