JRG Securities, a Kochi-based brokerage firm, has appointed Anand Tandon as CEO of the group. Tandon, who has over 20 years of extensive capital market experience, will start in his new role with JRG in mid-November.
JRG also plans to "pursue aggressive expansion" and will raise Rs 70 crore through debt and equity in the near term. It recently got approval from the Hon'ble Company Law Board vide its order dated October 11, 2010 to proceed with the right issue.
The share price of JRG closed at Rs 35.75 today, up by more than 3%.
Tandon was till recently Head of Equities at Brics Securities and in the past held senior leadership roles at ASK Raymond James & Associates, where he built up the institutional brokerage business from a start-up stage to being among the top ten foreign brokers operating in India. He has also worked as Head of Portfolio Management with Edelweiss Capital and in the Global Analytics Group of Citigroup in the past.
JRG Securities also declared its half yearly results, posting revenues of Rs 30 crore and net profit of Rs 1.07 crore for the first half of FY11. In light of sluggish environment that has marginally improved with increased capital markets activity towards the end of the quarter, the company saw a decline of 4.4% in revenues in Q2 FY11 results, said a release.
Since Baring took a majority stake in JRG in 2007, the firm has expanded into newer geographies, strengthening credit and risk management systems, creating new products and strengthening client relationships through service focus.
“Despite the tough economic environment, JRG Securities has made notable progress and has come a long way from a pure-play Equities and Commodities House primarily in Kerala, to a dynamic brokerage house with developing presence in south India. We are confident that Anand
Tandon will take the company to greater heights and spearhead JRG's efforts in becoming the preferred broking partner for retail investors in the country,” said Rahul Bhasin, chairman of JRG and managing partner at Baring Private Equity Partners India.