HDFC Securities received a ‘no objection’ on from the Securities and Exchange Board of India (SEBI) to set up a wholly owned subsidiary at International Financial Services Centre (IFSC) in Gujarat’s GIFT City, HDFC Bank told exchanges on September 20.On May 13, HDFC Bank told exchanges that the Reserve Bank of India had given its approval for the setting up of a step-down subsidiary through HDFC Securities Ltd.The bank said its subsidiary would offer broking and clearing services in IFSC at GIFT City on terms prescribed by the RBI.IFSC is an attempt by the Centre to encourage foreign capital to participate in India’s growth journey.
