SHCIL Chairman and Managing Director R C Razdan said the entire business plan would be ready within three months.
Razdan said they were mainly targeting tier-I and tier-II cities and their focus would be on retail clients. "There is a huge potential for both stock broking and wealth management businesses in smaller towns and cities. Moreover, the 200 branches of SHCIL would provide a ready base for our business. It would be a waste if we are not able to exploit these branches and expand our business," he said.
SHCIL would act as a sub-broker to SHCIL Services (SSL), which was incorporated as a subsidiary.
SHCIL Services is a member of both the Bombay Stock Exchange and the National Stock Exchange and has been engaged in broking activities since 2006.
However, some of the other subsidiaries, including SHCIL Hannobe Technologies and SHCIL Value Infosolutions