Mirae Asset Securities Strengthens Its Footprint in India

In a bold move to solidify its presence in the Indian market, Mirae Asset Securities, a leading South Korean financial services company, has announced its plan to fully own its Indian subsidiary, Mirae Asset Capital Market Private. This strategic decision involves the acquisition of an additional 1,439,205,955 shares for 288.7 billion won, as part of a rights issue by the subsidiary. This acquisition elevates Mirae Asset Securities' shareholding ratio to 100%, marking a significant milestone in its expansion strategy.

Strategic Acquisitions and Future Goals

Following the necessary approvals from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) in November of the previous year, Mirae Asset Securities has been actively seeking to enhance its operations in India. The company's commitment was further demonstrated in December 2023 through the signing of a Share Purchase Agreement (SPA) with Sharekhan, a top 10 brokerage in India, via its Indian subsidiary. Sharekhan, soon to be rebranded as Mirae Asset Sharekhan, boasts an impressive portfolio with 3.1 million clients, over 120 branches, and more than 4,400 business partners.

Mirae Asset Securities aims to leverage this acquisition to become one of the top 5 brokerages in the Indian market within the next five years. A company representative highlighted the focus on the structural long-term growth potential of the Indian securities industry and the intention to pursue local business growth through this rights issue.

India's Growing Appeal to Foreign Investors

The decision by Mirae Asset Securities to increase its stake in the Indian market is a testament to the country's rapid growth and potential in the securities industry. India stands out as one of the fastest-growing markets globally, driven by a large and increasingly affluent population, regulatory reforms, and technological advancements. This makes India an attractive destination for foreign investment, aligning perfectly with Mirae Asset's global investment strategies.