IIFL (formerly known as India Infoline Limited), is an Indian diversified financial services company headquartered in Mumbai. The organisation was founded by Nirmal Jain. IIFL and its group companies are backed by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK Government's private equity arm. IIFL is ranked among the top seven financial conglomerates in India  and as the top independent financial services firm in India in terms of market capitalisation. Nirmal Jain is the Chairman of the group, while R Venkataraman is the Group Managing Director and Co-Promoter.
History and Overview - IIFL GroupEdit
IIFL was founded on Oct 17, 1995 by Nirmal Jain, a 1986 graduate from Narsee Monjee College of Commerce and Economics, an alumnus of Indian Institute of Management, Ahmedabad and topper chartered accountant. Jain is among the few successful entrepreneurs post the economic liberalisation era in India ushered by PV Narasimha Rao. Jain was previously employed with Hindustan Lever Limited. The company was founded as Probity Research and Services Private Limited which provided research on the Indian economy, businesses and corporates. The name was later changed to India Infoline Limited.
A few years into the business, the organisation found itself with clients which included research organisations, banks and corporates. They then began launching their research products to become more noticeable in the market. In the meanwhile, the dotcom revolution was beginning to take place in India. The website was created in 1999.
Taking the business one step ahead this group of consultants opened a trading portal – www.5paisa.com –in 2000 thus moved into the business of being a full service broking agency. During this time they widened their distribution network.
In 2001, the Indian dotcom industry saw a downfall. During this time, sustaining became tough. The organisation then decided to tie-up with leading Life Insurance company ICICI Prudential, thus putting to use its distribution network and becoming India's first corporate agent for insurance.
Today, IIFL Holdings Limited (Bloomberg Code: IIFL IN, NSE: IIFL, BSE: 532636) is India’s leading integrated financial services group with diverse operating businesses, mainly Non Banking and Housing Finance, Wealth and Asset Management, Broking, Financial Product Distribution, Investment Banking, Institutional Equities, Realty and Property Advisory Services.
IIFL Holdings has a consolidated net-worth of over Rs 45 billion; global presence in Canada, United States, UK, Singapore, Hong Kong, Switzerland, Mauritius, and UAE; An employee workforce of over 10,500, a strong network of over 2,250 service locations spread across India, over Rs 233 billion loan assets under management; over Rs 1,250 bn wealth assets under advice, management and distribution; over 500 stocks under research and more than 300 of the world’s top institutional investors relying on IIFL's research.
Awards and recognitionEdit
IIFL has been awarded by Euromoney for the Best Private Banking Services Overall in India for 2017. It has also been adjudged as the Best Private Bank in India at the Global Finance Best Private Bank Awards in 2017.
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- "What makes investors trust their money with these 5 financial supermarkets of India". www.economictimes.com. Retrieved 20 March 2017.
- "From IIM to Dalal Street: A Tale of Two Batchmates, Rasheesh Shah and Nirmal Jain". www.economictimes.com. Retrieved 20 March 2017.