HDFC Securities to shut franchisee business

MUMBAI: HDFC Securities said on Wednesday it has decided to close its franchisee business in an attempt to "streamline operations and enhance service quality", contrary to messages circulating on WhatsApp and social media that the closure is on account of compliance issues.

"We want to clarify that our decision to pause partnerships was a strategic move made earlier this year," said a HDFC Securities' spokesperson. The brokerage, the seventh-largest by client base, said it is growing consistently across segments including its low-cost broking platform, HDFC SKY, and investment advisory service, HDFC TRU.