Gagan Randev has been appointed the new CEO of Religare Securities Limited, the retail equity brokerage arm of Religare Enterprises. Religare Securities also houses two other busineses of the group—commodity broking (Religare Commodities Limited) and capital market lending (Religare Finance Limited).
The former head of wealth management at ABN Amro, Gagan Randev’s management team would comprise Ashu Madan (COO Religare Securities), Jayant Manglik (President – Commodities, Religare Commodities Ltd) and Sandeep Adhukia (President – Capital Market Finance, Religare Finance Limited).
Broking business is one of the key units of Religare which has over the last two years expanded its reach in financial services. Total revenues from equity, commodity and currency broking stood at Rs 109.3 crore for the fourth quarter ended March’10 as compared to Rs 119 crore in Q3 FY2010.
Total revenues for FY2010 from the broking unit stood at Rs 459.9 crore(over a quarter of overall company’s revenues) as compared to Rs 295 crore last year, an increase of 59%. Company’s total revenues for the year rose 40% to Rs1,671.8 crore while net profit was at Rs 96.52 crore as compared to a loss of Rs 63.58 crore the previous year, it said in its filing to the Bombay Stock Exchange.