Under the MoU, 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, such as equity, mutual funds, debt (including government debt), all derivatives (equity/debt/currency), AIFs, and securitised assets, among others.
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 settled in US dollars.
Both institutions will complement each other in sourcing the investors globally, Doha Bank said in a statement. 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.
Doha Bank CEO Dr R Seetharaman 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 net worth individuals (both non-resident Indians and other foreign nationals) based outside India and planning to invest in the Indian market.”
Set up in 1979, Doha Bank provides domestic and international banking services for individuals, commercial, corporate, and institutional clients through wholesale banking, retail banking, international banking, and treasury and 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.
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 $535bn.