Alpari India, the wholly-owned subsidiary of Alpari U.K., has shut down its operations in India as part of its parent’s plans to go for an initial public offering (IPO) in 2015 in the U.K.
The company, which started its Indian operations in 2009, was primarily offering support services to its U.K.-based parent, and providing services in currency derivatives segment to corporate clients.
'In line with their (Alpari U.K.) future direction, they have withdrawn local operations from India, U.S. and Germany, and, therefore, will not cater to Indian customers anymore,' Pramit Brahmbhatt, the outgoing CEO of Alpari India, told The Hindu.
Mr. Brahmbhatt will conclude his term at Alpari India on March 31, 2014, and, thereafter, he will take charge of Veracity Group of companies as Group CEO.
Veracity, based out of Ahemedabad, has interests in financial services, including equities, currencies, commodities and research and advisory services.
'I am one of the partners. We, along with a U.K.-based fund house, have started Veracity Financial Services, and 80 per cent of staff working at Alpari India has joined us. Going forward, we are planning to provide brokerage services to foreign fund houses,' Mr. Brahmbhatt added.
The company has also plans to operate as a non-banking finance company (NBFC) in future.
Alpari India had 60 employees on its rolls, and was headquartered in Mumbai with several branch offices in key cities. The company will remain a dormant entity, and will have no business action. However, Mr. Brahmbhatt will continue to be associated with the dormant entity.