India Infoline Ltd, a Mumbai-based financial services company, has received provisional membership approval for starting stock broking activities in the Colombo Stock Exchange (CSE) in Sri Lanka.
The company will soon set up a subsidiary, systems and infrastructure for commencing stock broking services in Sri Lanka, R Venkataraman, executive director, India Infoline, said in a statement. India Infoline claims to be the first India-based broker to get membership of the Sri Lankan bourse.
“Our Sri Lanka operations will help us to leverage on our technology, particularly proprietary internet trading platform, research capabilities, and effectively cater to domestic and foreign investors in Sri Lanka,” Venkataraman added.
In FY10, the revenue of the company rose 28% to Rs 1,123.66 crore, while net profit rose 60% to Rs 231.99 crore. The shares of the company were traded at Rs 105, up by Rs 1.35 or 1.30% at 12:40 pm on BSE today.