Mirae Asset infuses Rs 1,240 cr capital in Indian broking arm

NEW DELHI: Mirae Asset Capital Markets India, the broking arm of a Korean fund house, on Monday said it has received a fresh capital infusion of Rs 1,240 crore from its parent, bolstering its growth capital.

With this latest capital injection, Mirae Asset India has received a total funding of Rs 3,190 crore, reflecting the parent’s belief in the growth potential of this market, besides reinforcing the Korean fund house’s commitment to expanding its presence in the country.

Mirae Asset is poised to provide high-quality services and disrupt the market with its tech-driven approach at its retail stock broking arm m.Stock. In a little over a year, m.Stock has generated Rs 1.4 lakh crore in turnover on its platform from 2.5 lakh paid accounts and 65 per cent active clients. Since the launch of its margin trading facility last July, the feature has reported a book size of over Rs 270 crore, largely due to the competitive rates, which range from 6.99 -9.49 per cent per annum.

According to Robinson Francis, COO-additional director, Mirae Asset Capital Markets India, the latest capital infusion underscores the group’s commitment to this market.

Mirae Asset Capital Markets India was established in October 2017 and m.Stock is its brokerage trading platform, which offers investment opportunities across different asset classes.