Mirae Asset Securities Launches Local Indian Brokerage 'Mirae Asset Sharekhan'

Completed Acquisition of Mirae Asset Sharekhan in India
Aiming to Become the 5th Largest Securities Firm in India Within 5 Years

Mirae Asset Securities announced on the 28th that it has completed the acquisition of the local Indian securities firm Sharekhan. Following its entry into the Indian capital market in 2017 as the first domestic securities company to do so, this marks the first time in six years that a Korean company has acquired a local firm in India.

Mirae Asset Securities signed a Stock Purchase Agreement (SPA) for the acquisition of Sharekhan in December last year and received approval for the business combination from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), completing the acquisition on this day.

Sharekhan, the Indian local securities firm newly launched under the name Mirae Asset Sharekhan, was established in 2000 and ranks among the top 10 securities firms locally, with over 3.1 million customers, more than 120 branches, and over 4,400 business partners. Mirae Asset Securities expects that this acquisition will enable it to provide a variety of services through both online and offline channels in the Indian wealth management (WM) business. Utilizing Mirae Asset’s global expertise, the group plans to create business synergies at the group level and aims to become one of the top five securities firms in India within five years.

Since his appointment as Global Strategist Officer (GSO), Park Hyun-joo, Chairman of Mirae Asset Group, has focused on overseas business, acquiring Global X, a leading U.S. innovative thematic Exchange-Traded Fund (ETF) company in 2018; Global X Australia, an Australian asset management firm, in 2022; Stockspot, an Australian robo-advisor, and GHCO, a European ETF market maker, in 2023; and now successfully acquiring the Indian local securities firm Sharekhan. Through these acquisitions, Mirae Asset Group has strengthened its global business competitiveness and is preparing for a new 20 years of global business.

Mirae Asset Global Investments entered India in 2008 and has grown into the 9th largest local asset manager with assets under management of 32 trillion KRW over 16 years. In November 2019, it received approval from the Securities and Exchange Board of India to transition to an asset management holding company structure, expanding its business scope beyond fund management and advisory to include Non-Banking Financial Company (NBFC) lending to real estate and corporations, venture capital (VC) investing in Indian startups, and wealth management services for high-net-worth individuals.

A spokesperson for Mirae Asset Securities stated, "The acquisition of Sharekhan reflects Mirae Asset’s commitment to positioning India as a key growth market. We aim to provide Indian customers with new wealth creation opportunities by leveraging Mirae Asset Group’s global capabilities."

According to the corporate value enhancement plan announced by Mirae Asset Securities, starting with the acquisition of Sharekhan in India this year, it is expected that annual profits from global business will increase by more than 100 billion KRW. With 40% of equity capital allocated, the global business is set to enter a full-fledged trajectory, targeting pre-tax global business profits exceeding 500 billion KRW from 2027 onward.