INDIAN SECURITIES BROKER PLANS INSURANCE DISTRIBUTION

Indian securities broker Motilal Oswal Financial Services has announced plans to distribute insurance products to its customers within six or seven months in order to boost fee-based income. Company chairman Motilal Oswal said that the company had not yet signed any agreements with insurers, but that it intends to begin selling insurance products from March 2008. The company is looking to raise about Rp2.4bn ($58.5m) in an initial public offering beginning today.