HSBC InvestDirect's S'pore arm to give up dealing rights

HSBC InvestDirect today said its Singapore-based wholly owned subsidiary IL&FS Investmart Asia Pacific will surrender the capital markets services license granted by the Monetary Authority of Singapore.

The board of directors of HSBC InvestDirect, have approved the surrender of the capital markets services license for "dealing in securities", granted by the Monetary Authority of Singapore to IL&FS Investmart Asia Pacific Private Ltd, Singapore, HSBC InvestDirect said in a filing to the Bombay Stock Exchange (BSE).

Earlier in May 2007, IL&FS Investmart Asia Pacific Private Ltd (IIAPPL) had received the capital markets services license from Monetary Authority of Singapore to conduct dealing in securities.

 

HSBC has operations in Singapore, therefore, it is surrendering the additional capital markets services license which came to the group by virtue of acquisition of the IL&FS Investmart, the bank spokesperson said.

Shares of the company were trading at Rs 270, down 0.33 per cent on the BSE.

Pursuant to the receipt of the fresh Certificate of Incorporation from Registrar of Companies, Maharashtra, IL&FS Investsmart has been rechristened as HSBC InvestDirect (India) Ltd.

Last year the global financial giant, HSBC, acquired a majority stake in domestic brokerage firm IL&FS Investsmart.