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STCI to retain UTI brand
Special Correspondent
MUMBAI:
Securities Trading Corporation of India Limited (STCI) would retain the UTI brand as part of UTI Securities' (which it bought from UTI for Rs. 265 crore) name for two years and it would be a subsidiary of STCI.
STCI on Friday signed the share purchase agreement with Specified Undertaking of Unit Trust of India (SUUTI) for acquiring 100 per cent equity of UTI Securities Limited (UTISEL), the brokerage and the investment banking arm of the erstwhile Unit Trust of India. The acquisition will be complete after obtaining the regulatory clearances.
With this acquisition, STCI, along with UTISEL would provide services, including debt, equity and commodity broking, mutual fund and other financial products distribution.
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