Mirae Asset Securities acquired India’s Sharekhan brokerage firm for 586.6 billion won ($480 million), expanding its footprint in one of Asia’s most promising financial markets.
The Korean broker plans to rename the business as Mirae Asset Sharekhan, building on the local firm’s network of branches and 3,500 employees. The deal, first announced in December 2023, received regulatory approvals after a year of negotiations.
The purchase gives Mirae Asset a stronger position in India’s retail trading market as global financial firms seek alternatives to China. India’s growing middle class and increasing adoption of digital financial services have made the country an attractive destination for foreign investment.
Sharekhan, founded in 2000, has established itself among India’s top 10 retail brokerages. The acquisition marks Mirae Asset’s biggest move in India since entering the market in 2018.
The company said it will work with its asset management unit Mirae Asset Global Investments to develop new products and services. The deal is expected to help streamline operations and reduce costs, though specific targets weren’t disclosed.
The transaction comes as foreign financial institutions increase their presence in India, betting on the country’s economic growth and reform agenda.
