Standard Capital Markets, an NBFC whose penny stock is trading below Rs 2 is in focus after the company expanded its business. In a major update, the company announced that Standard Insurance Broking Limited ("New Co") is incorporated as a new wholly-owned subsidiary.
On incorporation Standard Insurance Broking Limited is incorporated as wholly owned subsidiary of the Company, therefore it is a related party to the Company in terms of applicable laws.
The Subsidiary is incorporated to act as a Direct broker under the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018 as amended from time to time.
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