SEBI permits Orbis to foray into custodial business

New Delhi, Jul 21 (UNI) Orbis Financial Corporation Ltd (Orbis) today said it has received approval from Securities and Exchange Board of India (SEBI) to commence custodial business in the country.

Custodial business involves a range of security services, including safe-keeping and settlement, reporting, corporate actions, dividends collection and distribution, proxy voting, tax reclaim services, fund administration and providing market news and information.

With an initial capitalisation of Rs 50 crore, Orbis plans to launch its first set of services by the September-end, the company said in a statement, adding that other products and services, which are available in the developed markets but not yet in India, will be introduced over the next few months.

The clients will get the facilities and support that is presently enjoyed only by FIIs and Mutual Funds, it added.

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