TV-18 group in online stock trading pact with Centurion Bank of Punjab

In a communiqué to the stock exchanges, television business news channel group Television Eighteen India Ltd has said that its online information and transaction services Web18, brokerage house Ambit Financial Services and Centurion Bank of Punjab are jointly entering online stock broking.

The joint venture is subject to regulatory approvals.

The venture will be the first of its kind with three domestic players joining hands to enter the brokerage market. Apart from stock broking, a range of financial services including distribution of third party products, portfolio management services, too will be offered by the venture.

With increasing internet penetration in the country, retail customers will be serviced online by the venture. It will leverage upon the online presence of Web 18's several internet properties including moneycontrol.com, easymf.com, poweryourtrade.com and commoditiescontrol.com as well as the extensive branch reach of Centurion Bank of Punjab.

A professional board chaired by Rana Talwar will manage the business.

The three partners bring together complementarities of strengths. Ambit has extensive experience in providing financial services such as investment banking, stock broking and investment advisory services.

TV18 group company Web18 is an umbrella for the group's online properties, moneycontrol.com, jobstreet.com, online travel yatra.com and allied ventures.

Centurion Bank of Punjab, created with the merger of Bank of Punjab with Centurion Bank of India has a significant retail banking presence in the country.

"Considering We18's strong positioning in the a partnership in the e-broking space is a natural extension for us. With their expertise and strong reputation in the market place, our partner's will enable the venture in capturing a substantial market share in this business", says Raghav Bahl, managing director of Web18.

Speaking on the occasion, Shailendra Bhandari, managing director and CEO, Centurion Bank of Punjab said, "This initiative will enable the bank to offer an increasing array of sophisticated financial products to our mass affluent and our high net-worth customers.

"By adding broking services, the bank will be able to complete its suite of wealth management services, which currently includes complete financial advisory services and distribution of products such as mutual funds and life insurance," Bhandari adsdd.

Amarchand Mangaldas are the legal advisors to the joint venture.