IIFL Securities, a unit of financial services company India Infoline Group, has joined Singapore Exchange's (SGX) securities market as a trading and clearing member.
Magnus Bocker, CEO of SGX, said, “Today marks an important milestone for SGX as 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.”
Nirmal Jain, chairman of India Infoline Group, added, “We are indeed very pleased to receive the formal approval from Singapore Exchange. We have already 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.”
IIFL Securities' admission brings the number of clearing members for SGX's securities market to 29 and the number of trading members to 30. The derivatives market has 30 trading members and 26 clearing members.