Religare Commodities Ltd. is now a wholly owned subsidiary of Religare Securities Ltd.

New Delhi, June 01, 2010: Religare Enterprises Limited (REL), a global financial services group, announced that Religare Commodities Ltd., the commodity broking arm of Religare Enterprises Ltd. is now a wholly owned subsidiary of Religare Securities Ltd.

This move will help bring together the company’s commodities and equity broking businesses under one roof as it continues to further build on its leadership position in the broking business.  

Religare Securities Ltd. with it’s presence across 350 branches and 1200 business partners offers equity broking services and depository participant services to more than half a million clients, using both offline and online platforms. Religare Commodities Ltd. on the other hand operates from over 600 locations across India providing commodity trading services to over 100,000 clients. The restructuring process started with the appointment of Mr. Gagan Randev as the CEO to oversee the businesses of both Religare Securities Ltd. and Religare Commodities Ltd.

Commenting on the development, Mr. Gagan Randev, Chief Executive Officer, Religare Securities Ltd. said, “This move is in line with our strategy for pan-India penetration as an integrated holistic service provider thereby allowing our customers to seamlessly execute equity and commodities trading transactions effectively to best suit their needs and demands. This restructuring is an important milestone for us as we continue to further expand our operations to become the market leader in broking services”.

About Religare Securities Limited - http://www.religaresecurities.com/

Religare Securities Ltd. (“RSL”) is a wholly owned subsidiary of Religare Enterprises Limited (REL) and a market leading securities firm in India. The company offers equity broking services to more than half a million clients using both, offline and online platforms and also offers, depository participant services. RSL is a member of the NSE, BSE, and a depository participant with NSDL and CDSL. RSL employs more than 4300 employees (as on December 31, 2009) and has a wide distribution reach that spans across more than 1800 locations in India.

.

About Religare Enterprises Limited - http://www.religare.in

Religare is a global financial services group with a presence across Asia, Africa, Middle East, Europe and the Americas.  In India, Religare’s largest market, the group offers a wide array of products and services ranging from insurance, asset management, broking and lending solutions to investment banking and wealth management.  The group has also pioneered the concept of investments in alternative asset classes such as arts and films .With 10,000 plus employees across multiple geographies, Religare serves over a million clients, including corporates and institutions, high net worth families and individuals, and retail investors.

Media Contacts: Religare

Samir Kapur

Executive VP - Corporate Communications

Religare Enterprises Limited

Contact number: T: +91 11 39126174

M: +91 9582805150

Ryan Alan Marshall

Senior Manager - Corporate Communications

Religare Enterprises Limited
Email: ryan.marshall@religare.in

Contact number: T: +91 11 39126160

M: +91 9560392631

Abha Mary Xess

Asst. Manager - Corporate Communications

Religare Enterprises Limited

Email: abha.xess@religare.in

Contact number: T: +91 11 39126141

M: +91 9650690886