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established representative office in London. Religare Commodities Limited (RCL), a commodities arm of the company received membership of National Multi-Commodity Exchange (NMCE). Religare Insurance Broking Limited (RIBL) received licence from IRDA to act as composite broker'. In the identical year of 2006, a joint venture agreement was made with Aegon International N.V. for carrying on the business of mutual fund asset management. RSL had received membership of derivative segment of the BSE as trading-cum-clearing member' in the year 2007. In December of the same year 2007, the company made a strategic tie-up with Bank of Rajasthan to offer internet trading services platform to the Bank's customers. In March 2008, the company launched the Vistaar Religare Film Fund (VRFF), India's first ever film fund and also Religare Wealth Management Services had ceased to be subsidiary of the company since 7th March 2008. During April 2008, the company's subsidiary Religare Capital Markets had set up a wholly owned subsidiary company in Mauritius called Religare Capital Markets International (Mauritius). REL and Karur Vyasa Bank announced their strategic tie-up in November 2008 offering the company's equity trading services to the bank's customer. Religare Enterprises is looking at foraying into the banking sector and exploring both organic and inorganic route for the venture.
15, 1995 to change the profile of the company and subsequently due to the conversion of the company into a public limited company, the name was further changed to Orbis Securities Ltd on January 5, 2004. The name of the company was again changed to Indiabulls Securities Ltd on February 16, 2004 so as to capitalize on the brand image of the term 'Indiabulls' in the company name. During the year 2007-08, pursuant to a court approved composite scheme of arrangement inter-alia between the company, Indiabulls Financial Services Ltd and Indiabulls Credit Services Ltd and their respective shareholders and creditors, the securities broking and advisory business of Indiabulls Financial Services Ltd comprising of business providing advisory business with respect to risk management, equity analysis and securities data management, securities brokerage including equities, wholesale debt, futures and options, depository services, research services, mutual fund and IPO distribution its clients which Indiabulls Financial Services Ltd carries on by itself and through their subsidiaries including the company, a registered member of the BSE and NSE and Indiabulls Commodities Pvt Ltd which is a member of National Commodities Derivatives Exchange of India and Multi Commodity Exchange and operates the business of an intermediary for trading in securities and derivatives was transferred by the way of de-merger and vested with the company. The demerger of Indiabulls Securities Ltd was effective form December 24, 2007. As per the scheme, every shareholder of Indiabulls Financial Services Ltd as on January 8, 2007, received a share of Indiabulls Securities Ltd. In January 9, 2008, the company incorporated Devata Tradelink Ltd as a subsidiary company. The equity shares of the company were listed on National Stock Exchange of India Ltd and Bombay Stock Exchange Ltd with effect from April 2, 2008 and GDRs were listed on Luxembourg Stock Exchange with effect from July 16, 2008. During the year 2008-09, the company formed wholly owned subsidiary company namely Indiabulls Brokerage Ltd. During the year 2009-10, the company formed a wholly owned subsidiary company, namely, Indiabulls Distribution Services Ltd. They opened 58,224 new equity trading accounts during the year. Also, they added 8,612 new trading accounts for commodities during the year. In December 2009, they created a full fledged division for institutional sales. The company is focused on building a long term stable business with emphasis on retail brokerage that does not rely on highly-leveraged trading clients. Their position will be further strengthened by the set-up of their Institutional Equity business and their future foray into Portfolio Management, Wealth Management and Investment Banking.