IDBI Capital Markets has unveiled plans involving foray into private equity funding, tie-ups with banks to have common DP (depository participant) and payment gateways and hiving off its primary dealer (PD) business into a separate company. | |
| S Muhnot, managing director and CEO of IDBI Capital Markets, said the company was in talks with two-three banks to have common DP and payment gateways. |
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| "The plan is that the DP accounts and the savings accounts will remain with the banks, while we get their trading accounts," he said. |
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| The broking firm already has a DP and payment gateway with parent IDBI. |
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| Since launching its online personal finance portal 'www.idbipaisabuilder.in' in January this year, the broking outfit has been able to get 8,000 trading accounts. |
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| With the recent amalgamation of United Western Bank with itself, IDBI Capital expects another jump in its customer base. |
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| "The portal helps clients to do hassle-free trading on the BSE and the NSE. It also gives credible and timely information on stocks, mutual funds and initial public offers so that clients can take informed investment decisions," Muhnot said. |
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| The CEO said the company was also in the process of establishing a separate firm to focus on its PD business as per recent Reserve Bank of India norms. |
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| IDBI Capital Markets has also floated a Rs 50 crore private equity fund, raised from its own internal accruals. It made Rs 10 crore investment to pick up about 5 per cent stake in Coimbatore-based textiles company Vijayeshwari Textiles. Another area that IDBI Capital Markets plans to enter is the pension fund management. |
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