Kotak Mahindra Financial Services has been incorporated in DIFC as a 100% subsidiary of Kotak Securities Limited, one of India’s leading brokerage firms.
The licence awarded by the Dubai Financial Services Authority (DFSA) enables Kotak Mahindra Financial Services to arrange credit or deals in investment; advise on financial products and attendees, who were the key decision makers from
more than 20 international life companies,” he said.
Stanfield told the Ailo members that FEIFA had been approached to extend its benefits to IFAs in Africa and the Middle and Far East, or else to launch similar organisations there.
However, he insisted the federation would not be distracted from its goals in Paul Stanfield, FEIFA’s chief executive, presented to the quarterly meeting of the Association of International Life Offices
(Ailo) in Dublin. He provided a short summary of the reasons for the federation’s formation, and its aims in the short, medium and longer term. “FEIFA’s plans for training and adviser development were also of interest to the credit; and arrange custody
from its DIFC-based office.
Abdulla Mohammed Al Awar, chief executive of the DIFC Authority said the launch pointed to the growing investment and financial industry ties between India and the UAE.
“With both countries playing increasingly larger roles in the international economy, by virtue of their rapid growth and resilience to the global financial crisis, there are growing opportunities for partnerships between companies in the financial services sectors of their economies.”
Somer Massey, chief executive of Kotak Mahindra Financial Services said investors based in the Middle East can now access information on various investment opportunities available in India through the office in DIFC.
He added: “The foreign institutional investment flow into Indian capital markets in 2009 was $17.5bn, which clearly is a reflection of investor confidence.”
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