HDFC Securities, the wholly owned stockbroking subsidiary of HDFC Bank, has confirmed that it has decided to close its franchisee business, while denying any compliance issues. The firm clarified that the decision was initiated earlier this year as a strategic step to streamline operations and enhance service quality, and not due to compliance issues as suggested in rumours.
The brokerage firm said that it remains focused on consistent growth across its business lines, including its low-cost broking platform HDFC SKY, and its investment advisory service HDFC TRU.
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