Destimoney Securities appoints Sudip Bandyopadhyay as President

To lead Destimoney Securities in its next phase of growth

Destimoney Securities, today announced the appointment of Mr. Sudip Bandyopadhyay as President.

Destimoney Securities which was earlier wholly owned by the reputed PE Fund, New Silk Route (NSR), is undergoing a restructuring exercise and Mr. Bandyopadhyay, erstwhile MD of Reliance Money is expected to lead the company in its next phase of growth.

As part of the restructuring exercise, the company plans to infuse around Rs.40 crore through new investors, including Dhanlaxmi Bank. Dhanlaxmi Bank proposes to invest Rs.13 crore for a 15% stake, subject to regulatory approvals. The strategic investment is expected to reinforce the bank’s commitment to be an integrated financial solutions company.

Mr. Bandyopadhyay will build and lead a new team comprising of new and existing resources. The new team will be expected to expand and grow the business by adding new customers and expanding in new locations.

NSR Partner on board of Destimoney Securities, Mr. Anand Dorairaj said “We welcome Sudip on board. Destimoney Securities will benefit immensely with the expertise of Sudip in scaling distribution reach and offer innovative investment products .Under Sudip’s leadership we look forward to a period of growth and consolidation”.

Mr. Amitabh Chaturvedi, MD & CEO, Dhanlaxmi Bank said: “With Sudip now at the helm of Destimoney Securities, it is natural to expect deeper market penetration & enhanced opportunities in broking business. Our stake in Destimoney Securities will enable us to facilitate financial convergence to customers and an increased opportunity to cater to a large and diverse range of clientele with a wide mix of products and services”.

Mr. Bandyopadhyay has over 23 years of experience in the financial sector; he has been responsible for building Reliance Money into the country's largest broking and distribution house. He has also been instrumental in taking Reliance Money international through various innovative tie-ups and acquisitions.

A Charted Accountant by profession, Mr. Bandyopadhyay started his career as a management trainee with HLL and has worked across multiple assignments in the area of capital market, money market and current market operations. Prior to this, he also had a stint as head, Centralized Treasury and Investments at ITC.