SEBI approves the establishment of a subsidiary for HDFC Securities in the GIFT IFSC.
In order to establish a wholly owned subsidiary at the International Financial Services Centre (IFSC) in Gujarat's GIFT City, HDFC Securities received a "no objection" from the Securities and Exchange Board of India (SEBI), HDFC Bank reported to exchanges on September 20.
The Reserve Bank of India approved the establishment of a step-down subsidiary through HDFC Securities Ltd., HDFC Bank announced to exchanges on May 13th.
According to the bank, its subsidiary will provide broking and clearing services in GIFT City's IFSC under conditions set by the RBI. The IFSC is an effort by the Center to entice foreign money to support India's economic development.