CCI approves acquisition of 100% equity stake of Sharekhan Ltd. and Human Value Developers Pvt. Ltd. collectively by Mirae Asset Capital Markets (India) Pvt. Ltd. and Mirae Asset Securities Co. Ltd., respectively
The Competition Commission of India (CCI) has approved acquisition of 100% equity stake of Sharekhan Ltd. and Human Value Developers Pvt. Ltd. collectively by Mirae Asset Capital Markets (India) Pvt. Ltd. and Mirae Asset Securities Co. Ltd., respectively.
Mirae Asset Securities Co. Ltd. (MAS) is a public limited company currently listed on the Korea Exchange, having wealth management, investment banking, sales and trading, and principal investment as its principal businesses, among others. Mirae Asset Capital Markets (India) Pvt. Ltd. (MACM) is a financial advisory, brokerage firm and is a wholly owned subsidiary of MAS. MACM offers broking, advisory, and investment banking services to various retail and institutional clients in India.
Sharekhan Ltd. (SKL) is currently engaged in the business of stock broking, commodities / currency derivatives broking and related product and services including exchange margin funding, depository participant services, mutual fund distribution and distribution of other financial product(s) and any such distribution activities for third party providers, portfolio management services and research analyst services. Human Value Developers Pvt. Ltd. (HVDPL) is an investment holding company that holds certain stake in SKL and does not undertake any other business activity.
The proposed combination involves the acquisition of 100% equity stake in SKL and HVDPL collectively by MACM and MAS, respectively. (Proposed Combination).
Detailed order of the CCI will follow.
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