Socit Gnrale Securities Services and the State Bank of India have launched a joint venture offering securities services in India. SBI and SGSS will hold 65% and 35% respectively.
The new company, entitled SBI SG Custodial Services, will be based in Mumbai and will offer a range of services to both foreign and domestic investors and clients, covering custody, depository, fund administration, registration and transfer agent services.
India has become a focus point for custody services of late. BNP Paribas Securities Services will launch local custody services in India by June 2010, according to Pierre-Alexandre Thom, head of BNP Paribas Securities Services in Mumbai.
The country has also seen some controversy for Socit Gnrale. The Securities and Exchange Board of India recently banned the French bank from issuing participatory notes for failing to have “true, fair and complete details on trades.