PRESS RELEASE

BANK OF MAHARASHTRA

(A GOVT. OF INDIA UNDERTAKING)

Religare partners with Bank of Maharashtra to launch online share trading facility

“Maha-E-Trade” to facilitate seamless trading on Religare’s investment portal

New Delhi, February 8, 2010: Religare Securities Ltd., a wholly owned subsidiary of Religare Enterpries Limited (Religare), a diversified financial services company, and Bank of Maharashtra entered into a strategic tie-up to launch an online share trading facility – “Maha-E-Trade.” With this, Religare’s internet trading services platform will become available to the Bank’s customers.

The partnership is a step forward to further strengthen the “Bancinvest” Channel created by Religare which already includes tie-ups with Andhra Bank, IndusInd Bank, Tamilnad Mercantile Bank Limited, Corporation Bank, Bank of Rajasthan, Union Bank and Karur Vysya Bank.

The internet trading facility will be part of the value-added offering for the Bank’s savings account customers, offering them a savings and a DP account from the Bank along with an internet trading account, powered by Religare.

Says Mr. Shachindra Nath, Group Chief Operating Officer, Religare Enterprises Ltd., “Religare’s tie-up with Bank of Maharashtra is in line with our strategy of making ourselves available as quality service providers across India to a wider audience. This alliance will allow all customers of the bank to seamlessly access and trade online through our online investment portal”

Says Mr. Allen C. A. Periera, Chairman and Managing Director of Bank of Maharashtra; “With the launch of Maha-e-trade facility, the Bank has gone one step ahead in realizing its Platinum Jubilee vision of making the Bank a complete financial mall providing uncommon services to the common man”.

In order to avail Maha-e-trade facility, customers with internet banking-enabled accounts need to open Demat account with the Bank and trading account with either of the three approved brokers, which will be facilitated by the branches of the Bank. Once the Demat and trading accounts are opened, the customer can log onto the bank’s internet banking site https://mahaconnect.in and do hassle-free share trading.

A diversified financial services group with a pan-India presence and presence in multiple international locations, Religare Enterprises Limited (“REL”) offers a comprehensive suite of customer-focused financial products and services targeted at retail investors, high net worth individuals and corporate and institutional clients.

REL, along with its joint venture partners, offers a range of products and services in India, including asset management, life insurance, wealth management, equity and commodity broking, investment banking, lending services, private equity and venture capital. Religare has also ventured into the alternative investments sphere through its holistic arts initiative and film fund.

With a view to expand and diversify, REL operates in the life insurance space under ‘Aegon Religare Life Insurance Company Limited’ and has launched India’s first wealth management joint venture under the brand name ‘Religare Macquarie Private Wealth’.

REL, through its subsidiaries, has launched India’s first holistic arts initiative – with a gallery -- as well as the first SEBI approved film fund, which is an initiative towards innovation and spotting new opportunities for creation and maximization of wealth for investors.

REL operates from 7 domestic regional offices, 43 sub-regional offices, and has a presence in 541 cities and towns controlling 2,015 business locations all over India, as on December 31, 2009.

To make a mark in the global arena, REL acquired UK-based Hichens, Harrison & Co. in 2008 which was subsequently re-named as Religare Hichens Harrison PLC (“RHH”). Hichens, Harrison & Co. was incorporated in London in the year 1803 and is believed to be one of the oldest firms of stockbrokers in the City of London.

Pursuant to expansion of REL’s business, the company has grown from largely an equity trading company into a diversified financial services company. With the addition of RHH the REL group now operates out of multiple global locations, other than India, (the UK, the USA, Brazil, South Africa, Dubai and Singapore).

“Religare Enterprises Limited (“REL”) proposes, subject to receipt of requisite approvals, market conditions and other considerations, to make a rights issue of its equity shares to its existing shareholders and has filed a letter of offer (“LOF”) with the Bombay Stock Exchange Limited (“BSE”), the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”) and the Securities and Exchange Board of India (“SEBI”). The LOF is available on the websites of the Stock Exchanges and SEBI at www.bseindia.com, www.nseindia.com and www.sebi.gov.in, respectively, as well as on the website of the lead manager at www.enam.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the section titled “Risk Factors” of the LOF.