AK Purwar, former chairman of the State Bank of India (SBI), has been appointed as chairman of India Infoline Investment Services Pvt Ltd, a subsidiary of India Infoline Ltd. Purwar is also chairman, India Venture Advisors, a leading venture capital firm.
Mumbai-based India Infoline Investment Services Pvt Ltd is engaged in equity brokerage services to retail customers in India, apart from financing its customers.
On Purwar’s appointment, Nirmal Jain, chairman India Infoline Ltd, stated that his long standing association with country’s largest public sector lender SBI and his expertise in Indian economy and finance would help the group in scaling up its operation. Prior to his appointment as chairman, Purwar was an independent director of the company.
India Infoline Group, which is listed through its holding company India Infoline Ltd, offers a wide range of financial services including equities and derivatives, commodities, wealth and asset management, and investment banking.
Net sales and net profit of the company were Rs 962.44 crore and Rs 157.33 crore respectively.