The SMC Group (SMC Global and SAM Global) is a leading broking house having a pan India network of over 800 branches and has an investor base of over 2,50,000 clients. The Company provides equity and commodity-based products (research, equities, derivates, depository, etc.,) and has exchange memberships with major domestic and international equity and commodities exchanges. SMC is also one of the leading arbitragers in the country.
Mr. Subhash Chand Aggarwal, Founder and Chairman of SMC Group of Companies, said, “The funding will be used to expand the network further and to create greater value for our customers through advanced technology. Millennium India Acquisition would bring a wealth of knowledge through its international experience. Financial partnership with such a renowned international fund and extra resources will assist us in achieving faster growth.” He added, “The funds raised will be deployed for faster growth both organic, inorganic and working capital requirements. This is an exciting time for SMC Group — solidifying our financial foundation will allow us to grow further and realise our dreams.”
“SMC is built on the principles of transparency, honesty, and integrity and a rock solid commitment for excellence and relations that have made the Group a financial hub in one of the fastest growing emerging economies in the world,” said Mr. Mahesh Chand Gupta, Co-Founder and Director of SMC.
Mr. F. Jacob Cherian, President and CEO of MIAC, said, “SMC is a fast-growing company in India with long-term strategy, an established presence and significant expansion potential. We look forward to working with the dedicated and professional team of SMC to help the Company accelerate its growth through access to capital this transaction provides.”
Mr. Cherian added, “The Indian stock broking business is passing through a vibrant phase. Foreign private equity players are picking up stake in the Indian securities brokerage firms but more and more foreign players are making direct entry into the industry. Millennium India Acquisition, which recently raised US$ 58 million, intends to focus on privately-owned businesses within the financial services, healthcare, infrastructure, consumer retail and hospitality sectors that offer innovative cross-border growth opportunities.”
SMC provides equity & commodity-based products (research, equities, derivates, depository, etc.,) and has exchange memberships with major domestic and international equity and commodities exchanges including BSE, NSE, MCX, NCDEX and DGCX, Dubai. SMC was established by the Mr. Subash Aggarwal & Mr. Mahesh Gupta in early 1990’s. SMC has achieved a significant presence in retail broking and has recently started IPO (ranked as the seventh largest entity today) and insurance products distribution and merchant banking activities.
Millennium India Acquisition is a blank cheque company based at New York, and listed on Amex. It has recently raised US$ 58 million and is currently headed by Mr. Jacob Cherian and Mr. Suhel Kanuga, who have worked in the financial services division of CSC (Computer Sciences Corporation), a Fortune 500 company that is touted as the world’s third largest Information Technology (IT) solutions company.