Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

Press Release Kotak Securities Establishes Subsidiary in the Dubai

VIEWS: 3 PAGES: 3

									Press Release


      Kotak Securities Establishes Subsidiary in the Dubai International
                               Financial Centre

                   Kotak Mahindra Financial Services Ltd. is the first international
                                  subsidiary of Kotak Securities


Dubai, 25 April 2010: Kotak Mahindra Financial Services Limited, a part of the Kotak Mahindra Group, one of
India’s leading financial conglomerates, today, formally announced the launch of its DIFC operations,
reaffirming the Group’s commitment to expanding its Middle East operations. Kotak Mahindra Financial
Services has been incorporated in DIFC as a 100% subsidiary of Kotak Securities Limited, which has been
consistently named the “Best Brokerage Firm” in India by Asiamoney since 2006.


The licence awarded by the Dubai Financial Services Authority (DFSA) enables Kotak Mahindra Financial
Services to arrange credit or deals in investment; advise on financial products and credit; and arrange custody
from its DIFC-based office.


Abdulla Mohammed Al Awar, CEO of the DIFC Authority said: “The establishment of Kotak Securities’
subsidiary in DIFC points to the growing investment and financial industry ties between India and the UAE. With
both countries playing increasingly larger roles in the international economy, by virtue of their rapid growth and
resilience to the global financial crisis, there are growing opportunities for partnerships between companies in
the financial services sectors of their economies. The establishment of large financial institutions from India like
Kotak Securities in DIFC will help to tap these exciting opportunities.”


Marwan Lutfi, Deputy CEO & Head of Business Development, DIFC Authority said: “DIFC provides a strategic
platform for Kotak Mahindra Financial Services to build strong linkages with the Middle East where, as in the
rest of the world, interest in Indian investment opportunities is rising. With its extensive expertise and
experience in providing brokerage services, Kotak Securities will contribute to our efforts to further deepen and
widen the financial services cluster in the DIFC financial district.


Somer Massey, CEO, Kotak Mahindra Financial Services said: “India has long been an attractive market, and
we are delighted that investors based in the Middle East can now access information on various investment
opportunities available in India through our office in DIFC. India has shown resilience and prudence during the
recent global financial crisis and the economy is gaining strength in the light of recent budgetary
announcements. A large diversified consumer base, a growing private sector enterprise, a stable government
and a strong regulatory environment make India an ideal investment destination.”


He added, “After experiencing a slowdown in the fiscal year 2009 and the early part of the fiscal year 2010, the
Indian economy has recovered smartly.Current      estimates are that real GDP had grown at 7.2 per cent
during the just completed fiscal year 2009-10, up from 6.7 per cent during 2008-09. The foreign
institutional investment flow into Indian capital markets in 2009 was USD 17.5 billion, which clearly is a
reflection of investor confidence. The Bombay Stock Exchange’s Sensex index ended 2009 with a return of
approximately 87%.”


The Kotak Mahindra Group has a net worth of over USD 1.6 billion and has offices across the world in India,
UAE, New York, San Francisco, London, Bahrain, Mauritius and Singapore servicing around 6.7 million
customer accounts. Kotak Mahindra Bank is one of the fastest growing retail banks in India with 245 branches
across all major cities. The Group manages assets worth over USD 11 billion*. The Indian Asset Management
Company, one of the firms in the Group, services over 1.1 million investors and manages over USD 6.6 billion in
assets. The Group has had a presence in the UAE since 1995.


Kotak Mahindra Bank Limited was recently honored with the “Best Private Banking Services” award in India by
Euro-money 2009. It is ranked as one of the top five companies for “Corporate Governance Best Practices” in
the Asia Pacific region, according to the IR Global Rankings 2009.


* Figures as of Dec 2009

About DIFC
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap
between the financial centres of Hong Kong and London and services a region with the largest untapped
emerging market for financial services. In just five years, over 850 firms have registered at DIFC. They operate
in an open environment complemented with world-class regulations and standards. DIFC offers its member
institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no
restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational
support and business continuity facilities of uncompromisingly high standards.

For PR inquiries on the DIFC, please contact:

Amira Abdulla
Director - Regional Public Relations
Dubai International Financial Centre
Tel: +971 4 362 2433
Email: amira.abdulla@difc.ae
Iman Ahmad
Manager - Regional Media Relations
Dubai International Financial Centre
Tel: +971 4 362 2685
E-mail: iman.ahmad@difc.ae

Shaima Al Zarouni
Assistant Public Relations Manager
Dubai International Financial Centre
Tel: +971 4 362 2432
Email: shaima.alzarouni@difc.ae

								
To top