Sharekhan Ltd, one of India’s largest retail brokerage firms owned by Citigroup Venture Capital International, has received a licence from the Dubai Financial Services Authority (DFSA) to operate at the Dubai International Financial Centre (DIFC). The licence, which has been awarded to its subsidiary Sharekhan Investment Services Ltd, will help the firm grow its Middle East operations and offer services to retail clients.
According to a statement, Sharekhan Investment Services will be able to arrange credit or deals in investments, advise on financial products and credit, and arrange custody from its DIFC-based office. Sharekhan has had a presence in Dubai via its representative office for the past three years.
“Sharekhan’s decision to use the DIFC as a platform to service its regional clients, is a further testament of the centre’s position as the preferred destination for global players seeking to build their business in the Middle East,” said Abdulla Mohammed Al Awar, CEO, DIFC Authority.
“The Middle East region has always been an attractive market due to its dynamic business environment. With a licence to operate in this region, we have expanded our international presence. The entry into this market has also helped us accelerate and tap the vast business potential present in the region,” said Tarun Shah, CEO of Sharekhan.
PE firms Citigroup Venture Capital, along with other investors like Baring Private Equity Asia and IDFC, hold a majority stake in Sharekhan Ltd, the country’s leading online retail broking house. It has a presence in 550 cities through 1800 Share Shops and serves more than 10,00,000 customers.