IIFL gets approval from Singapore Exchange for securities trading

MUMBAI: IIFL ( India Infoline Ltd) on Wednesday 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, a company statement said here.

"After receiving formal approval from Singapore Exchange, we have 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," India Infoline Group's Chairman Nirmal Jain said.

"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," SGX's CEO, Magnus Bocker said.

IIFL had been one of the first Indian broking houses to get memberships in the Singapore and Colombo stock exchanges.