Finvasia

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Finvasia is an Indian fintech company headquartered in Mohali, Punjab. The company is owned by brothers Sarvjeet Singh Virk (CMD) and Tajinder Virk (CEO).^[1] The organization has expanded its hands into healthcare services by acquiring Ginihealth^[2] and into retail FX space by acquiring major investment platform Zulu Trade^[3] where the existing CEO of Finvasia Tajinder Virk became Zulu's interim chief.^[4]

History

Ex Wall Street banker Tajinder Pal Singh and brother Sarvjeet Singh started Finvasia in Canada in 2009 and ventured into India after registering with the Securities and Exchange Board of India (SEBI) as Foreign Institutional Investor (FII, now FPI), they ventured into India.^{[citation needed]} They initially focused on serving hedge funds but later switched to retail market in India. To cater retail market in India, they started the procedure of compliance requirements and approval from SEBI.^[5]

In 2013, the company entered the retail brokerage market after receiving regulatory approvals from NSE and MCX.^[6]

In 2015, Finvasia became a trading Member of the Bombay Stock Exchange Ltd (BSE) and The Association of Mutual Funds in India (AMFI).^{[citation needed]}

In 2016, Finvasia received foreign direct investment (FDI) funding against a valuation of ₹150 crore from Mauritius-based Intrinsic Investment Limited.^[7]

In 2017, the company received the license to operate as a non-banking financial corporation (NBFC) from RBI.^[8]

In 2018, the company became a member of the National Commodity & Derivatives Exchange Limited (NCDEX) & received SEBI registration to allow its clients to trade on NSE, BSE, MCX & NCDEX from a single trading account.

In June 2021, Finvasia group acquired a 100% stake in Fxview  - a financial services company based in Cyprus.^[9] Finvasia acquired fintech company ActTrader Technologies in 2021. ActTrader was formerly known as Act Forex.^[10]

In 2022, the group acquired ZuluTrade. It also opened an office in Mumbai to make its product development in the follow-up of significant acquisitions like Fxview (a CySEC-authorized CFD broker), and major investment platforms ZuluTrade, ACT Trader, and Capital Wallet.^[11]

In 2023, Finvasia got the Investment Banking Licence from the Financial Services Commission of Mauritius (FSC).^[12]

Awards

2017: Awarded Best Trading Execution or Brokerage Platform at the 2017 Benzinga Global Fintech Awards in New York, USA.^[13]

References