Ambit, Web18 & HDFC Bank call off brooking JV

Televisionpoint.com Correspondent | Mumbai
Ambit, Web18 and Centurion Bank of Punjab (now HDFC Bank), who have announced a partnership to pursue stock brooking business with a internet presence in 2006, have called off their joint venture, which was aimed to capture the fast-growing brokerage market in India.

In an statement to the BSE on October 13, Network 18 said that "based on the evaluation of the relative risks and strengths of securities brooking business in the prevailing market conditions and based on discussions with the joint venture partners, has decided to exit the joint venture agreement entered by it through Web18 Holdings Ltd (Cayman Islands) with Ambit Corporate Finance and erstwhile Centurion Bank of Punjab, in relation to Securities brooking business."

The JV was formed to offer a range of financial services including distribution of third party products, portfolio management services, apart from stock brooking. The businesses was to be managed by a professional board chaired by Rana Talwar.