Stockbroker Swastika Investmart Ltd. has signed an agreement to acquire the business of Safal Capital. This acquisition will enhance Swastika’s customer base by around 5 per cent, the company said in an official release. Safal Capital’s customers will get the benefit of Swastika’s stock research team, technology platform, compliances, and customer support service.
Swastika Investmart Ltd is a member of NSE, BSE, MSEI & Depository participant of CDSL & NSDL. The company is also registered with SEBI as a Category Merchant Banker. Swastika Group has a membership of commodity exchanges viz. MCX, NCDEX and ICEX.
Safal Capital is a subsidiary of MPSE Securities Limited. After the de-recognition of the stock exchange, all the business of the stock exchange shifted under Safal Capital Limited which was incorporated in March 2000 in Ahmadabad (Gujarat). The company has the corporate membership of the NSE, BSE, MCX, ICEX, NCDEX, and Metropolitan Stock Exchange Limited. It also has a Depository Participant of Central Depository of India Limited (CDSL). It has over 16,000 retail clients and 120 sub-brokers.
Sunil Nyati, Managing Director; Swastika Investmart Ltd said, “Swastika Investmart, upon procuring all necessary consents and approvals has signed definitive agreements to acquire the client and DP business of Safal Capital Ltd. for undisclosed amount. This will further strengthen its play in the stock brokerage segment. Today Swastika Investmart Limited has 102 branches 2,261 sub-brokers, 1,031 team members, and more than 2,50,000 customers.”