The market regulator SEBI has approved applications of India Infoline Ltd’s (IIFL) subsidiaries, India Infoline Distribution Company Ltd (IIDCL) and IIFL Investment Adviser and Trustee Services Ltd, to undertake investment advisory services.
Commenting on this, R. Venkataraman, Managing Director, IIFL, said: “Going forward, the advisory services platform poses enormous opportunities for servicing our large client base in the new regulatory framework.”
IIFL’s ‘Financial Services Undertaking’ comprising broking, depository participant, portfolio management services, investment banking, distribution and related business is under the process of transfer to IIDCL through court and regulatory approvals, according to a company statement.
This move is part of the group’s restructuring process. After its expected completion within this financial year, total segregation of the financial services business of IIFL into IIDCL will be enabled, the statement added.