|
| SMC mulls public issue, entry into MF biz |
| Press Trust of India / New Delhi Aug 29, 2010, 17:54 IST |
|
Domestic brokerage firm SMC Group today said it may come out with a public offer in the next two years and is also mulling an entry into the competitive mutual fund space.
"We have plans to get listed on the two premier bourses -- NSE and BSE -- and will come out with a public issue in coming years," SMC Group CMD Subhash Chand Aggarwal told PTI.
SMC is already listed on the Delhi Stock Exchange, which has not been in operation for many years. Interestingly, the DSE is also gearing up to resume trading in coming months.
Asked about the size of the proposed public issue, he said it will depend on the company's fund requirement, adding that the offer may be floated in the next two years.
On SMC Group's entry into the mutual fund business, Aggarwal said, "We have already got the provisional approval from the market regulator Sebi and are watching situation. We would enter into the business in the coming period."
However, he did not mention about the possible timeframe for entry into the AMC business.
Aggarwal said with the growth in the Indian economy, faith of local investor is increasing and they are looking for options to get the best out of their investment.
"To meet this ever-increasing demand of the investor and to develop the market further, we see huge opportunity," he said, adding that his company has big expansion plans for the coming period.
At present, SMC has a presence in 425 cities in the country, with over 2,100 offices, and is looking forward to increasing its presence in 700 more cities by establishing an additional 5,500 offices in the next three years, Aggarwal said.
"Besides, we want to increase our employee base of 6,000 by another 3,000 during the same period," he said.
"We are not only looking for expansion in retail business, but also in the institutional, as well as HNI business," Aggarwal added.
According to Aggarwal, funding for the current expansion plan will be made through internal accruals.
SMC's products and services include institutional, retail brokerage of equity, commodity, currency, derivatives, IPOs and mutual funds distribution and portfolio management, among others.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
