Stockbroking firm Swastika Investmart on Thursday announced an agreement to acquire the business of Safal Capital. The deal will enhance the company’s customer base by nearly 5 percent, said Swastika in an official press release. Post the deal, Safal Capital’s customers will be able to use the services of Swastika’s stock research team, technology platform, compliances and customer support services.
Swastika Investmart’s Managing Director, Sunil Nyati said that the deal to acquire Safal Capital’s client and DP business was signed after getting all necessary consents and approvals. “This will further strengthen its play in the stock brokerage segment. Today Swastika Investmart Limited has 102 branches 2261 sub-brokers, 1031 team members, and more than 2.5 lakh customers,” Nyati added. The cost of the acquisition, however, hasn’t been disclosed.
Safal Capital formerly known as MPSE Securities Limited is a subsidiary of the Madhya Pradesh Stock and Capital Market Limited. After the derecognition of the stock exchange, all its businesses were shifted under Safal Capital (India) which was incorporated in March 2000 in Ahmedabad.
The company has corporate membership of the NSE, BSE, MCX, ICEX, NCDEX, and Metropolitan Stock Exchange Limited apart from being the Depository Participant of Central Depository of India Limited (CDSL). Safal Capitals currently has 16,000 retail clients and 120 sub-brokers.
Announcing the agreement, Swastika Investamart emphasized its commitment to providing full-service brokerage offerings to the customers of Safal Capital.
Incorporated in 1992, Swastika Investmart began its journey in the lease and finance business before eventually adding business arenas. The company is a member of the NSE, BSE, MSEI and a Depository Participant of CDSL & NSDL.
Swastika Investmart is registered with the Securities and Exchange Board of India (SEBI), India’s market regulator, as a Category I Merchant Banker. The group also has a membership in the commodity exchanges like MCS, NCDEX & ICEX.
The company was awarded by the NSE in 2019 for its great contribution in Small and Medium Enterprises (SME) listing.
Swastika Investmart is wholly owned subsidiary of Swastika Fin Mart which is an Reserve Bank of India (RBI) registered non-banking financial company
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