BNP Paribas India will now be able to offer local custody services, following the granting of a securities custodian licence by the Securities and Exchange Board of India.

The bank already offers listed derivatives clearing services in the country from its Mumbai office, but will now be able to add local custody to its list of offerings.

Pierre-Alexandre Thome, head of BNP Paribas Securities Services in Mumbai, commented: “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.”

The move is the latest expansion for BNP Paribas in India, following the launch of two joint ventures with Sundaram Business Services, operating from Chennai. These are Sundaram BNP Paribas Fund Services, which provides fund administration and services to asset managers and institutional investors, and BNP Paribas Sundaram Global Securities Operations, which conducts transaction processing and middle-office operations.