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Business News/ Companies / People/  SBICAP appoints Suresh Shukla as business chief

Mumbai: The broking arm of State Bank of India, SBICAP Securities Ltd., has appointed Suresh Shukla as its chief business officer. This comes at a time when stock broking, deal-making activities and secondary market transactions are making a comeback.

Shukla, previously with Kotak Securities Ltd.,  will be at the helm of driving the company's business operations and play a "strategic" role in spearheading the next level of growth at SBICAPS, said the company in a statement.

"We are delighted to welcome Suresh as our new chief business officer. His extensive expertise in business development and strategy at the highest levels, along with his in-depth knowledge of the equity market, will be of immeasurable value as SBI Securities enters its next stage of expansion. As a results-oriented leader, Suresh brings a dynamic, forward-thinking mindset to create innovative business and financial strategies that drive both top- and bottom-line growth," said Deepak Kumar Lalla, managing director and CEO, SBICAP Securities Ltd.

Aided by an advanced technology platform catering to a customer-base of at least 4.2 million, SBICAP Securities is perceived to be on a high-growth trajectory.

Shukla, who was the joint president of Kotak Securities, is a veteran in the securities market with at least 25 years of experience.

“We have the unique opportunity to become industry leader and the trusted provider of financial services by utilizing cutting-edge technology, leveraging the illustrious legacy and broad reach of the SBI Group" said Shukla.

At Kotak Securities, Shukla was the driving force in growing its capital markets business, with a deep understanding of sales and revenues, digital transformation, business strategy, and customer experience, said the statement.

“We are committed to addressing the equity penetration gap in the country. There are just about 120 million demat accounts in India today, but, given the potential and speedy economic growth, the market can see a many-fold growth in Demat accounts in the next three years. Strengthening our leadership team will help us advance our strategic plan towards widening and deepening of equity participation in India and accomplish our long-term goals," added Lalla.

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Updated: 04 Sep 2023, 07:03 PM IST
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