Sharekhan

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Mirae Asset Sharekhan
Mirae Asset Sharekhan logo.svg
Type of site
 Private company
Founded1995;30 years ago (1995) [1]
Headquarters Mumbai,
India
Country of originIndia
Founder(s) Shripal Morakhia
CEOJisang Yoo [2]
Industry Financial services
Employees3500+ (2024) [3]
Parent Mirae Asset Financial Group
URL www.sharekhan.com

Mirae Asset Sharekhan is an Indian retail brokerage and full-service brokerage firm. As of 2024, it was the twelfth-largest full-service brokerage and the eighth-largest stock broker in India. [4] [5] The company introduced online trading in India in its early years. [6] It provides financial services such as securities brokerage, mutual fund distribution, Equity/ Derivatives (F&O), Commodity, Currency trading, IPO, Portfolio Management Services (PMS), Fixed Deposits & Bonds, NRI Services, mutual fund distribution, IPO financing, wealth management, and insurance. [7] The company operates over 120 branches in India, serving 3.1 million clients. [8]

Contents

In November 2024, Sharekhan was acquired by Mirae Asset Financial Group, a global multinational financial services company for ₹3,000 crore (487 billion won), [9] making it part of Mirae Asset Financial Group with the brand name Mirae Asset Sharekhan. [10] [11]

History

Sharekhan was founded in 1995 by Mumbai-based entrepreneur Shripal Morakhia, [3] whose family had a background in equity broking. It was among the early standalone brokerages in India and was backed by private equity firms Warburg Pincus and General Atlantic. [12] Sharekhan pioneered the Indian online retail brokerage industry and leveraged on the first wave of digitization, when dematerialization (demat) of securities came into effect and electronic trading was introduced in the stock exchanges. [13]

As of March 2024, Sharekhan was ranked eighth among retail brokerages, with over 700,000 active clients. [14] The company had approximately 3,500 employees [3] and operated more than 120 branches, along with a network of over 4,400 business partners. Its total customer base was reported to be 1.4 million. [8]

2017 - Acquisition by BNP Paribas

Sharekhan was acquired by BNP Paribas in 2017, it was rebranded as Sharekhan by BNP Paribas. [15]

2024 - Acquisition by Mirae Asset Financial Group

On November 28, 2024, Mirae Asset Financial Group announced the completion of its acquisition of Sharekhan after receiving all necessary regulatory approvals, [16] integrating it into the group under the name Mirae Asset Sharekhan. [10] Mirae Asset Sharekhan is the second brokerage platform under Mirae Asset, which previously launched its discount brokerage firm, m.Stock, in 2022. [14]

Mirae Asset acquired a 100% stake in Sharekhan from European financial services firm BNP Paribas for ₹3,000 crore (487 billion won). [14] In April 2024, the company received approval from the Competition Commission of India (CCI). [17]

The acquisition is part of Mirae Asset Financial Group's expansion in India, following the establishment of Mirae Asset Securities (MAS) in 2018. [18] Mirae Asset Securities is a publicly traded company, while Mirae Asset Capital Markets (India) operates as its wholly-owned subsidiary. [19]

References

  1. ↑ Balakrishnan, Reghu (4 March 2015). "Actis, Warburg, Indian banks in race to acquire Sharekhan". Business Standard.
  2. ↑ "Mirae Asset Financial Group completes acquisition of Sharekhan". No. Business Standard. 28 November 2024.
  3. 1 2 3 Choe, Man-Su (27 November 2024). "Mirae Asset aspires to No. 5 in Indian securities market with Sharekhan". KED Global.
  4. ↑ "Top 20 Share Brokers in India 2020". Chittorgarh.
  5. ↑ "BNP To Invest Euro 70 Million In Sharekhan, Not To Exit Geojit". NDTV Profit. 5 January 2017.
  6. ↑ "Mirae Asset Acquires Sharekhan". India Infoline. 28 November 2024.
  7. ↑ Yadav, Pihu (2 April 2024). "CCI approves acquisition of Sharekhan and Human Value Developers - CNBC TV18". CNBCTV18.
  8. 1 2 Young-sil, Yoon (24 January 2025). "Mirae Asset Securities Fully Owns Indian Subsidiary with Major Share Acquisition". Businesskorea (in Korean).
  9. ↑ Young-sil, Yoon (27 November 2024). "Mirae Asset Securities Completes Acquisition of Indian Brokerage Firm Sharekhan". Businesskorea (in Korean).
  10. 1 2 Awasthi, Nishtha (28 November 2024). "Mirae Asset Financial Group completes acquisition of Sharekhan". The Economic Times. ISSN   0013-0389.
  11. ↑ Narayanan, KS Badri (28 November 2024). "Mirae Asset completes ₹3,000 cr acquisition of Sharekhan, expanding financial footprint in India". BusinessLine.
  12. ↑ "Sharekhan to enter discount broking busines - CNBC TV18". CNBCTV18. 2 June 2020.
  13. ↑ "Sharekhan hopes to double customer base in next five years". The Hindu Business Line. 5 January 2017.
  14. 1 2 3 Tiwari, Khushboo. "South Korea's Mirae Asset mulls $150 mn capital infusion in Sharekhan". www.business-standard.com. Archived from the original on 9 October 2024.
  15. ↑ "BNP Paribas To Invest €70 Million In Sharekhan Over The Next 3 Years". Bloomberg Quint. 5 January 2017.
  16. ↑ "Mirae Asset Financial Group completes acquisition of Sharekhan". Moneycontrol. 28 November 2024.
  17. ↑ Staff, Entrepreneur (29 November 2024). "Mirae Asset Financial Group Completes Acquisition of Sharekhan". Entrepreneur.
  18. ↑ McRae, Jack (18 December 2023). "Mirae Asset Securities acquires Sharekhan - Securities Finance Times". www.securitiesfinancetimes.com.
  19. ↑ "Mirae Asset Awaits RBI Nod For Sharekhan Acquisition". NDTV Profit. 9 July 2024.
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