Burmans' Religare Broking buy gets bourses' nod
Burman family to acquire Religare Broking, the broking arm of the holding company Religare Enterprises (REL).
The move is a part of the open offer for REL launched by entities controlled by the Burman Family and comes after a nod from the competition regulator and the insurance watchdog.
The development is crucial as it comes amidst reluctance by the Rashmi Saluja-led REL management against the acquisition by the Burman family.
The brokerage had applied to the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), Multi Commodity Exchange of India (MCX), and the National Commodity and Derivatives Exchange (NCDEX) seeking their approval for a change in shareholding.
Religare Broking is a wholly-owned subsidiary of REL, offering financial products and services like stockbroking and mutual funds. It has over 1 million onboarded customers.
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