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UBI & ILFS ties up to
provide services to FII
New Delhi November 22, 2006
Union Bank of India and IL & FS LTD, entered into a
Strategic Alliance by signing a MoU aimed to establish a
platform for providing Banking and Custodian-cum-Demat
services to Foreign Institutional Investors (FIIs), investing
in Indian Capital Market.
The alliance is envisaged between the two entities,
primarily for the purpose of tapping business opportunities
generated from investments made by FIIs in Indian Capital
Market.
While IL&FS will play the role of Domestic Custodian to the
FII clients and shall undertake the settlement of the FII
trades executed on the Exchanges and provide electronic
safe-keeping and corporate action management of their
Investments.
Union Bank will act as Banker to the FIIs and manage the
remittance of funds, computation of tax and other related
banking activities.
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