Stock Holding gets clearance to set up custodial services at GIFT City

Stock Holding is the leading custodian and has assets under custody to the tune of USD 540 billion with over a 22 per cent market share. Going forward, through its IFSC GIFT branch, Stock Holding plans to extend its full range of custodial services to a wider audience of international investors (FPIs and FDI), other classes of investors and capital market intermediaries, the company's MD and CEO Ramesh N G S said in a statement.

Stock Holding Corporation of India on Tuesday said it has received an approval from GIFT SEZ Authority to start its custodial services at International Financial Services Centre (IFSC) in the GIFT City. Stock Holding is the leading custodian and has assets under custody to the tune of USD 540 billion with over a 22 per cent market share.

Going forward, through its IFSC GIFT branch, Stock Holding plans to extend its full range of custodial services to a wider audience of international investors (FPIs and FDI), other classes of investors and capital market intermediaries, the company's MD and CEO Ramesh N G S said in a statement. This would open a new line of business for Stock Holding strengthening its topline and bottom line, he added.

Besides, Stock Holding proposes to set up a document management company in the IFSC GIFT City. Stock Holding has already setup a wholly-owned subsidiary, Stock Holding Securities IFSC Limited, operating in the IFSC providing trading and settlement services to brokers or trading members.

Tapan Ray, MD and Group CEO, of GIFT City said, Stock Holding's custody operations would play pivotal role to serve foreign portfolio investors in GIFT IFSC. "We foresee huge interest coming from foreign investors participating in GIFT IFSC. We are closely working with regulatory authorities to allow investment products such as ETFs (Exchange Traded Funds), REITs (Real Estate Investment Trusts), GDRs (Global Depository Receipts) etc at IFSC Exchanges where the role of a custodian would be critical," he added.