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E*Trade increases ownership stake in IL&FS Investsmart

Published on Wed, Aug 09, 2006 at 08:59 |  Source : Moneycontrol.com

Updated at Wed, Aug 09, 2006 at 13:23  

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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.

  

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