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HSBC InvestDirect has begun the process of delisting itself from Indian stock exchanges.
"We have already delisted from Luxembourg Exchange and we have also announced our intention to delist from Indian stock exchanges," Manasije Mishra, managing director and chief executive of the company, said, while addressing the media in Kolkata. The firm had expressed its desire to delist itself from bourses earlier.
93.8% of the stakes of HSBC InvestDirect are held by HSBC Securities and Capital Markets India and HSBC Violet Investments, Mauritius, where as the rest is being held as public stakes.
The company is yet to start the buying back process.
"After we get in-principle approval from SEBI (Securities and Exchange Board of India) and stock exchanges, we will start the process," Mishra said.
But the deadline for the buyback has not been disclosed.
When asked about this decision, Mishra said: "There are few HSBC companies apart from HSBC Holding that is listed. We would like to have 100 percent ownership of the companies."
With full ownership, "we can manage in a much better way." He added that these shares may also be purchased by HSBC Securities and Capital Markets India Pvt Ltd.
