BNP Paribas Securities Services, one of the divisions of BNP Paribas India, has been granted a custody licence by the Securities and Exchange Board of India.

The license will allow BNP Paribas Securities Services to offer clients with local custody operations in the Indian market in addition to the listed derivatives clearing services it already provides from its Mumbai office.

BNP Paribas Securities Services has also partnered with Sundaram Business Services operating two joint-ventures from Chennai, as part of its strategic development in India.

Sundaram BNP Paribas Fund Services delivers fund administration and fund services to Indian asset managers and institutional investors. BNP Paribas Sundaram Global Securities Operations does transaction processing and middle-office operations, a platform to support Asia-based BNP Paribas Securities Services’ locations.

Pierre-Alexandre Thome, head of BNP Paribas Securities Services in Mumbai, said: “We are delighted to be granted this licence as it marks another important step in our development in Asia Pacific, further strengthening our footprint in the region. We now have even greater strength in supporting our clients’ growth ambitions in India and giving them access to our fully integrated and personalised clearing and custody solutions.”

BNP Paribas Securities Services is a wholly-owned subsidiary of France-based BNP Paribas.