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Mumbai, Aug. 23 Indiabulls Securities Ltd became the first broker to be assigned the broker grading of BQ-1 by Crisil on a 5-point grading, according to a press release.

The grading was done on a 5-point scale where BQ-1 is the highest and BQ-5 the lowest.

The company is a 100 per cent subsidiary of Indiabulls Financial Services Ltd. The board of directors of Indiabulls Financial has passed a resolution to de-merge Indiabulls Securities. The process is expected to be completed by the last quarter of 2007-08, according to the release.

On a standalone basis, Indiabulls Securities posted a net profit of Rs 138 crore and Indiabulls Financial reported a PAT of Rs 445 crore for the year ended March 31, 2007. On a consolidated basis, Indiabulls Financial had a PAT of Rs 166.4 crore as on June 30, 2007.

As on March 31, 2007, Indiabulls Securities had 476 branches across 195.

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