Dr. R. Seetharaman (right) CEO of Doha Bank and Shri Ramesh N.G.S (left) MD & CEO of Stockholding during the signing ceremony.
Doha Bank QPSC has entered into a Memorandum of Understanding (MOU) with Stock Holding Corporation of India Limited (StockHolding), India’s premier custodian and depository participant, to facilitate its global customer base to invest in India on 21st December 2018. Under this tie-up, Doha Bank will offer all banking related services while StockHolding will offer compliance, clearing, settlement and reporting services for all investment activities of customers. The customers will be able to invest through the permitted mechanism in all permitted securities across asset classes i.e equity, mutual funds, debt (including Government debt), all derivatives (equity/ debt/currency), AIF’S, Securitised assets etc. In addition, StockHolding also offers all the eligible investors a direct access into the IFSC Market at Gift City, Gandhinagar. The IFSC has two international exchanges and offers various opportunities to trade on the derivatives segment in equity, indices, currency and commodities on a single platform with all transactions being settlement in USD.
Both the institutions will complement each other in sourcing the investors globally. The MOU reiterates Doha Bank’s long term commitment to the Indian market and will enable the Bank to further expand its service offerings for its overseas customers looking to invest in India, thereby aligning with its intention to become a one stop shop for its target customer base.
Dr. R. Seetharaman CEO of Doha Bank Said “ The tie-up with StockHolding will enable Doha Bank to offer seamless and integrated investment solutions in India to its customers outside India looking for opportunities to invest in the Indian debt and capital markets through the Portfolio Investment Scheme (PIS), Foreign Portfolio Investor (FPI) or Foreign Direct Investment (FDI) routes. The MOU will primarily target Financial Institutions, Venture capital funds, Pension funds, Private Equity funds, Hedge Funds, Family Offices and High Networth Individuals (both NRIs and other foreign nationals) based outside India and planning to invest in the Indian market.”
Doha Bank, set up in 1979, provides domestic and international banking services for individuals, commercial, corporate and institutional clients through four business groups – Wholesale Banking, Retail Banking, International Banking and Treasury & Investments. Doha Bank is rated A by Fitch, A3 by Moody’s and BBB+ by Standard & Poor’s for its long-term and foreign currency. Doha Bank has established overseas branches in Kuwait, Dubai (UAE), Abu Dhabi (UAE), Mumbai, Chennai and Kochi (India) as well as representative offices in Japan, China, Singapore, Hong Kong, South Africa, South Korea, Australia, Turkey, The United Kingdom, Canada, Germany, Bangladesh, Sri Lanka and Nepal.
StockHolding was incorporated as a Public Limited Company in 1986 and services retail and institutional investors through its 200 branches in India. It has been jointly promoted by leading Banks and Financial Institutions. Currently, a Government of India Company, StockHolding has over 22% market share and accounts for Assets under Custody (AUC) of USD 535 Billion. StockHolding provides the full range of services to its customers including Custody, Designated Depository Participant services, clearing and settlement across all security segments as well as direct access to the International Financial Service Centre (IFSC) in India.