SBICAP Securities Ltd., the broking arm of State Bank of India, has appointed Suresh Shukla as its new chief business officer. This appointment comes at a time when stock broking, deal-making activities, and secondary market transactions are experiencing a resurgence.
Shukla, who previously worked at Kotak Securities Ltd., will be responsible for driving the company’s business operations and playing a strategic role in leading SBICAPS to its next level of growth, according to a statement from the company.
Deepak Kumar Lalla, managing director and CEO of SBICAP Securities Ltd., expressed his delight at welcoming Shukla to the team. He praised Shukla’s extensive expertise in business development and strategy, as well as his in-depth knowledge of the equity market. Lalla believes that Shukla’s results-oriented leadership and forward-thinking mindset will be invaluable assets as SBICAP Securities enters its next stage of expansion.
With an advanced technology platform serving a customer base of at least 4.2 million, SBICAP Securities is widely regarded as being on a high-growth trajectory. Shukla, a veteran of the securities market with at least 25 years of experience, sees a unique opportunity for the company to become an industry leader and trusted provider of financial services by utilizing cutting-edge technology and leveraging the illustrious legacy and broad reach of the SBI Group.
During his time at Kotak Securities, Shukla played a key role in growing its capital markets business. He has a deep understanding of sales and revenues, digital transformation, business strategy, and customer experience.
Lalla added that SBICAP Securities is committed to addressing the equity penetration gap in India. With only about 120 million demat accounts in the country today, he believes that the market has the potential to see many-fold growth in demat accounts over the next three years due to India’s speedy economic growth. Strengthening the company’s leadership team will help advance its strategic plan towards widening and deepening equity participation in India and achieving its long-term goals.