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K.R. Srivats

New Delhi, July 31

Orbis Financial Corporation Ltd, a new custodial services provider, has received Securities and Exchange Board of India’s (SEBI) nod to commence operations here.

With an initial capital of Rs 50 crore, the company is looking to start providing custody services by end-September or early October 2008, according to Mr Dilip Bidani, Director-Finance & Operations.

The custodial services market is dominated by banks and State-owned entities. Orbis Financial is the first privately-promoted custodial services provider.

Admitting that large entities including foreign institutional investors and mutual funds were already being “adequately serviced” and hence it would be difficult to tap the market, Mr Bidani said that the company would focus on the untapped market of high networth individuals, mid-sized corporates and trusts that had so far not utilised custody services.

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