Doha Bank, one of the largest commercial banks in Qatar, has reportedly signed a Memorandum of Understanding (MoU) with Stock Holding Corporation of India Ltd. (StockHolding), to ensure that its global customer base is able to invest in India.
Apparently, under this agreement, Doha Bank will offer all services related to banking, while StockHolding will offer clearing, compliance, reporting, and settlement services for all customer investment activities. The customers will be able to invest through mutual funds, debt (including Government debt), equity, AIF’s, all derivatives (debt/equity/currency), Securitized assets etc.
Additionally, StockHolding offer investors with a direct access into the IFSC Market at Gujarat International Finance Tech (Gift) City, Gandhinagar. The IFSC has two international exchanges and offers numerous opportunities to trade on the derivatives segment in indices, equity, commodities, and currency, on a single platform with all transactions being settlement in USD.
Experts familiar with the knowledge of the matter stated that Doha Bank and StockHolding will complement each other in sourcing the investors globally. The Memorandum of Understanding also signifies Doha Bank’s long-term commitment to the Indian market and will help the Bank further expand its service offerings for foreign customers aiming to invest in India, thus aligning with its goal to become a one stop solution for its target customer base.
Dr. R Seetharaman, CEO, Doha Bank, was reportedly quoted stating that this partnership with StockHolding will allow Doha Bank to provide integrated and seamless investment solutions in India to its overseas customers looking for opportunities to invest in the Indian capital and debt markets through Foreign Direct Investment (FDI), Portfolio Investment Scheme (PIS), or Foreign Portfolio Investor (FPI) routes.
The Memorandum of Understanding will reportedly target Venture Capital Funds, Financial Institutions, Private Equity Funds, Hedge Funds, Pension Funds, Family Offices and High Networth Individuals (both foreign nationals and NRIs) based abroad and looking to invest in the Indian market.