The Stock Holding Corporation of India Ltd (SHCIL), the largest depository participant in the country, has kicked off its diversification process.
To begin with, it has received corporate agency licence from the Insurance Regulatory Development Authority (Irda) for selling life and non-life insurance products last week.
With this, SHCIL will be permitted to sell various products from the Life Insurance Corporation and New India Assurance.
Further, SHCIL is reviewing its existing products, including Equibuy, Cash on Payout, Sell-n-Cash, securities lending schemes and Share Direct.
K C Bandyopadhyay, managing director and chief executive officer, SHCIL, said:
