Religare Enterprises Limited (REL) Is An Indian Investment And Financial Services Holding Company Headquartered In New Delhi. REL Is Listed On The National Stock Exchange Of India And The Bombay Stock Exchange. It Is Registered With The Reserve Bank Of India (RBI).

History

Religare Was Founded In 1982 As A Stockbroking Company Called Religare Securities Limited (RSL) And Listed On The National Stock Exchange (NSE) In 1994. The Company's Original Promoters Were Malvinder Mohan Singh And Shivinder Mohan Singh, Who Had Been Members Of The Ranbaxy Group Before Selling Their Stake In Ranbaxy To Daiichi Sankyo In 2008. In 2000, The Company Gained Membership In The NSE Futures And Options Division And Was Registered As A Depository Participant With National Securities Depository Limited (NSDL).

Group Company Religare Finvest Ltd (RFL) Was Established In 2001 As A Private Non-bank Financial Institution Group. In 2002, RSL Was Registered As A "Portfolio Manager" With The Securities And Exchange Board Of India (SEBI). In 2003, RSL Registered As A Depository Participant With The Central Depository Services Limited (CDSL). In 2004, It Also Became A Stockbroker On The Bombay Stock Exchange (BSE). In The Same Year, Commodity Brokerage Religare Commodities Limited Began Working As A "trading And Clearing Member" On The Multi-Commodity Exchange (MCX) And The National Commodity And Derivatives Exchange (NCDEX).

In 2006, RSL Established An Office In London. In 2006, RSL Registered As A Class I Commercial Bank With The Securities And Exchange Board Of India (SEBI). In October 2007, Religare Announced A Partnership With Macquarie Bank Ltd. Established A Joint Venture To Expand Its Wealth Management Business. In November 2007, REL Initial Public Offering (IPO) Was Oversubscribed By 159 Times. In The Same Year, RSL Became A Trading-cum-clearing Member Of The Derivatives Division Of The Bombay Stock Exchange.

In 2008, Religare Formed A Joint Venture Life Insurance Company With Aegon NV And Bennett, Coleman & Company Called Aegon Religare Life Insurance Company. In 2015, Religare Exited The Joint Venture By Selling Its Shares To Bennett, Coleman & Company.

In 2011, Religare Finvest Successfully Issued Non-convertible Bonds (NCDs) Worth Rs 800 Crore. In December 2011, Avigo Capital And In January 2012, Jacob Ballas Invested In Religare Finvest Limited (RFL). In 2012, International Finance Corporation (IFC), A Subsidiary Of The World Bank Group, Invested In Religare. Religare Health Insurance Limited (RHIC) Started Operations In 2012. Union Bank Of India And Corporation Bank Partnered With Religare Health Insurance. In 2013, Religare Acquired A Stake In Macquarie's Wealth Management Business. In The Same Year, Religare Mutual Fund Was Renamed Religare Invesco Mutual Fund. In 2014 Religare Had Exited Its Global Asset Management Business. In February 2017, Anand Rathi Wealth Management Acquired Religare's Wealth Management Business. In April 2017, Religare Announced That It Had Sold Its Shares To True North, A Consortium Of Private Equity.

Kavi Arora Served As Managing Director And Chief Executive Officer Of Religare From November 2011 To 2017. In January 2018, The Reserve Bank Of India (RBI) Asked The RFL To Accept A Corrective Action Plan (CAP) Due To A Series Of Problems Arising From The Misappropriation And Misappropriation Of Funds By The Former Promoter Of REL And His Associates, And The RBI Prohibited The RFL From Expanding Its Credit Portfolio Except For Investments In Government Securities.

The Enforcement Directorate (ED) Has Been Conducting An Investigation Into Religare Based On A Lawsuit Filed By Delhi Police In 2019. Delhi Police Arrested Shivinder Mohan Singh And Malvinder Mohan Singh, The Former Founders Of Religare, As Well As Sunil Godhwani, The Former Chairperson Of Religare Enterprises. The Enforcement Bureau Took Them Into Custody And Filed A Lawsuit In January 2020.

Due To An Asset-liability Mismatch, RFL Failed To Pay Interest On Time To Bondholders Due February 25, 2022, Allegedly Due To Misappropriation And Misappropriation Of Funds By Former Promoters Of Its Parent Company

RFL And REL Reached Settlement Agreements With 16 Lenders (including SBI, Bank Of Baroda, UBI, Kanara Bank, PNB, BoI, IDBI Bank, P & SB, BoM) In December 2022 And Completed A One-time Settlement (OTS) In March 2023.

In December 2023, The Delhi High Court Directed The Lender To Remove The Fraud Label In The RFL.

According To Coverage In January 2024, ED Conducted Searches In 9 Places, Including Corporate Offices Of RFL And RHC Holdings, To Investigate Money Laundering For Misappropriation Of More Than Rs 20 Billion From RFL. According To Coverage, ED Is Preparing A Charge Sheet Against The Former Promoters (Shivinder And Malvinder) For Misappropriation Of RFL Funds.