Mirae Asset Securities, the parent company of Mirae Asset Capital Markets (India) on Wednesday announced that it has entered into a Share Purchase Agreement (SPA) with BNP Paribas SA to acquire Sharekhan Limited, subject to terms and conditions of the SPA and receipt of the applicable regulatory approvals.

Mirae Asset Securities is a Korean securities company that entered into the Indian capital market in 2018 and has become the first to acquire a local firm in just a span of five year. Established in 2000, Sharekhan Limited is a brokerage firm in India with a total of 3,500+ employees, approximately 30 lakh+ accounts, and more than 4,000 business partners. It has 130+ branches across 400+ districts nationwide.

Founder & GSO (Global Strategy Officer), Hyeon Joo Park of Mirae Asset Financial Group, said, “I’m very excited about this deal as it is a testament to our commitment to growth and innovation and our long-term commitment to become a full-fledged financial service provider in India. We believe that the combined strengths of our two organisations will significantly enhance our market presence, while continuing to provide world-class service to our customers.”