Daiwa Securities starts India operations

Mumbai, Jul 26: Daiwa Securities SMBC of Japan will set up an office in Mumbai, to serve the growing demand for its specialist services in the securities industry.

Announcing the launch of its India operations here today, Mr Kenjiro Noda, Daiwa Securities SMBC Deputy President told mediapersons, ''The Daiwa Securities Group has been involved in India business for quite some time. We hope that our office will contribute to further development of the mutually beneficial business relationship between India and Daiwa Securities SMBC.'' Daiwa Securities SMBC, which is owned by Daiwa Securities Group Inc and Sumitoma Mitsui Financial Group with an equity stake of 60 and 40 per cent respectively, is to provide a wide range of services to a substantial and diversified client base including corporations, financial institutions and governments.

''Our mission in India is to match vigorous capital demands made in India and the energetic investments made in Japan,'' said Mr Noda.

Given strong investment demand from Japanese investors, Mr Noda said, it may be wise for Indian issuers to involve these Japanese investors in any of their future financing activities.

''An increase of cash flow from Japan to India will bring a valuable diversification of financial resources and price competitiveness as well,'' Mr Noda said.

Commenting on the development, Ms Vaishali Nigam Sinha, Executive Vice President, India Head of Daiwa Securities SMBC said, ''Japanese are long term players, they prefer to stay invested in the country for long which augurs well for the development of Indian economy,'' At present, Daiwa Securities SMBC's portfolio investment in India stands at about USD 800 million.

UNI