Standard Chartered Bank has secured approval from the Securities and Exchange Board of India (SEBI) to provide advisory services on regulated offshore products in markets outside India.
The approval will enable the banking major to offer advisory services in stocks, bonds and mutual funds in markets outside India.
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"…SCB can advise on regulated offshore securities and investment products, which are in the nature of marketable securities issued by a body corporate or a corporation under their Investment Advisory license under Sebi’s Investment Advisers Regulations," the regulator was quoted as saying by NDTV Profit.
The lender stated that several clients of the bank possess offshore accounts funded through remittances done through the liberalised remittance scheme or offshore derivative instrument routes.
The bank said that these clients need advice on investing some of these balances in offshore securities.
"As a client solution therefore, we in our capacity of being Investment Advisors, would like to offer advisory services on regulated offshore products like offshore stocks, bonds and mutual funds… This service will be a purely advisory service, consistent with the IA Regulations. The client will execute trades as per the banking arrangement he has offshore.
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By GlobalData"In case he has an account with overseas Standard Chartered Bank, there will be a separate execution desk in the respective jurisdiction (outside India) that the client can directly instruct to execute orders," commented the bank.
