Latest news with #ICICISecuritiesLtd.
Mint
2 days ago
- Business
- Mint
ICICI Investment Banking Head Saraf to Move to Retail Broking
(Bloomberg) -- Ajay Saraf, who has led ICICI Securities Ltd.'s investment banking division for nearly 15 years, will move to become the head of the Indian firm's retail stock broking and wealth business, according to people familiar with the matter. Stepping into this role is Prasanna Balachander, who previously oversaw global markets and proprietary trading at ICICI Bank Ltd., said the people, who declined to be identified discussing private information. The leadership reshuffle comes after ICICI Securities was delisted from local stock exchanges in March after becoming a wholly-owned subsidiary of India's second-biggest private lender. Although the firm has yet to formally announce the changes, Prasanna has updated his LinkedIn profile to reflect his new role. Saraf, however, has not made any updates to his public profile. Spokespersons for ICICI Securities and ICICI Bank did not immediately respond to emails seeking comment. Saraf did not respond to an email or a text message. ICICI Securities and Kotak Mahindra Capital Co. have long vied for dominance in India's investment banking landscape. However, their fortunes have diverged in recent years. While ICICI Securities topped the country's equity offerings league table in 2021, it has since ceded ground to Kotak Mahindra, which has held the top spot since 2022. The decline has continued into 2025, with ICICI Securities falling to seventh place, after ranking sixth last year, according to Bloomberg data. Even so, ICICI Securities is currently advising on several major public issues, including Tata Capital Ltd.'s $2 billion listing, as well as offerings by ICICI Prudential Asset Management Co., Hero FinCorp Ltd., and Wework India Management Ltd. More stories like this are available on
The Hindu
16-05-2025
- Business
- The Hindu
Man loses ₹15.2 lakh in stock trading scam
A 46-year-old government employee from Hyderabad lost ₹15.2 lakh to a stock trading scam after receiving a WhatsApp message offering investment opportunities. The message came from a number claiming to represent ICICI Securities Ltd., and the scammer falsely claimed to be SEBI-registered, said an officer from the cyber crimes police of Hyderabad. 'To gain the victim's trust, the fraudster regularly shared screenshots showing fake profits and guided him on how to invest. Believing the promises, the victim transferred ₹2 lakh, ₹5 lakh and ₹8.2 lakh over a period of time. Eventually, he was shown a fake profit figure of ₹91.12 lakh on what appeared to be a genuine ICICI Securities trading app,' said the officer. When he tried to withdraw his money, the scammer demanded an additional ₹4.3 lakh as clearance fee. On refusing, he was told that his account would be blocked and that he would not get any money back. Realising it was a trap, the man stopped further payments and filed an online complaint with the cyber crime police. Victims of cybercrime are urged to immediately dial 1930 or file a complaint on In urgent cases, the Hyderabad Cyber Crime Police can also be reached via call or WhatsApp on 8712665171.
