SBICAP Securities Ltd., the broking arm of State Bank of India (SBI), has appointed Suresh Shukla as its Chief Business Officer as stock broking, deal-making activities, and secondary market transactions witness a resurgence.
Shukla, who brings over 25 years of experience in the securities market, was previously associated with Kotak Securities Ltd. In his new role, he will lead SBICAP Securities’ business operations and play a strategic role in driving the company’s growth to the next level.
Deepak Kumar Lalla, Managing Director and CEO of SBICAP Securities Ltd., expressed his delight in welcoming Suresh Shukla to the team, highlighting Shukla’s extensive expertise in business development and equity markets. Lalla noted that Shukla’s dynamic and forward-thinking mindset will be invaluable in creating innovative business and financial strategies aimed at driving both top- and bottom-line growth.
SBICAP Securities is well-positioned for high growth with an advanced technology platform catering to a customer base of over 4.2 million. The company aims to become an industry leader and a trusted provider of financial services, leveraging the SBI Group’s legacy and broad reach.
Suresh Shukla’s prior role as the Joint President of Kotak Securities was instrumental in growing its capital markets business. He demonstrated a deep understanding of sales and revenues, digital transformation, business strategy, and enhancing customer experiences.
Speaking about their commitment to addressing the equity penetration gap in the country, Lalla emphasized that while there are currently about 120 million demat accounts in India, the potential for growth is significant given the country’s rapid economic expansion. Strengthening the leadership team will play a crucial role in advancing their strategic plan to widen and deepen equity participation in India and achieve long-term objectives.
Suresh Shukla shared his perspective on the unique opportunity presented by SBICAP Securities, emphasizing their potential to become an industry leader by utilizing cutting-edge technology and leveraging the SBI Group’s illustrious legacy and extensive reach.
As SBICAP Securities embarks on this new phase with Suresh Shukla at the helm, it aims to capitalize on the resurgence in stock broking and equity market activities, further cementing its position as a prominent player in the industry.