Former HDFC Securities’ executive director Sanju Verma and an unnamed investment banker have reportedly acquired Alchemy Shares & Stock Brokers from its promoters, one of whom is the billionaire investor Rakesh Jhunjhunwala. The development comes after Alchemy had decided to shut down its institutional broking arm in June this year.

According to a DNA Money report last week, Verma and the banker have set up Violet Arch Capital Advisors, which is starting with Rs 100 crore in capital. This company is backed by ‘one of biggest and most respected conglomerates of the country,’ as well as an NBC in infrastructure space and a Wall Street-based boutique investment bank.

However, VCCircle cannot confirm the developments independently.

While Verma will lead the securities business, the unidentified banker will focus on developing the M&A and other advisory businesses of the new firm.

Till February, 2009, Verma was the executive director and head of institutional business at HDFC Securities, the broking arm of HDFC Bank. Before joining HDFC, he had a stint with MF Global (the erstwhile Refco-Sify Securities) as head of FII (Equities) where she was instrumental in setting up the cash equities business.

She had been with JP Morgan for six years as associate director (Asia-Pacific Sales) and also worked with Proactive Universal Group as CEO (Institutional Business).

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