>TheAghori at 18:09, 14 September 2021

2021-09-14T18:09:34Z

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{{Short description|Indian Financial Services company}}
{{Infobox company
| name = IIFL Holdings Limited
| logo = IIFL company logo.png
| logo_size = 250px
| trade_name = India Infoline
| former_name = India Infoline Limited
| type = Public company
| traded_as = {{Unbulleted list|{{NSE|IIFL}}|{{BSE|532636}}}}
| founded = 1995
| founder = Nirmal Jain
| area_served = {{Unbulleted list|[[India]]|[[Canada]]|[[United States]]|[[United Kingdom]]|[[Switzerland]]|[[Singapore]]|[[Hong Kong]]||[[Mauritius]]|[[UAE]]}}
| key_people = {{Unbulleted list|[[Nirmal Jain]] ([[Chairman]])|R Venkataraman ([[Group Managing Director]])}}
| revenue = {{Increase}} {{INRConvert|5989.40|c}} (2021) <ref name=pnl>{{Cite web|title=IIFL Finance Consolidated Profit & Loss account, IIFL Finance Financial Statement & Accounts|url=https://www.moneycontrol.com/financials/iiflfinance/consolidated-profit-lossVI/II15#II15|access-date=2021-09-13|website=www.moneycontrol.com|language=en}}</ref>
| operating_income = {{Increase}} {{INRConvert|1004.78|c}} (2021) <ref name=pnl/>
| net_income = {{Increase}} {{INRConvert|760.12|c}} (2021) <ref name=pnl/>
| assets = {{Increase}} {{INRconvert|40666.92|c}} (2021) <ref name=blsh>{{Cite web|title=IIFL Finance Consolidated Balance Sheet, IIFL Finance Financial Statement & Accounts|url=https://www.moneycontrol.com/financials/iiflfinance/balance-sheetVI/II15#II15|access-date=2021-09-13|website=www.moneycontrol.com|language=en}}</ref>
| equity = {{Increase}} {{INRconvert|5387.51|c}} (2021) <ref name=blsh/>
| num_employees = 10,500
| website = {{URL|iifl.com}}
| industry = Financial Services
}}

'''IIFL Holdings Limited''' (formerly '''India Infoline Limited''') [[d/b/a]] '''IIFL''' and '''India Infoline''',<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=230995|title=IIFL Holdings Limited: Private Company Information|website=[[Bloomberg.com]]|access-date=2018-09-08}}</ref> is an Indian diversified financial services company headquartered in [[Mumbai]]. The organisation was founded by [[Nirmal Jain]].<ref>{{cite web|url=http://www.business-standard.com/article/companies/how-iifl-chairman-nirmal-jain-became-a-billionaire-by-serving-the-new-rich-118031600250_1.html|title=How IIFL Chairman Nirmal Jain became a billionaire by serving the new rich |publisher=business-standard.com|access-date=27 April 2018}}</ref> IIFL and its group companies are backed by Canadian investor [[Prem Watsa]], [[private equity firm]] [[General Atlantic]] and [[CDC Group]], the UK Government's private equity arm.<ref>{{cite web|url=http://content.indiainfoline.com/admin/PDF/Twenty_First_AR_IIFL_20160704.pdf|format=PDF|title=IIFL Annual Report 2016|publisher=indiainfoline.com|access-date=20 March 2017}}</ref><ref>{{cite web|url=http://economictimes.indiatimes.com/topic/Nirmal-Jain|title=Nirmal Jain Profile|publisher=www.economictimes.com|access-date=20 March 2017}}</ref><ref>{{cite web|url=https://www.bloomberg.com/profiles/people/1902876-nirmal-jain|title=Nirmal Jain Chairman/Founder IIFL Profile|publisher=www.bloomberg.com|access-date=20 March 2017}}</ref> IIFL is ranked among the top seven financial conglomerates in India <ref>{{cite web|url=http://www.livemint.com/Industry/ykzVfA7TeNdHjfOQ2LTH6M/The-rise-of-Indian-financial-conglomerates.html|title=The rise of Indian financial conglomerates|publisher=www.livemint.com|access-date=20 March 2017}}</ref> and as the top independent financial services firm in India in terms of market capitalisation.<ref>{{cite web|url=http://economictimes.indiatimes.com/news/companies-a-z/corporate-trends/what-makes-investors-trust-their-money-with-these-5-financial-supermarkets-of-india/articleshow/54321160.cms|title=What makes investors trust their money with these 5 financial supermarkets of India|publisher=www.economictimes.com|access-date=20 March 2017}}</ref> [[Nirmal Jain]] is the chairman of the group, while R Venkataraman is the group managing director and co-promoter.<ref>{{cite web|url=http://economictimes.indiatimes.com/iifl-holdings-ltd/infocompanyhistory/companyid-13033.cms|title=IIFL Holdings History - IIFL Holdings Information - The Economic Times|website=economictimes.indiatimes.com}}</ref>

==History and overview - IIFL Group ==
IIFL was founded on October 18, 1995, by [[Nirmal Jain]], a 1986 graduate from [[University of Mumbai]] and an alumnus of [[Indian Institute of Management]], [[Ahmedabad]]. Jain is among the few successful entrepreneurs post the economic liberalisation era in India ushered by [[PV Narasimha Rao]].<ref>{{cite web|url=http://economictimes.indiatimes.com/magazines/panache/from-iim-a-to-dalal-st-a-tale-of-two-batchmates-rashesh-shah-nirmal-jain/articleshow/52420229.cms|title=From IIM to Dalal Street: A Tale of Two Batchmates, Rasheesh Shah and Nirmal Jain|publisher=www.economictimes.com|access-date=20 March 2017}}</ref> Jain was previously employed with [[Hindustan Lever Limited]]. The company was founded as Probity Research and Services Private Limited which provided research on the Indian economy, businesses and corporates. The name was later changed to India Infoline Limited.<ref name="auto">{{cite web|url=http://economictimes.indiatimes.com/news/companies-a-z/corporate-trends/what-makes-investors-trust-their-money-with-these-5-financial-supermarkets-of-india/articleshow/54321160.cms|title=What makes investors trust their money with these 5 financial supermarkets of India|first=Shilpy|last=Sinha|date=14 September 2016|via=The Economic Times}}</ref>

A few years into the business, the organisation found itself with clients which included research organisations, banks and corporates.<ref name="auto"/> They then began launching their research products to become more noticeable in the market. In the meanwhile, the dotcom revolution was beginning to take place in India. The website was created in 1999.

Taking the business one step ahead this group of consultants opened a trading portal – [[5paisa]] –in 2000 thus moved into the business of being a full service broking agency. During this time they widened their distribution network.<ref>{{cite web|url=http://economictimes.indiatimes.com/news/brandwire/banking-finance/finance/5paisa-com-redefines-online-investments-with-innovative-offering-in-discount-broking-mutual-funds-and-insurance/articleshow/53399943.cms|title=5paisa.com redefines Online Investments with innovative offering in Discount Broking, Mutual Funds and Insurance|date=27 July 2016|via=The Economic Times}}</ref><ref>{{cite web|url=http://economictimes.indiatimes.com/markets/stocks/news/5paisa-going-places-street-debut-comes-next/articleshow/55198144.cms|title=5Paisa going places, Street debut comes next|first=Rajesh|last=Mascarenhas|date=2 November 2016|via=The Economic Times}}</ref>

In 2001, the Indian dotcom industry saw a downfall. During this time, sustaining became tough. The organisation then decided to tie-up with leading Life Insurance company ICICI Prudential, thus putting to use its distribution network and becoming India's first corporate agent for insurance.<ref name="auto"/>

Today, IIFL Holdings Limited (Bloomberg Code: IIFL IN,<ref>{{cite web|url=https://www.bloomberg.com/quote/IIFL:IN|title=IIFL:Natl India Stock Quote - IIFL Holdings Ltd|website=Bloomberg.com}}</ref> NSE: IIFL,<ref>{{cite web|url=https://www.google.com/finance?q=NSE:IIFL|title=NSE:IIFL - Google Search|website=www.google.com}}</ref> BSE: 532636<ref>{{cite web|url=http://www.bseindia.com/stock-share-price/stockreach_sast.aspx?scripcode=532636&expandable=1|title=Untitled Page|website=www.bseindia.com}}</ref>) is India’s leading integrated financial services group with diverse operating businesses, mainly Non Banking and Housing Finance, Wealth and [[Asset Management]], Broking, Financial Product Distribution, Investment Banking, Institutional Equities, Realty and Property Advisory Services.<ref>{{cite web|url=https://www.linkedin.com/company-beta/239538/?pathWildcard=239538|title=LinkedIn|website=www.linkedin.com}}</ref><ref>{{cite web|url=https://economictimes.indiatimes.com/iifl-holdings-ltd/stocks/companyid-13033.cms|title=IIFL Holdings Share Price Live, IIFL Holdings Stock Price Today|website=The Economic Times}}</ref>

IIFL Holdings has a consolidated net-worth of over Rs 45 billion; global presence in Canada, [[United States]], [[UK]], [[Singapore]], [[Hong Kong]], Switzerland, Mauritius, and UAE; An employee workforce of over 10,500, a strong network of over 2,250 service locations spread across India, over Rs 233 billion loan assets under management; over Rs 1,250 bn wealth assets under advice, management and distribution; over 500 stocks under research and more than 300 of the world’s top institutional investors relying on IIFL's research.<ref>{{cite web|url=http://iiflcap.com/AboutUs/WhoAreWe|title=IIFL Capital|website=iiflcap.com}}</ref><ref>{{cite web|url=http://economictimes.indiatimes.com/topic/IIFL-Institutional-Equities|title=IIFL Institutional Equities: Latest News & Videos, Photos about IIFL Institutional Equities - The Economic Times|website=The Economic Times}}</ref><ref>{{cite web|url=http://www.moneycontrol.com/news-topic/iifl-institutional-equities/|title=Iifl Institutional Equities - Latest & Breaking News on Iifl Institutional Equities - Photos, Videos, Breaking Stories and Articles on Iifl Institutional Equities|website=Moneycontrol}}</ref>

==Involvement in NSEL case==
IIFL along with few other top brokers have been accused of various irregularities on NSEL. Agencies including EOW-Mumbai and SFIO have found the top 5 brokers including IIFL guilty of misselling NSEL contracts, KYC manipulation, client code modification, benami transactions & infusion of black money through their NBFCs on the Exchange platform.<ref>{{cite web|url=https://www.thehindubusinessline.com/markets/nsel-scam-2015-police-report-gives-sebi-fresh-ammo-against-brokers/article25926034.ece|title=NSEL scam: 2015 police report gives SEBI fresh ammo against brokers|website=The Hindu Business Line}}</ref> The EOW had arrested senior employees of three brokerages namely IIFL, Motilal Oswal & Anand Rathi in March, 2015.<ref>{{cite web|url=https://www.livemint.com/Companies/opoACHl01K4RiwZuuM4QKL/NSEL-case-Mumbai-Police-arrest-three-brokerage-officials.html|title=NSEL case: Mumbai Police arrests three top brokerage executives|first=Khushboo Narayan, Ashish|last=Rukhaiyar|date=3 March 2015|website=Mint}}</ref><ref>{{cite web|url=https://www.business-standard.com/article/companies/eow-arrest-three-top-brokers-in-nsel-scam-115030301095_1.html|title=EOW arrest three top brokers in NSEL scam|first=B. S.|last=Reporter|date=4 March 2015|via=Business Standard}}</ref> This was followed by the market regulator, SEBI issuing multiple show-cause notices to the brokers in 2016, 2017, 2018 & 2019 respectively.<ref>{{cite web|url=https://economictimes.indiatimes.com/markets/stocks/news/5-brokers-issued-supplementary-notices/articleshow/67376051.cms|title=5 brokers issued supplementary notices|first=Ram|last=Sahgal|date=4 January 2019|via=The Economic Times}}</ref><ref>{{cite web|url=https://www.business-standard.com/article/finance/sebi-issues-another-show-cause-notice-to-nsel-brokers-in-2013-scam-probe-119010301169_1.html|title=Sebi issues another show-cause notice to NSEL brokers in 2013 scam probe|first=Dilip Kumar|last=Jha|date=3 January 2019|via=Business Standard}}</ref> The EOW-Mumbai in its supplementary charge sheet has also accused the three brokerages IIFL, Motilal Oswal & Anand Rathi of cheating clients.<ref>{{cite web|url=https://economictimes.indiatimes.com/markets/stocks/news/non-defaulting-brokers-named-in-nsel-case/articleshow/67464884.cms|title=Non-defaulting brokers named in NSEL case|date=10 January 2019|via=The Economic Times}}</ref><ref>{{cite web|url=https://economictimes.indiatimes.com/markets/stocks/news/eow-submits-charge-sheet-against-63-in-nsel-scam/articleshow/67280876.cms|title=EOW submits charge sheet against 63 in NSEL scam|date=28 December 2018|via=The Economic Times}}</ref> In February 2019, SEBI declared IIFL and Motilal Oswal ‘not fit and proper’ as commodity derivative brokers based on the recommendations of SFIO & EOW’s report.<ref>{{cite web|url=https://www.thehindubusinessline.com/markets/nsel-scam-sfio-wants-sebi-to-put-broker-firms-through-fit-and-proper-test/article25883571.ece|title=NSEL scam: SFIO wants SEBI to put broker-firms through ‘fit and proper’ test|last=K.R.Srivats|website=@businessline}}</ref><ref>{{cite web|url=https://www.businesstoday.in/markets/company-stock/nsel-scam-sebi-declares-motilal-oswal-iifl-not-fit-and-proper-commodity-derivatives/story/321560.html|title=NSEL Scam: SEBI declares Motilal Oswal, IIFL 'not fit and proper' as commodity derivative brokers|website=www.businesstoday.in}}</ref><ref>{{cite web|url=https://www.livemint.com/market/commodities/nsel-case-commodity-arms-of-motilal-oswal-iifl-not-fit-and-proper-says-sebi-1550903694516.html|title=NSEL case: Commodity arms of Motilal Oswal, IIFL not fit and proper, says Sebi|first=Jayshree P.|last=Upadhyay|date=23 February 2019|website=Mint}}</ref><ref>{{cite web|url=https://economictimes.indiatimes.com/markets/stocks/news/sebi-declares-commodity-arms-of-motilal-iifl-as-not-fit-and-proper/articleshow/68123136.cms|title=Sebi rules Motilal Oswal, IIFL commodity arms 'not fit and proper'|first=Reena|last=Zachariah|date=23 February 2019|via=The Economic Times}}</ref>

==Funding==
India Infoline Finance is a subsidiary of IIFL Holdings Ltd which in 2020, raised ₹100 Crore by issuing non-convertible debentures.<ref>{{Cite web|date=2020-08-19|title=IIFL Finance raises Rs 100 crore through NCDs|url=https://www.deccanherald.com/business/iifl-finance-raises-rs-100-crore-through-ncds-875149.html|access-date=2020-08-22|website=Deccan Herald|language=en}}</ref><ref>{{Cite news|date=2020-08-19|title=IIFL Finance raises Rs 100 crore through NCDs on private placement basis|work=Business Standard India|url=https://www.business-standard.com/article/companies/iifl-finance-raises-rs100-crore-through-ncds-on-private-placement-basis-120081900759_1.html|access-date=2020-08-22}}</ref><ref>{{Cite web|title=IIFL Finance raises Rs 100 crore through NCDs|url=https://www.dailypioneer.com/2020/business/iifl-finance-raises-rs--100-crore-through-ncds.html|access-date=2020-08-22|website=The Pioneer|language=en}}</ref>

==Awards and recognition==
IIFL has been awarded by Euromoney for the Best Private Banking Services Overall in India for 2017.<ref>{{cite web|url=http://www.euromoney.com|title=Euromoney|website=Euromoney}}</ref> It has also been adjudged as the Best Private Bank in India at the Global Finance Best Private Bank Awards in 2017.<ref>{{cite web|url=https://www.gfmag.com/media/press-releasess/global-finance-names-worlds-best-private-banks-2017|title=Global Finance Magazine - Global Finance Names The World’s Best Private Banks 2017|website=Global Finance Magazine}}</ref>
* Euromoney awards IIFL for Best Private Banking Services - India, 2017.<ref>{{cite web|url=http://www.euromoney.com/Article/3687141/Asiamoney-Best-Bank-Awards-2017-India.html#IIFL|title=Asiamoney Best Bank Awards 2017: India|website=Euromoney}}</ref>
* ET NOW - Dealing Room Heroes, 2017.<ref>{{cite web|url=https://economictimes.indiatimes.com/et-now/stocks/dealing-room-heroes-at-iifl/videoshow/58281968.cms|title=Dealing room heroes at IIFL - The Economic Times Video - ET Now|first1=Apr|last1=20|last2=2017|first3=06 35 Pm|last3=Ist|via=economictimes.indiatimes.com}}</ref>

==References==
{{Reflist}}

==External links==
* {{Official website}}
* [https://www.indiainfoline.com India Infoline news website] — Indiainfoline.com
* [https://www.business-standard.com/company/iifl-finance-23296/information/company-history India Infoline] on [[Business Standard]]

{{Financial services in India}}
{{Online brokerages}}
{{Authority control}}

[[Category:Financial services companies of India]]
[[Category:Financial services companies based in Mumbai]]
[[Category:Indian companies established in 1995]]
[[Category:Brokerage firms]]
[[Category:1995 establishments in Maharashtra]]
[[Category:Financial services companies established in 1995]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]

India Infoline - Revision history

>TheAghori at 18:09, 14 September 2021