IIFL receives approval from SGX for Securities Trading, Clearing memberships

Becomes the first Indian member of SGX

IIFL (India Infoline Ltd.) today announced that its Singapore-based subsidiary, IIFL Securities Pte Ltd, has received approval for Securities Trading and Clearing memberships from Singapore Exchange (SGX). IIFL Securities Pte Ltd, which set up its office in early 2008, is the Singapore arm of the India Infoline Group. With this, IIFL becomes the first India-based broker to become a member of the SGX.

Speaking on the occasion, Mr Nirmal Jain, Chairman of India Infoline Group, said, "We are indeed very pleased to receive the formal approval from Singapore Exchange. We have already begun setting up systems and infrastructure to commence broking services. This formal approval lends further impetus to the commencement of broking services in Singapore where we aim to leverage upon our research capabilities and effectively cater to global institutional investors.”

Elaborating on it, Mr Magnus Bocker, CEO of SGX, said, "Today marks an important milestone for SGX as we welcome IIFL Securities, our first Indian broker, to our securities market. We look forward to IIFL becoming a conduit providing access to investment opportunities for its customers in Singapore, India and other markets.”

About the IIFL (India Infoline) Group (Bloomberg: IIFL IN Equity)
The IIFL group, comprising the holding company, India Infoline Ltd (NSE: INDIAINFO, BSE: 532636, Bloomberg: IIFL) and its subsidiaries, is one of the leading players in the Indian financial services space. IIFL offers advice and execution platform for the entire range of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, GoI bonds and other small savings instruments. It owns and manages the website, www.indiainfoline.com, which is one of India’s leading online destinations for personal finance, stock markets, economy and business. IIFL has also been one of the first Indian broking houses to get memberships in the Singapore and Colombo stock exchanges.

IIFL has been assigned the highest broker grading BQ1 by CRISIL, while our Singapore subsidiary is the first India-based brokerage to get Securities Trading and Clearing memberships from SGX. IIFL is also the first foreign broking firm to be granted membership of Sri Lanka’s Colombo Stock Exchange. The company has set up an office in Sri Lanka as the first step towards full coverage of this small but highly promising market. To this end, it recently hosted several foreign and Indian institutional investors and some leading Sri Lankan corporations at its conference, Discover Sri Lanka – 2010, at Colombo.

IIFL has been awarded the ‘Best Broker, India’ by FinanceAsia and the ‘Most improved brokerage, India’ in the AsiaMoney polls. IIFL was also adjudged as ‘‘Fastest Growing Equity Broking House - Large firms’ by Dun & Bradstreet. Our chairman, Mr Nirmal Jain, was ranked 2nd in a study of ‘India’s most valuable CEOs’ by BusinessWorld in November 2009. A forerunner in the field of equity research, IIFL’s research is acknowledged by none other than Forbes as ‘Best of the Web’ and ‘…a must read for investors in Asia’. IIFL’s research is available not just over the Internet but also on international wire services like Bloomberg, Thomson First Call and Internet Securities where it is amongst one of the most read Indian brokers.

A network of over 2,500 business locations spread over more than 450 cities and towns across India facilitates the smooth acquisition and servicing of a large customer base. All our offices are connected with the corporate office in Mumbai with cutting edge networking technology. The group caters to a customer base of about a million customers, over a variety of mediums viz. online, over the phone and at our branches.

Please note: IIFL refers to India Infoline Ltd and its group companies.