Mirae Asset Awaits RBI Nod For Sharekhan Acquisition
Vice Chairman and CEO Swarup Mohanty said the acquisition is "first and substantially large acquisition" in India.
Mirae Asset Investment Managers (India) Pvt, the asset management company of Mirae Asset Mutual Fund, is in the process of acquiring Sharekhan Ltd. and awaiting approvals from the Reserve Bank of India, a top official said on Tuesday.
Vice Chairman and CEO Swarup Mohanty said the acquisition is "first and substantially large acquisition" in India. "We have our M-Stock, our digital broking arm. We are in the process of acquiring Sharekhan, once we get the regulatory approvals which should be around the corner we will see the complete acquisition," Mohanty told reporters.
Sharekhan is engaged in the business of stock broking, commodities, derivatives broking.
In April this year, the Competition Commission of India approved the acquisition of Sharekhan and Human Value Developers Pvt by Mirae Asset Capital Markets and Mirae Asset Securities. Human Value Developers is an investment holding company that holds a certain stake in Sharekhan and does not undertake any other business activity.
Mirae Asset Securities is a public limited company, while Mirae Asset Capital Markets (India) is a wholly-owned subsidiary of Mirae Asset Securities.
Responding to a query, Mohanty said the company was assessing the possibilities of setting up a Global Capability Centre in Mumbai, the first facility for the company.
"We are right now assessing the possibilities. It will be one such facility in India (for Mirae) and probably, we will be setting up in Mumbai. We have (similar) GCC facilities in other countries," he said.
Mohanty and senior company officials were here to announce the launch of Mirae Asset Nifty 200 Alpha 30 ETF Fund of Fund an open ended fund which opened on July 8 and closes on July 22.
"Mirae Asset Nifty 200 Alpha 30 ETF Fund of Fund is a strategic addition to our existing product portfolio, which seeks to provide a valuable opportunity for investors who wish to invest in the Mirae Asset Nifty200 Alpha 30 ETF without requiring a broking or a demat account," said company Head-ETF Products, Siddharth Srivastava.
The scheme would re-open for continuous sale and repurchase from July 29 onwards.
