IndusInd Bank has entered into an agreement with Infrastructure Leasing and Financial Services (IL&FS) the Promoter Shareholders of IL&FS Securities Services (ISSL) to acquire 100% of ISSL. The proposed transaction is conditional on definitive agreements and approvals, including regulatory approvals. The proposed transaction is expected to be made effective within the next 3 months.
ISSL was incorporated in FY2007 as a subsidiary of IL&FS and ISSL is a leading Capital Market Intermediary for Professional Clearing, Depository and Custodial Services. ISSL services both Retail and Institutional clients including over 1,000 Brokers, FPI’s and FII’s. ISSL has a comprehensive platform for various financial services intermediaries with a flow in excess of 1 million transactions per day and is a leading clearing member on equity exchange traded derivatives.