HDFC Securities appoints Surajit Deb as Chief Technology Officer

An announcement from HDFC Securities states that Mr. Surajit Deb has been named Chief Technology Officer. In this role, Mr. Deb will be responsible for engineering, information technology, and related operations. This proactive boost to the management team demonstrates HDFC Securities' vision of driving technical advancement and enhancing digital experiences for its clients.

As of October 31, 2022, HDFC Securities is ranked among the top equities brokers in the highly fragmented broking business based on the number of active clients. The company had 11.6 lakh active customers on the National Stock Exchange (NSE) as of October 31, 2022. As of October 31, 2022, HDFC Securities had an active client market stock value of approximately 3.3%. For the half year that concluded in fiscal 2022, its market share price of the combined volumes of the Bombay Stock Exchange and NSE in both the cash and derivatives divisions was approximately 0.2%, with a larger market share in the high-yielding cash segment.

Why is it vital to hire a strong technology head?

Businesses catering to clients/customers nowadays are highly tech-driven to stay ahead of the demand curve, and hiring the perfect mentorship in management becomes vital for an organization’s strategic growth. Furthermore, a CTO's leadership has a direct positive effect on the organization's bottom line by assisting in cost reduction, expediting delivery, and improving overall operational efficiency.

With a career spanning over two decades in technology and digital innovation, Mr. Deb is known for his expertise in heading technology and organizational transformations that significantly enhance customer engagement, operational efficiency, and IT resilience. Deb’s competence spans across different domains, including fintech innovations, digital transformations, cybersecurity, and IT infrastructure optimization. His appointment as CTO is set to nudge HDFC Securities forward in its mission to leverage cutting-edge technology in providing secure, user-friendly, and sophisticated investment and trading solutions.

Before his appointment, Deb worked with IDFC First Bank, Salesforce.com, and IBM. Speaking of his educational background, Surajit holds a PG Certificate Program in Management from IIM Kozhikode and a Bachelor of Technology in Radiophysics & Electronics, from Calcutta University.

What technological developments can we see in the future?

HDFC with Surajit now onboard, is likely to set precedence for new and innovative technology that goes beyond customer needs and forecasts next-generation IT Infrastructure developments.

“In today’s world technology plays a crucial role in the growth and development of any business. State-of-the-art technology and related infra are not only necessary to deliver to the expectations of the customers but also to launch new products. We look forward to working with Surajit on building the next-generation IT infra and platforms” as quoted by the COO of HDFC Securities

His hiring as CTO is expected to advance HDFC Securities’ goal of utilizing cutting-edge technology to offer smart, safe, and easy-to-use trading and investment products.

Ergo, HDFC is looking to become technology-driven and advanced which is likely to help develop new thought deliverables/new offerings for customers and higher business efficiency. This critical role in the digital transformation of HDFC securities, focusing on building future-ready IT and related capabilities for the organization and our valued customers can mean higher profit realization and enhanced market reach for the company. Making its long-term prospects positive. HDFC Securities’ commitment to retaining its top spot in the financial services industry and its continuous investment in technology, is now solidified with the proactive decision, making it a favorable choice of investment.

History of HDFC Securities

HDFC Securities was incorporated in fiscal 2000 as a joint venture between HDFC Ltd and HDFC Bank, holding a market capital of ₹ 17728Cr. In the cash equities and derivative market divisions, including the currency derivative section, HDFC Securities provides broking services. About 97% of all booking revenue in the 2017 fiscal year came from the retail broking segment. At Rs 421 crore, the revenue from brokerage activities made up almost 76% of the overall revenue for the 2017 fiscal year.

Over time, the HDFC bank has raised its ownership of HDFC Securities. As of November 2017, the bank controlled 98.1% of HDFC Securities; current and former employees held the remaining 1.9% as of November 2017. Added to that, it distributes goods from third parties, including initial public offerings, bonds, fixed deposits, insurance, mutual funds, and non-convertible debentures. The business is one of HDFC Life's biggest non-bank distributors. With more than 2.0 million clients as of this writing, it is one of the equity brokerage businesses with the largest retail clientele, mostly serving HDFC Bank customers.

Therefore, the diversified commodity offerings of HDFC Securities coupled with its efficient and excellent higher- management, it become a unique opportunity of investment given its forward thinking and preparations to be future-ready.

If you want to invest in HDFC SECURITIES, unlisted share investment will be an ideal choice for you. You can use Stockify to buy unlisted shares without any inconvenience and locate the latest HDFC SECURITIES share price. Stockify is a growing stock trading platform for unlisted shares.