Mirae Asset to Acquire Sharekhan, Awaits RBI Approval

Mirae Asset Investment Managers (India) Pvt Ltd is acquiring Sharekhan, pending RBI approval. Vice Chairman and CEO Swarup Mohanty revealed this as the company's first major Indian acquisition. The firm is also considering setting up a Global Capability Centre in Mumbai. Additionally, it has launched the Mirae Asset Nifty 200 Alpha 30 ETF Fund of Fund.

Mirae Asset Investment Managers (India) Pvt Ltd, the asset management arm of Mirae Asset Mutual Fund, is set to acquire Sharekhan, pending regulatory approvals from the RBI, a top official stated on Tuesday.

Vice Chairman and CEO Swarup Mohanty described the acquisition as the company's 'first and substantially large acquisition' in India.

Mohanty revealed that the acquisition, once approved, will lead to complete ownership of Sharekhan, which is involved in stock broking, commodities, and derivatives broking.

In April, the Competition Commission of India gave the green light for the acquisition of Sharekhan Ltd and Human Value Developers Pvt Ltd by Mirae Asset Capital Markets (India) and Mirae Asset Securities, the latter being a public limited company and the former, its wholly owned subsidiary. Human Value Developers holds a stake in Sharekhan.

Mohanty responded to queries by indicating the company is exploring options to establish a Global Capability Centre in Mumbai, its first in India.

Additionally, Mirae Asset announced the launch of the Mirae Asset Nifty 200 Alpha 30 ETF Fund of Fund, an open-ended fund available from July 8 to July 22, aimed at providing investment opportunities without needing a broking or demat account.

(With inputs from agencies.)