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Mumbai, July 4

JM Financial announced today that it has entered into a joint venture with broking firm ASK Securities. It has agreed to take 60 per cent in the venture, which will focus on equity research and institutional sales & trading. The transaction is expected to close by the second quarter, subject to necessary regulatory approvals, a JM release said. The financial details were not disclosed. Mr Nimesh Kampani, Chairman, JM Financial Group, said: “This joint venture wil l now complete the bouquet of financial services we offer.” Mr Asit Koticha, Chairman, ASK Securities, said that the venture would help scale up the company’s institutional broking business. – Our Bureau

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