Kotak Mahindra Financial Services Limited, a division of the Kotak Mahindra Group, has obtained the Dubai International Financial Centre (DIFC) license permitting it to give credit or participate in investment, counsel on financial products and credit, and arrange custody from its DIFC-situated office.
The license has been given to Kotak by the Dubai Financial Services Authority (DFSA) allowing it a chance to increase its Middle-East operations.
According to Abdulla Mohammed Al Awar, CEO of the DIFC Authority, “The establishment of Kotak Securities’ subsidiary in DIFC, points to the growing investment and financial industry ties between India and the UAE. With both countries playing, increasingly larger roles in the international economy, there are growing opportunities for partnerships between companies in the financial services sectors. The establishment of large financial institutions from India like Kotak Securities in DIFC will help tap these exciting opportunities.”
Somer Massey, CEO of Kotak Mahindra Financial Services said: “India has long been an attractive market, and we are delighted that investors based in the Middle-East can now access information on various investment opportunities available in India through our office in DIFC.”