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TV18 Enters Online Share Trading In Collaboration With Ambit And Centurion Bank Of Punjab

This just in: It was announced on the CNBC-TV18 channel that Web18, the Internet arm of the TV18 Universe has tied up with Ambit Capital and Centurion Bank of Punjab to offer online share trading services; it’s a 40:40:20 joint venture between the three companies. 40:40:20 is also the ratio of capital investment by the three entities, and proportionate revenue will accrue to them.
Shailendra Bhandari, MD & CEO of Centurion Bank of Punjab said that they’re looking to leverage their branch network and 3 million customers. He added that they’re not currently seeking any more partners in this venture and do not want to dilute their stake. Mr. Ashok Wadhwa, Partner & CEO, Ambit Corporate Finance said that they’ve been operating for last six months, providing services to HNI’s…with the retail online business, which will be a subsidiary of Ambit Capital, their main objective is to get online on April 1, 2007.
The JV is subject to regulatory approval and new licences are required. It was also said that there is no conflict of interest with Web18, which runs, among India’s largest online properties for information on financial news. They are also on the lookout for a CEO for the retail business. More details when when we get them…
Update: A press release here. The businesses will be managed by a professional board chaired by Mr. Rana Talwar.

3 Responses to “TV18 Enters Online Share Trading In Collaboration With Ambit And Centurion Bank Of Punjab”

  1. moneycontrol has a lot of influencing power, and great credibility. They already have a value-add package for investors in the form of, and enough researchers for research reports …there is one thing, though – the quality of service will have to be top-notch, else their credibility will take a beating. The influencing power of the TV18 network will be a tricky situation…then again, it was a TV18 host that asked the question about conflict of interest.

  2. Very interesting. Would it have been better for them to partner with an established player or is it early enough to make a go it with a new venture? Wonder if they will provide research or just a trading platform. Lot of potential for conflicts of interest…