Monday, August 21 2006 17:07 Hrs (IST) - World Time -

New Delhi: India Infoline Ltd, a leading financial provider today said it has received the requisite prior approval from the market regulator SEBI for the proposed merger of its wholly-owned subsidiary, India Infoline Securities Private Ltd (IISPL), with itself.

IISPL, into equity and derivative broking and a depository participant, is expected to merge with its parent company by the third quarter of the current financial year.

"The merger will triple the net worth of the securities broking business to over Rs 2 billion from Rs 700 million at present," said Nirmal Jain, CMD India Infoline.

The company had earlier got in-principle approval from National Stock Exchange and the Bombay Stock Exchange.

It has also filed application for the merger with the Mumabi High Court.