DIFC Attracts Indian Financial Group

by Lorys Charalambous, Tax-News.com, Cyprus

29 April 2010

Kotak Mahindra Financial Services Limited, a part of the Kotak Mahindra Group, one of India’s leading financial conglomerates, has announced the launch of operations in the Dubai International Financial Centre (DIFC).

Kotak Mahindra Financial Services has been incorporated in the DIFC as a 100% subsidiary of Kotak Securities Limited, which has been consistently named the “Best Brokerage Firm” in India by Asiamoney since 2006.

A licence awarded by the regulator, 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’s subsidiary in the 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."

Somer Massey, CEO, Kotak Mahindra Financial Services added: "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. A large diversified consumer base, a growing private sector enterprise, a stable government and a strong regulatory environment make India an ideal investment destination."

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