Financial services provider HSBC InvestDirect (India) today said its subsidiary IL&FS Investsmart Insurance Brokers Ltd will discontinue the insurance broking business.

The board of directors at their meeting held on January 5 have approved to discontinue the insurance broking business by IL&FS Investsmart Insurance Brokers Ltd (IIIBL), HSBC InvestDirect (India) said in a filing to the Bombay Stock Exchange.

Also Read   Related Stories News Now - IL&FS Investsmart renamed as HSBC InvestDirect - IL&FS Investsmart hits 5% upper limit - Manufacturing in dec at 7-month high, PMI shows - 'A hike in FDI limits will ensure a more efficient insurance sector' - Car insurance may come with accident cover - Manufacturing reaches top in 7 months, says HSBC study

Also Read   Related Stories News Now - Markets end on a strong note - Ahmedabad SE plans revival, will sell land to raise net worth - FinMin to hold roadshows in 5 Gulf countries to attract QFIs - Sundaram Finance reports 38% jump in net profit in FY12 - Trent Q4 net profit up at Rs 19.52 cr More

HSBC InvestDirect (previously known as IL&FS Investsmart Ltd), owns 45 per cent capital in IIIBL. "This is with a view to align the business with the long term strategy of HSBC InvestDirect," the company said.

HSBC InvestDirect (India) provides varied range of services through its subsidiaries to individual and corporate customers.

In 2008, the Hongkong and Shanghai Banking Corporation (HSBC) had acquired a 73.21 per cent stake in IL&FS Investsmart, a leading retail brokerage house in India.

Shares of HSBC InvestDirect (India) were trading at Rs 253 on the NSE, up 0.86 per cent from its previous close.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end on a strong note - Ahmedabad SE plans revival, will sell land to raise net worth - FinMin to hold roadshows in 5 Gulf countries to attract QFIs - Sundaram Finance reports 38% jump in net profit in FY12 - Trent Q4 net profit up at Rs 19.52 cr

Tags : IL&FS Investsmart | insurance broking | HSBC | IRDA   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -  Help a Child Achieve her. Click to know more -  2 Lac Apartments, 1 Lac House / Plots. Click here -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More