India Infoline to become first India-based broker on SGX

Indian financial services firm India Infoline has received approval from the Singapore Exchange SGX for its Singapore-based subsidiary IIFL Securities to become an SGX member.

The SGX has given IIFL Securities in-principle approval to become a Securities Trading and Clearing member. IIFL Securities already has a licence from the Monetary Authority of Singapore and now intends to create the necessary infrastructure to start offering broking services on the SGX in about three months, said an India Infoline spokesperson. It expects to become the first India-based broker to be a member of the SGX.

India Infoline set up IIFL Securities in early 2008. It is headed by Bharat Parajia, who moved to India Infoline from...