E*Trade has increased its ownership stake in IL&FS Investsmart, reports CNBC-TV18. The global online brokerage major stated that operational partnership would help in expanding global trading opportunities.

Financial terms of the deal were however not disclosed. Investsmart will appoint a member of the E*Trade executive management as the CEO. The deal is however pending statutory requirements and approvals from Sebi, security exchanges and the government.

E*Trade's executive will replace Investsmart’s MD and CEO, Hemang Raja. Investsmart will add three board seats. The additional board seats would be filled by the existing management.