BNP Paribas relinquishes its board positions at Geojit

This, to avoid any conflict of interest arising due to its acquisition of brokerage house Sharekhan

Paris-based financial services entity BNP Paribas has given up its board positions in Geojit Financial Services. It says it intends to categorise itself as an ordinary investor, not part of the promoter group. This is learnt to have been done to avoid a conflict of interest from its acquisition of Mumbai-based brokerage Sharekhan.
 
It had two board positions till November 2016. Geojit says BNP will continue to remain an investor and a new shareholding agreement has been inked between both parties.
 
No regulation bars an institution from being the promoter of different brokerages or market intermediaries. “This could