IIFL Securities Ltd

IIFL Securities Limited, promoted by first generation entrepreneurs, Mr. Nirmal Jain and Mr. Venkataraman Rajamani was incorporated in March 21,1996. The Company is in the financial services spaces of ... fering capital financial services such as equity/ currency broking in NSE/BSE, online and offline commodity broking in MCX and NCDEX, depository participant services, merchant banking and distribution of financial product besides holding investments in subsidiaries. Since incorporation, the Company has served over 2.4 million customers through a network of about 2,500 points of presence covering its branches and business partners over 500 cities in India. The Board of Directors of the Company, at its meeting held on January 31, 2018 had approved the Composite Scheme of Arrangement amongst the Company, IIFL Finance Limited (erstwhile IIFL Holdings Limited; IFL), India Infoline Media and Research Services Limited (IIFL M&R), IIFL Wealth Management Limited (IIFL Wealth), India Infoline Finance Limited (IIFL Finance), IIFL Distribution Services Limited (IIFL Distribution), and their respective shareholders, under Sections 230-232 and other applicable provisions of the Companies Act, 2013, which, inter-alia, envisages the demerger of the Securities Business Undertaking of IIFL Finance Limited into the Company. The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, vide its order dated March 7, 2019, sanctioned the Composite scheme of arrangement and the certified true copy of the NCLT order was received on March 15, 2019. Pursuant to the order, the following parts of the Scheme are made effective: (a) amalgamation of IIFL M&R with IFL; (b) demerger of the Securities Business Undertaking (as defined in the scheme) of IFL into the Company; (c) demerger of the Wealth Business Undertaking of IFL into IIFL Wealth; and (d) transfer of the Broking and Depository Participant Business Undertaking of IIFL Wealth to its wholly-owned subsidiary, i.e. IIFL Distribution, on a going-concern basis. However, the merger of India Infoline Finance Limited with IFL shall be made effective on receipt of the requisite licences/ registrations by IFL, to carry on the lending business. Upon the Scheme coming into effect and in consideration of the transfer and vesting of the Securities Business Undertaking into the Company, 18,718,281 Equity Shares of Rs. 10 each, held by IIFL Finance Limited (erstwhile IIFL Holdings Limited) in the Company, were extinguished and cancelled and in lieu of the same, the equity shareholders of IIFL Finance Limited whose name appeared in the Register of Members on record date May 31, 2019 were allotted 1 equity share in IIFL Securities Limited of Rs. 2 each, credited as fully paid-up for every one 1 equity share of Rs. 2, fully paid-up and held by such equity shareholders in IIFL Finance Limited. Accordingly, 319,234,462 equity shares of Rs. 2 each of the Company were issued and allotted to the eligible shareholders of IIFL Finance Limited on June 6, 2019. Pursuant to the above and the Scheme becoming effective from April 1, 2018, IIFL Facilities Services Limited, IIFL Management Services Limited, IIFL Insurance Brokers Limited, IIFL Commodities Limited, IIFL Wealth (UK) Limited, IIFL Capital Inc., IIFL Asset Reconstruction Limited and India Infoline Foundation (Section 8 Company) have become subsidiaries of the Company in the FY 2019. As per the Scheme, IIFL Finance Limited transferred the assets and liabilities pertaining to the demerged undertaking (Securities Business Undertaking), to the Company at the respective carrying values as appearing in the books of accounts of IIFL Finance Limited from April 1, 2018 (the appointed date). Pursuant to the Composite Scheme of Arrangement become effective from April 1, 2018, IIFL Finance Limited (Formerly IIFL Holdings Limited) ceased to be a Holding Company of the Company. During the financial year 2018-19, the Company had incorporated IIFL Securities Services IFSC Limited as wholly owned subsidiary. IIFL Facilities Services Limited, a wholly owned subsidiary of company, has acquired 99% stake in Shreyans Foundations LLP which is holding 50% stake in Meenakshi Tower LLP, a joint venture between wholly owned subsidiaries of the Company, IIFL Management Services Limited and Shreyans Foundation LLP. Pursuant to this Meenakshi Towers LLP has become subsidiary of the Company. In December 2018, Securities and Exchange Board of India (SEBI) proposed direct overseas listing of Indian companies and other regulatory changes. SEBI also allowed exchanges in India to operate in equity and commodity segments simultaneously, starting from October 2018. In November 2018 Bombay Stock Exchange (BSE) enabled offering live status of applications filed by listed companies on its online portal and also introduced weekly futures and options contracts on Sensex 50 index. Read More