New Delhi, March 10, 2010: The Foreign Investment Promotion Board has given the nod to Standard Chartered Bank’s plan to fully acquire its Indian securities arm Standard Chartered-STCI Capital Markets Ltd (SC Caps). The proposal is now waiting for the Finance Minister’s approval and is expected to bring in FDI worth US$45 million. The bank had raised its stake in the company to 74.9 per cent in December 2008.

Standard Chartered Bank will subscribe to fresh equity worth US$45 million to be issued by SC Caps. The Department of Revenue objected the proposal on the grounds of treaty shopping, but was overruled by the Board.

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