Kotak Mahindra Securities Ltd. (KMSL) used to provide trading services to its clients.
During the year a petition was filed before the Hon'ble High Court of Judicature at Bombay pursuant to Sections 391 to 394 of the Companies Act, 1956 in respect of a Scheme of Arrangement between Kotak Mahindra Securities Limited (KMSL), Kotak Mahindra Capital Company Limited (KMCC) and their respective shareholders and creditors for demerger of undertaking comprising of the Trading and Clearing operations and strategic investments of KMSL to KMCC.
The Hon'ble Bombay High Court granted its approval to the same vide Order dated 15th February, 2007. This scheme as of March 31, 2007 is pending approval of the Securities and Exchange Board. Prior to the demerger KMSL was a Trading and Clearing Member of the Cash, Future & Options and Wholesale Debt Market segment of the National Stock Exchange of India Ltd.
